DP World sees volume growth in Q3

DP World posts strong Q3 results

DP World has said its TEU traffic across its portfolio in Q3 increased by 3.1% year-on-year (YoY), despite seeing a drop in volume on a nine month basis.

The terminal operator was quoted saying it handled 18.3 million TEU in Q3 and 52.2 million TEU between January and September. It saw volume grow across all regions but it was largely driven by Europe, the Middle East and the Americas, with strong performances from London Gateway (UK), Jeddah (Saudi Arabia), Sokhna (Egypt), Rotterdam (Netherlands) and Antwerp Gateway (Belgium).

Jebel Ali (UAE) handled 3.4 million TEU in Q3 2020, down 4.2% YoY.

Commenting on the financial results, Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said: “We are delighted to report that third quarter volumes turned positive across our three regions with DP World throughput growing by 1.9% year-on-year compared to a 2.2 percent decline for the industry.

“This performance is ahead of expectations and once again illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market.”

He added that the recovery in volumes was broad based with quarter-on-quarter throughput increasing by almost 10 percent as world economies began to ease lockdown restrictions. India, which witnessed a sharp slowdown in Q2 2020, saw a significant volume improvement versus the second quarter, while Jebel Ali (UAE) delivered 3.4% growth against the previous quarter as trade in the region began to stabilise.

Bin Sulayem continued: “During this challenging period, we have focused on maintaining efficient supply chains to sustain the delivery of critical and essential cargo. Our strategy to provide solutions to cargo owners has served us well, and our aim is to continue to build on this momentum.

“Looking ahead, we remain focused on containing costs to protect profitability and managing growth capex to preserve cash flow.”

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