DP World’s 1Q gross volumes up 12% to 12.6 m TEUs

DP World Limited last week announced its first quarter gross volume had increased by 12% to 12.6 million TEUs in comparison to the corresponding period of last year.

“With that positive backdrop, we are pleased to report that DP World has continued the improvements seen in 2010, delivering volume growth in the first quarter of 2011 over the same period in 2010.

“Our portfolio of 49 operational terminals has seen gross volumes grow 12% to 12.6 million TEU driven by strong growth in the UAE, Africa and the Americas region.

Like for like gross volume growth was 10%,” DP World CEO Mohammed Sharaf said.

According to him in 2010 the industry reported a sustained return to container volume growth which has continued into the first quarter of 2011.

 “Our portfolio of consolidated terminals2 handled 6.8 million TEU in the first quarter. Whilst this reflects an 8.5% increase ahead of the same period last year, had our five terminals in Australia not been deconsolidated from 12 March 2011, the consolidated terminals would have delivered 11% growth ahead of the same quarter in 2010. Like for like consolidated volume growth in the first quarter was 7.5%.

“During 2010, the UAE region reported continued quarterly improvement in container handling volumes.

This has continued into the first quarter of 2011 with 3.0 million TEU handled over the 3 month period. Whilst this is 12% ahead of the same period last year it reflects a relatively weak comparable period in 2010.  Following this good start to the year we remain confident that we should deliver a better performance in 2011 than in 2010.

Subject to completion of the UKLA admission process, we remain on track to list on the London Stock Exchange around the end of May or early June.