DP World volumes rise 14% in Q3 to 13m teu

DP World volumes rise 14% in Q3 to 13m teu

Volumes for its 28 consolidated terminals grew by 8% in Q3 to 7.3m teu and by 7% for the first nine months to 20.5m teu. Like-for-like volume growth at its consolidated terminals was 9% for Q3 and 10%for the first nine months.

The UAE continued to deliver improved volume growth in Q3, reporting an increase of 4% to 3m teu and taking the number of containers handled in the first nine months of 2010 to 8.6m teu, 3% up on the previous period. Non-container volumes in the UAE also improved but for the year to date remain at lower levels than the same period last year, said the company.

DP World continues to handle container volumes above the levels reported in 2008, demonstrating the resilience of its portfolio to 2009’s global declines. Volume growth in Q3 2010 was driven by strong growth in the Asia-Pacific, Americas and Australia regions, while volumes continued to return across Europe and growth stabilised in the UAE.

New developments remain on schedule to open later this year in Vallarpadam, India and Karachi, Pakistan.

Chief executive officer Mohammed Sharaf said: “Container volumes have remained strong during the third quarter of the year with DP World’s container volumes back in line with 2008 peak levels and with many of our regions delivering double-digit growth over the third quarter last year. The performance in the UAE is particularly pleasing. Handling 3m teu in the third quarter puts the region back in line with its busiest quarter ever at the end of 2008.

“The strong Q3 results in our container operations will lead to a better second half than first half of the year; however, a slightly lower contribution from non-container operations is anticipated. Despite that, we remain on track to meet full-year results in line with our expectations.”