UAE region delivers record quarter, London Gateway on track
DP World, the world’s third largest port operator, moved 14.2 million TEU during the third quarter of 2013, an increase of 2.4 percent year-over-year.
The Dubai-based firm attributed the rise to an improved performance in its Asia Pacific business and its domestic operations in the United Arab Emirates (UAE), where 3.6 million TEU was handled, a record high for the region. Volumes for the first nine months of the year through to September exceeded 10 million TEU in the UAE for the first time in the company’s history.
“We are very pleased to announce a robust throughput performance for the third quarter of 2013,” said DP World chairman, Sultan Ahmed Bin Sulayem.
“In particular, our flagship UAE operation has recorded the best quarter in its history, reflecting the continued growth in Dubai, the UAE and the wider region.”
DP World’s unconsolidated volumes fell 0.4 percent in the quarter reflecting a number of divestments over the past year.
Meanwhile, the company’s consolidated terminals handled 6.7 million TEU in the third quarter, delivering like-for-like volume growth of two percent, driven primarily by the company’s record UAE performance and signs of stability in the Asia Pacific and Indian Subcontinent.
“After a challenging first half in 2013 we are encouraged by the positive uplift witnessed in the third quarter. Accordingly market guidance of gross like-for-like volumes in line with 2012 remains unchanged,” said DP World chief executive, Mohammed Sharaf.
“With market conditions still uncertain, we continue to focus on driving profitability by targeting higher margin throughput and improving efficiencies. We remain confident of meeting full year market expectations.”
During the third quarter, DP World also began test operations at its new Embraport facility in Brazil, which is expected to become fully operational in the fourth quarter this year. Similarly, DP World London Gateway, the UK’s first 21st Century major deep-sea container port and Europe’s largest logistics park, remains on track to open in the final quarter of the year. The first vessel is due to call the new facility in November.