DP World reported its 2019 TEUs commenting that despite the challenges arising from the US-China trade war and regional geopolitics, their portfolio saw a development representing their resilience.
Specifically, DP World handled 71.2 million TEUs (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross container volumes flat year-on-year on a reported basis and up 1.0% on a like-for-like basis.
In addition, like-for-like gross volumes in the fourth quarter 2019 accelerated increasing by 2.1% with growth driven by Asia Pacific and Africa. Jebel Ali handled 14.1 million TEU in 2019 down 5.6% year-on-year due to a decline in low margin cargo.
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The terminals also handled 39.9 million TEUs in 2019, showing an 8.9% improved performance on a reported basis and down 0.5% year-on-year on a like-for-like basis.
Referring to the results, Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented that in EU they saw continued ramp-up in London Gateway (UK) and Yarimca (Turkey) while Prince Rupert (Canada) and Callao (Peru) continued to deliver strong growth. In the UAE, volumes were down due to the loss of low-margin throughput, where we remain focused on high margin cargo and maintaining profitability.
Mr Sultan Ahmed Bin Sulayem added that
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.
See also
