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Westports sees TEU fall as pandemic alters economy

Westports see TEU volume fall
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Westports Holdings Berhad (Westports) saw its TEU volume decline by 4% in the first nine months of 2020 year-on-year (YoY) due to the effects of the COVID-19 pandemic.

Datuk Ruben Emir Gnanalingam, Group Managing Director of Westports, said the pandemic had changed global consumer habits, but that terminal operator had recovered slightly in Q3 after many economies emerged from national lockdowns.

Furthermore, Datuk Ruben predicted the second lockdown imposed in some countries would be less detrimental than the one earlier in the year.

“As we enter into the 4th Quarter of 2020, many regions and cities have reimposed various forms of lockdown again. However, we cautiously expect a less adverse impact from the latest lockdown, compared to the 2nd Quarter of 2020, as societies and economies adjust to these movement restrictions.

“The long-tail effects of COVID-19 is altering global consumption and economic activities as the world adjusts to a “new normal.

“The secondary redistributive effects on society by the pandemic is a reminder that the importance of social contribution to the community and the less-advantaged is more needed than ever.

“Towards that end, the Company will be channelling assistance and greater engagement with the community through Westports Foundation in 2021.”

Container throughput improved in Q3 with a 6% growth to 2.93 million TEU as global economic activities resumed after the earlier lockdowns. Both local and transhipment containers saw volume increases.

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