Dubai-based port and terminal operator DP World Limited saw a 3.2% year-on-year growth on a reported basis in its gross container volumes as it handled 63.7 million TEU across its global portfolio of container terminals in the full year of 2016.
In the fourth quarter alone, gross reported volumes grew by 6% year-on-year driven by strong growth in Asia Pacific and Europe. UAE handled 3.7 million TEU in the final quarter of the year, down marginally by 0.7% year-on-year, while the Americas and Australia region delivered a broadly stable volume performance during this period, according to the terminal operator.
At a consolidated level, DP World’s terminals handled 29.2 million TEU during 2016, representing a 0.4% improvement in performance on a reported basis and down 1.6% year-on-year on a like-for-like basis.
“Despite the challenging market conditions, particularly at our flagship Jebel Ali Port, our portfolio continues to deliver ahead-of-market growth, which once again demonstrates the benefits of operating a globally diversified portfolio,” Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, said.
As the volumes are stabilising in the UAE, DP World expects its new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) “to drive growth in our portfolio” in 2017, Bin Sulayem added.
“We will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability. Given the resilient volume performance of our portfolio, we are well placed to meet full year 2016 market expectations,” according to Bin Sulayem.