DP World says market remains strong as India drives growth

DP World says market is strong as India drives growth

DP World’s gross container volumes increased by 17.6% year-on-year (YoY) in Q2 as traffic jumped in all regions, which it attributed to its beneficial cargo owners (BCO)-focused supply chain strategy and strong growth in India.

In a statement, the terminal operator said it handled 19.7 million TEU across its portfolio, especially in India, Europe, Australia and the Americas.

Its flagship at the Port of Jebel, Dubai, handled 3.4 million TEU in Q2, an increase of 4.2% YoY. The traffic meant its H1 TEU volume increased by 13.9% YoY.

Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem, said the company was “delighted” at the results and that they “the strength of the underlying market”.

Bin Sulayem said growth continued to be broad based with all our regions delivering a robust performance, with India being exceptionally strong.

“Encouragingly, the recent volume improvement at our flagship port of Jebal Ali (UAE) continued into 2Q2021 with throughput growth accelerating to 4.2% year-on-year,” he explained.

“Looking ahead, the near-term outlook remains positive, but we do expect growth rates to moderate in the second half of 2021. Furthermore, we remain mindful that the Covid-19 pandemic and geopolitical uncertainty could once-again disrupt the global economic recovery.

“Overall, we continue to make good progress on our strategy to deliver supply chain solutions to beneficial cargo owners and are focused on growing profitability while managing growth capex.

“The strong start to 2021 leaves us well placed to deliver an improved full year performance and we remain focused on delivering our 2022 targets.”     

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