Terminals in Europe, Australia Boost DP World’s Performance in H1

Despite geopolitical tensions, Dubai-based port developer DP World said that the first half of 2018 saw an upswing in global trade, especially at its container terminals in Europe and Asia.

The port operator reported a 4.8 pct growth in gross container volumes year-on-year and 6 pct on a like-for-like basis.

The overall amount of handled cargo stood at 35.6 million TEU across its global portfolio of container terminals. UAE handled 7.7 million TEU in the first six months of the year, remaining broadly flat (+0.2 pct) year-on-year.

At a consolidated level, the terminals handled 18.6 million TEU during the first half of 2018, a 4 pct improvement in performance on a reported basis and up 4.5 pct year-on-year on a like-for-like basis.

“Our portfolio has delivered an encouraging performance in the first half of 2018 with all regions continuing to deliver growth. However, as expected there has been a deceleration in the growth rate in 2Q 2018 due the tougher year-on-year comparables, where 2Q 2017 grew 10.7 pct year-on year driven by market share gains from the new shipping alliances,” Group Chairman and Chief Executive Officer, Sultan Ahmed Bin Sulayem, said.

Aside to Europe and Australia Bin Sulayem added that he expects to see increased contributions from the company’s new investments in the second half of the year.

“Whilst geopolitical headwinds and recent changes in trade policies continue to pose uncertainty to the container market, first half volume performance demonstrates that our portfolio is well positioned to deliver growth.”