DP World UAE volumes 'stabilise'
DP World says that volumes in the UAE are ‘stabilising’ as it reports handling 3.7 million teu in the region during the fourth quarter of 2016, marginally down by 0.7% year-on-year.
In total, the operator reported a 3.2% growth in volume last year with a 6% growth in the last quarter of 2016, driven by increased demand in Asia Pacific and Europe.
The Americas and Australia region delivered a broadly stable volume performance during the same period.
Collectively, DP World handled 63.7 million teu across its global portfolio of container terminals in the full year of 2016, which when compared like for like compares favourably to the industry estimated growth of 1.3% for 2016.
Group chairman and chief executive officer, Sultan Ahmed Bin Sulayem, said: “Despite the challenging market conditions, particularly at our flagship Jebel Ali Port, our portfolio continues to deliver ahead-of-market growth, which once again demonstrates the benefits of operating a globally diversified portfolio.”
He pointed out that away from the UAE, the operator expects its new developments in Rotterdam, Nhava Sheva, London Gateway and Yarimca, to further drive growth in its portfolio in 2017.
“We will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability,” he said.
“Given the resilient volume performance of our portfolio, we are well placed to meet full year 2016 market expectations.”
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