DP World’s Gross Box Volumes Drop Slightly in Q3
Dubai-based port and terminal operator DP World wrapped up the third quarter of this year with a slight drop in gross container throughput.
The company handled 17.7 million TEUs across its global portfolio of container terminals in Q3 2019, a decrease of 1.6 percent when compared to 18 million TEUs recorded in the corresponding quarter a year earlier.
On a nine-month basis, gross container volumes sank by 0.2 percent year-on-year to 53.5 million TEU by the end of September 2019 from 53.6 million TEU seen in the first nine months of 2018.
At a consolidated level, the group’s terminals handled 10.3 million TEU during the third quarter of 2019, a rise of 12.6 percent YOY. In addition, DP World’s consolidated box volumes increased by 7.5 percent YOY to 29.8 million TEU in the first nine months of this year.
“Our portfolio continues to deliver a steady volume performance which is encouraging given the challenging macro backdrop caused by the global trade dispute,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, commented.
“However, despite this uncertainty, it is encouraging to see robust growth in key markets such as Asia Pacific and Indian Subcontinent, while growth in west coast of Americas remains solid.”
“In Europe, London Gateway continues to deliver strong growth due to market share gains. While we have seen volumes stabilising in Jebel Ali (UAE), the outlook remains uncertain given the regional geopolitics and we remain focused on profitable origin & destination cargo,” he added.