DP World says near-term outlook remains uncertain; announces volume growth in Q3

Global port operator DP World handled 20.1 million twenty-foot equivalent units (TEUs) in the third quarter of 2022, up 1.5% year-on-year and 2.1% like-for-like.

The major shipping line handled 59.6 million TEUs across its global container terminal portfolio in the first nine months of 2022, with gross container volumes up 2.0% year-on-year and 2.5% on a comparable basis.

Gross volume growth in the third quarter was primarily driven by Asia Pacific, Middle East & Africa, Americas and Australia with strong performance from Qingdao (China), ATI (Philippines), LCIT (Thailand), Jeddah (Saudi Arabia), Vancouver (Canada). ), Posorja (Ecuador), Santos (Brazil) and Australia.

Jebel Ali (UAE) handled 3.5 million TEUs in 3Q2022, up 2.0% year-on-year.

At a consolidated level, DP World terminals handled 34.6 million TEUs, for the first nine months of 2022, up 1.9% year-on-year and 1.4% like-for-like constant.

Group Chairman and CEO Sultan Ahmed Bin Sulayem said: “We are reporting another strong set of throughput figures with nine-month volume growth of 2.5%, which is once again outpacing industry growth of 1.1%.

“As expected, growth rates have slowed due to tougher market conditions, but global trade continues to hold up and our portfolio should continue to outperform the market,” he said.

The short-term outlook, according to Sulayem, remains uncertain given the geopolitical environment, inflationary pressures and currency fluctuations. However, DP World is bullish on the medium to long term outlook for global trade. “Overall, given the strong nine-month volume performance, we expect to deliver an improved set of full-year results,” he added.

(Writing by Seban Scaria; editing by Daniel Luiz)

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