DP World warns of “uncertain” outlook
DP World has warned that “geopolitical headwinds and changes to “trade policies” remain a threat to the maritime container market as it released its financial results for the first half of 2018.
The Group, whose revenue grew 14.4% and adjusted EBITDA increased by 7.9% for the six months to 30 June 2018, said its growth reflected the stable trading environment, but alluded to recent US and China tariffs as an ongoing concern alongside an “uncertain” near-term trade outlook.
“The first half of 2018 continues to see an upswing in global trade with all three regions delivering growth however geopolitical headwinds and recent changes to trade policies continue to pose uncertainty for the container market,” said DP World.
Near-term trade uncertain
Commenting on the results, DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem, stated: “This robust performance has been delivered in an uncertain trade environment, once again highlighting our operational excellence and the resilience of our portfolio.”
He added: “The near-term trade outlook remains uncertain with recent changes in trade policies and geopolitical headwinds in some regions continuing to pose uncertainty to the container market.”
DP World said its revenue of 2.6bn, representing growth of 14.4%, was supported by the volume growth across all three regions and the impact of new acquisitions including Drydocks World LLC (Drydocks), Dubai Maritime City (DMC) and Cosmos Agencia Marítima (CAM).
It said it had investments planned into UAE, Posorja (Ecuador), Berbera (Somaliland), Sokhna (Egypt) and London Gateway (UK).
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