DP World volume up 10% to 14.4 m TEUs in 3Q

Monday, 31 October 2011 00:00 - - {{hitsCtrl.values.hits}}

DP World’s global portfolio of container terminals said last week it delivered another solid quarter handling gross volumes of 14.4 million TEU in the third quarter of 2011, 10% ahead of the third quarter last year.

Gross volumes for the first nine months of the year were 40.6 million TEU or 11% ahead of the prior year. This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently acquired Suriname and additional capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 9%1.

The portfolio of consolidated terminals handled 20.5 million TEU in the first nine months of the year. Had the five terminals in Australia not been deconsolidated from 12 March 2011, the consolidated terminals would have delivered 9% growth ahead of the same nine month period in 2010. Consolidated volume growth in the first nine months was 8%3. The growth in the consolidated portfolio was primarily from the UAE, Africa and Americas regions.

For the first nine months of the year, the UAE handled 9.5 million TEU or 11% ahead of the same period last year.

Mohammed Sharaf, Chief Executive of DP World commented: “DP World has delivered another very strong performance in the third quarter of the year, resulting in over 40.6 million containers handled so far this year. This 11% growth in volumes when compared to last year continues to reflect our focus on the faster growing emerging markets, resulting in another performance well ahead of the industry.”

“The UAE region has continued to do well with the third quarter delivering excellent growth as Dubai continues to strengthen its position as a global trading hub for the fast growing economies of the Middle East, India and Africa. Whilst uncertainty continues to affect the global economy our business continues to perform well. Despite the tougher fourth quarter comparatives, we continue to believe that we will achieve full year EBITDA in line with expectations.”