DP World posts 3.1% growth in Q3 container volume handling

Global ports operator DP World on Monday said it handled 18.3 million twenty-foot equivalent units (TEUs) across its global portfolio of container terminals in the third quarter of 2020, and total handling volumes increased by 3.1 per cent year-on-year, and 1.9 per cent on like-for-like basis.

During the first nine months of 2020, DP World Limited handled 52.2 million TEUs, a decrease of 2.5 per cent on the basis of announced reports and a decrease of 2.0 per cent on a like-for-like basis.

“We are pleased to announce that the quantities during the third quarter of this year were positive in our three regions. Total handling of the Dubai Ports World Group increased by 1.9 per cent year-on-year, compared to the overall performance of the sector, which recorded a decrease of 2.2 per cent in the total volume of handling, exceeds expectations, and once again reflects the resilience of the container shipping sector globally and the ability of DP World to provide a performance that outperforms the market,” said Sultan Ahmed bin Sulayem, chairman and CEO DP World.

“Looking to the future, we are focusing our attention on containing costs to protect profitability and managing capital expenditures for growth, to maintain cash flow,” he said.

Sulayem said the outlook remains uncertain due to the possibility of new closures due to the second wave of the Covid-19 pandemic, as well as geopolitical uncertainty associated with the US presidential elections, and the lack of progress in the process of finding Solutions to trade wars.

“However, the strong handling volume performance over the nine-month period puts us in a position to achieve relatively stable financial performance in 2020, and we are confident in our ability to achieve our 2022 targets,” he added.

DP World said the growth in total container volumes on a pro-comparison basis came mainly due to strong performances in Europe, the Middle East, Africa and the Americas, especially in London Gateway, Jeddah, Sokhna and Rotterdam.

In the Americas, growth was led by the ports of Buenos Aires, Santiago, and Vancouver. In the port of Jebel Ali, 3.4 million TEUs were handled during the third quarter of 2020, representing a decrease of 4.2 per cent year-on-year.

At the consolidated level, container terminals handled 10.6 million TEUs during the third quarter of 2020, which represents an increase of 3.0 per cent on the basis of the announced reports, and a decrease of 1.7 per cent on an annual basis in relation to the same comparison, and the volume of handling increased in Americas and Australia by + 22.1 per cent, thanks to the annexation of the port of “Cocido” (Dominican Republic).

— waheedabbas@khaleejtimes.com