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DP World volume up 3.2pct o 46.5m in nine months

DUBAI'S global port operator DP World has handled 46.5 million TEU in first nine months the year, a 3.2 per cent growth over the same period last year, across its portfolio of more than 65 marine terminals across six continents.

The company explained in statement that growth during the 9-month period was largely driven by terminals in Europe and the UAE.

DP World pointed out that the growth was largely driven by Europe and UAE terminals. The Indian subcontinent also delivered improved performance as it benefitted from the recent capacity addition at Nhava Sheva. Performance in the Americas has remained challenging due to continued weak economic conditions, the statement added

DP World chairman Sultan Ahmed Bin Sulayem commented: "Our new developments in Rotterdam (Netherlands) and Nhava Sheva (India) are now operational whilst Yarimca (Turkey) and the second phase of terminal three (T3) Jebel Ali (UAE) are due to come online in the near future. Additionally, we closed the acquisition of Fairview Terminal in Canada in August 2015. We look forward to this new capacity aiding volume growth in 2016".

In the near term, the company will continue to focus its efforts "on improving efficiency and managing costs to maintain profitability."

"Overall, given the solid first nine month volume performance, we remain confident of meeting full year market expectation," according to Mohammed Sharaf, group chief executive.

He also explained that growth rates in the third quarter had softened across the portfolio and the overall macro-economic outlook remained challenging.

"However, despite the economic headwinds, our portfolio has delivered a resilient nine month performance and continues to grow ahead of the market," Mr Sharaf added.