DP World reports 13.5% gross volume growth in third quarter of 2017
DP World Limited handled 52.3 million TEU (twenty - foot equivalent units) across its global portfolio of container terminals in the first nine months of 2017, with gross container volumes growing by 10.0 % year - on - year on a reported basis and 9.6% on a like - for - like 1 basis, with the third quarter growth rates accelerating to 13.5 % year - on - year on a reported basis and 1 3.3 % on a like - for - like 2 basis, ahead of second quarter growth and Drewry Maritime’s upgraded industry estimate 3 of 5.5% throughput growth in 2017.
Global trade outlook improved significantly in 2017 with the World Trade Organization 4 recently upgrading tr ade growth from 2.4% to 3.6% in 2017 and all three DP World regions saw third quarter growth rates accelera te even more than the second quarter of 2017, particularly our terminals in Middle East & Africa, Europe and the Americas.
The UAE handled 11.6 milli on TEU in 9M 2017, growing 4.6 % year - on - year . At a consolidated 5 l evel, our terminals handled 27.3 mi llion TEU during the first nine months of 2017, a 24.2 % improvement in performance on a reported basis and up 6.2% year - on - year on a like - for - like 6 basis .
Reported consolidated volume in the Asia Pacific and Indian Subcontinent region was boosted by the consolidation of Pusan (South Korea) at the end of 2016.
DP World Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented: “ We are pleased to see 3Q2017 UAE volumes continue to grow despite uncertainty in the region and the performance across our terminals in the Middle East & Africa, Americas and Europe remains strong. “During the third quarter, we added 1.5 million TEU of new capacity in Jebel Ali (UAE) Terminal 3 (T3) and 0.5 million TEU in Prince Rupert (Canada) which provides us room for continued growth in these key markets. We continue to seek growth opportunities in Latin America, Africa and Indian subcontinent where there remains significant structural growth potential. “We expect our portfolio’s volume growth to continue to outperform the market and given the encouraging performance so far, we remain well placed to meet full year 2017 market expectations.”
About DP World:
DP World 7 is a leading enabler of global trade and an integral part of the supply chain. DP World operates multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services to technology - driven trade solutions. DP World has a portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents with a significant presence in both high - growth and mature markets. Container handling is the company’s core business and generates more than three quarters of its revenue. In 2016, DP World handled 64 million TEU (twenty - foot equivalent units) across its portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 84.6 million TEU is expected to rise to more than 100 million TEU by 2020, in line with market demand.
