DP World Handles 14.2 Million TEU in Third Quarter of 2012
4.5% volume growth for the nine months to 30 September 2012
Dubai, United Arab Emirates, Tuesday 30 October 2012
Gross container volumes have continued to grow 4.5% in the first nine months of the year driven by strong growth across the Americas, Asia Pacific, Middle East and UAE region.
The UAE region continued to increase the number of containers handled with 3.4 million TEU handled in the third quarter. This takes its volumes in the first nine months of the year to 4.6% ahead of the same period last year.
Our portfolio of consolidated terminals reported a 0.7% decline in volumes in the third quarter as the Asia Pacific and Indian Subcontinent region and the Europe, Middle East and Africa region reported a small decline in volumes. For the nine months to 30 September, container volumes across our consolidated portfolio would have increased 3.4% ahead of the same period last year had our terminals in Australia not been deconsolidated from 12 March 2011.
Chairman Sultan Ahmed Bin Sulayem commented:
“During the third quarter of the year we have taken advantage of opportunities to reposition our portfolio towards higher return businesses where we have management involvement. These recent divestments allow us to recycle cash into projects already within our pipeline, such as Jebel Ali (UAE) and London Gateway (UK) and, over time, to invest in new opportunities in line with our strategy, while maintaining balance sheet strength and flexibility.”
Group Chief Executive Mohammed Sharaf commented:
“The third quarter of the year has seen a slowdown in container volume growth with some of our regions reporting a small decline in volumes reflecting the challenging 1 Like for like gross volume growth normalizes for new volume in Qingdao (China) and Paramaribo (Suriname) and for divested volume in Tilbury (UK), Adelaide (Australia) and Aden (Yemen). macroeconomic environment. Despite this, our volume growth for the first nine months of the year reflects good growth over the prior period and whilst there remains uncertainty within the macro economy, we continue to believe we will achieve EBITDA in line with expectations.”
(1) Australia was de-consolidated on 11 March 2011 and therefore volumes since 12 March 2011 are no longer included in the consolidated figures. Excluding this, for the first nine months of the year, growth in the Americas and Australia region would have been 11.4% with volume growth of 3.4% across the global portfolio.
About DP World
DP World operates more than 60 terminals across six continents(1), with container handling generating around 80% of its revenue. In addition, the company currently has 10 new developments and major expansions underway in 9 countries.
DP World aims to enhance customers’ supply chain efficiency by effectively managing container, bulk and other terminal cargo. Its dedicated, experienced and professional team of more than 30,000 people serves customers in some of the most dynamic economies in the world.
The company constantly invests in terminal infrastructure, facilities and people, working closely with customers and business partners to provide quality services today and tomorrow, when and where customers need them. In taking this customer-centric approach, DP World is building on the established relationships and superior level of service demonstrated at its flagship Jebel Ali facility in Dubai, which has been voted “Best Seaport in the Middle East” for 18 consecutive years.
In 2011, DP World handled nearly 55 million TEU (twenty-foot equivalent container units) across its portfolio from the Americas to Asia. With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 103 million TEU by 2020, in line with market demand. www.dpworld.com
(1) As of September 2012. Includes non-container terminals.
DP World Limited, press release