DP World posts 5.7pc volume growth in Q1

DP World Limited handled 16.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2017, with gross container volumes growing by 5.7 per cent year-on-year on a reported basis, and 5 per cent on a like-for-like basis, well ahead of the industry estimate of 2.6 per cent throughput growth for Q1, 2017. The first quarter witnessed a steady start to the year and all three regions delivered growth, especially the group’s terminals in Europe and the Americas. UAE also stabilised and handled 3.7 million TEU, growing 1.8 per cent year-on-year in Q1, 2017, a statement said. At a consolidated level, the company’s terminals handled 8.7 million TEU during the first quarter of 2017, a 19.9 per cent improvement in performance on a reported basis and up 1.6 per cent year-on-year on a like-for-like basis. Reported consolidated volume in the Asia Pacific and Indian Subcontinent region was boosted by the consolidation of Pusan (South Korea) at the end of 2016. Group chairman and chief executive officer Sultan Ahmed Bin Sulayem commented: “There are signs of a gradual improvement in the market environment in 2017 and our portfolio has had an encouraging start to the year delivering ahead-of-market growth. The robust performance was delivered across all three regions, which once again demonstrates that we have the relevant capacity in the right markets. “We are pleased to see volumes recovering in the Americas while our new terminals in Europe continue to deliver growth. Encouragingly, UAE volumes have stabilised and as we move through 2017, we continue to expect our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) to drive growth in our portfolio. “The first quarter volume performance demonstrates that our portfolio is well positioned to deliver growth, and our continued focus on delivering operational excellence in addition to investing in relevant capacity should continue to ensure that we remain the port operator of choice across geographies. Given the encouraging start to the year, we remain well placed to meet full year 2017 market expectations.” DP World has a portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in over 40 countries across six continents with a significant presence in both high-growth and mature markets. Container handling is the company’s core business and generates more than three quarters of its revenue. In 2016, DP World handled around 64 million TEU across its portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 84.6 million TEU is expected to rise to more than 100 million TEU by 2020, in line with market demand, the company