India Carries DP World to Q3 Growth

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DP World has recorded container volume growth of 1.1% in the third quarter of 2019 compared with the same time period last year, according to its latest financial results.

The terminal operator said that on a nine-month basis, like-for-like gross container volumes grew by 0.7% year-on-year to 53.3 million TEU.

It credited the growth to strong growth throughout Asia, in particular ATI, Philippines and Qingdao, China.

One of its strongest performing areas was India, which was driven by Cochin, Mundra and NSIGT (Mumbai). In total, the Asia Pacific and India Subcontinent’s gross volume grew by 4.6% like-for-like and 5.1% like-for-like in the first nine months of 2019 – January-September.

Consolidated volume in that region grew by even more on a like-for-like basis, this time 5.7%, although it shrunk in DP World’s two other major regions – Europe, Middle East and Africa and Americas and Australia.

Its consolidated volume grew by 0.8% globally in the third quarter, with Americas and Australia posting a reported growth of 93.7%, thanks largely to the recent acquisition of two terminals in Chile.

DP World CEO and Group Chairman Sultan Ahmed Bin Sulayem commented that DP World had done well in an uncertain market: “Our portfolio continues to deliver a steady volume performance which is encouraging given the challenging macro backdrop caused by the global trade dispute.

“However, despite this uncertainty, it is encouraging to see robust growth in key markets such as Asia Pacific and Indian Subcontinent, while growth in west coast of Americas remains solid.’’

“On our broader portfolio, we continue to make progress in strengthening our product offering, allowing us to connect directly with end customers to deliver a range of unique logistic solutions.

“We are seeing positive signs of progress in our new businesses that give us encouragement for the future.

“The near-term focus is on integrating our recent acquisitions, managing costs and disciplined investment to cement DP Worlds position as the logistics partner of choice. Overall, we remain well placed to deliver full year market expectations.’’

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