Terminal operator DP World saw both its year-on-year (YoY) and like-for-like (LFL) volume grow in 2018, despite global trade uncertainty.
According to its annual financial results, DP World handled 71.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the full year of 2018, with gross container volumes growing by 1.9% YoY on a reported basis and 2.9% on an LFL basis.
Its domestic terminals in the UAE handled 15 million TEU in 2018, down 2.7% YoY. At a consolidated level, its global terminals handled 36.8 million TEU in 2018, a 0.8% increase on a reported basis and up 1.4% YoY on an LFL basis.
DP World is pleased to announce 2.9% volume growth in 2018, having handled 71 million TEU containers across our global portfolio of terminals. Read more: https://t.co/G76uLtFvR3 pic.twitter.com/9OTOZEcrMj
— DP World (@DP_World) February 5, 2019
Speaking about the results, DP World CEO Sultan Ahmed Bin Sulayem said the company had performed well despite geopolitical uncertainties.
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“We are pleased to see that our global portfolio has delivered growth on top of our strong prior year performance and despite the uncertainty with global trade,” Bin Sulayem said.
“Our Europe and Americas portfolio saw strong growth with continued ramp-up in London Gateway (UK), Yarimca (Turkey) and Prince Rupert (Canada), while performance in Africa remains robust driven by Dakar (Senegal) and Sokhna (Egypt).
“In the UAE, the softer volumes were due to the loss of low-margin throughput, where we remain focused on high margin cargo and maintaining profitability.
“In 2018, we have made good progress in strengthening our product offering which will enable us to participate in a wider part of the supply chain and offer smarter long-term solutions to cargo owners.
“Looking ahead to 2019, we expect our portfolio to continue to deliver growth and our focus remains on delivering operational excellence, managing costs and disciplined investment to remain the trade partner of choice.
“Given the steady volume performance of our portfolio, we are well placed to meet full year 2018 market expectations.”