Home / Shipping / Aviation/ DP World reports flat gross volume in 1Q

DP World reports flat gross volume in 1Q


Comments / {{hitsCtrl.values.hits}} Views / Monday, 29 April 2019 00:00

Facebook

DP World, a global trade enabler, handled 17.5 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2019, with gross container volumes declining by 0.6% year-on-year on a reported basis.

Gross like-for-like volumes declined by 0.7% in 1Q2019 due to the higher year-on-year comparables (1Q2018 like-for-like volumes grew 8.4%), and softer volumes in the UAE and Australia.

The UAE handled 3.5 million TEU in 1Q2019, down -8.8% year-on-year, due to the challenging macroenvironment and loss of lower-margin cargo. Growth in Americas, Africa and Indian Subcontinent was robust with strong growth in Callao (Peru), Sokhna (Egypt) and Mumbai (India).

At a consolidated level, DP World’s terminals handled 9.2 million TEU during the first quarter of 2019, a decline of0.8% on a reported basis and down3.0% year-on-year on a like-for-like basis. Reported consolidated volume in the Americas and Australia region was boosted by the consolidation of Australia from March of 2019.

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem commented: “As previously flagged, we have seen softer volumes in 1Q2019 due to a strong prior year performance and general caution in some markets given the current uncertainty in the macro-environment.”

“In the UAE, the volume weakness is mainly due to loss of low-margin throughput, where our focus remains on profitable cargo and, while we expect the recent trends to continue into the second quarter, we do expect an improvement in the second half of the year.“On our wider portfolio, we have made good progress in strengthening our product which offers a greater role in the global supply chain as a solutions provider. We continue to focus on delivering operational excellence, managing costs and disciplined investment to remain the trade partner of choice,” he added. 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Revitalising the tourist inflows

Wednesday, 22 May 2019

Easter Sunday 21 April terror acts have dealt a very heavy blow on tourism. The inflow has dried up for the moment while it can be presumed that forward selling too may have become sluggish. It is noted that Government has introduced a series of meas


Truth has now arrived, and falsehood has perished

Wednesday, 22 May 2019

“And say: Truth has now arrived, and Falsehood has perished: for Falsehood by its very own nature is bound to perish.” Holy Quran: Chapter 17 Verse 81. Every discussion, debate and discourse that we see and hear over the audio – visual and prin


Afghan refugees face Jaffna’s hostility: These Sri Lankans are crazy

Wednesday, 22 May 2019

Abbas Ahmadi, an IT specialist, was rather high in the Afghan provincial civil service. He is of Hazara ethnicity and persecuted by the majority Pashtuns who ironically dominate the ruling faction as well as the rebelling Taliban.The Hazaras are inpa


One month gone: No charge on over 200 Catholics murdered

Wednesday, 22 May 2019

It’s been one month since the murder of around 300 innocent Catholic children and parents but no has yet been charged for the biggest negligence of duty that Sri Lanka has seen in recent history. The President and Prime Minister have both denied a


Columnists More