DP World returns to throughput growth

DP World handled 18.3 million teu across its global portfolio of container terminals in the third quarter of 2020, with gross container volumes increasing 1.9% on a like-for-like basis. Over the first nine months of the year, however, DP World handled 52.2 million teu, down 2.0% on a like-for-like basis.

Like-for-like gross volume growth was mainly driven by operations in Europe, Middle East, Africa and Americas including strong performances in Jeddah, Saudi Arabia and Sokhna in Egypt. The group’s UAE flagship Jebel Ali port handled 3.4 million teu in this quarter, down 4.2% year-on-year.

Its Indian operations, which witnessed a sharp slowdown in the second quarter of 2020, saw a significant volume improvement, while Jebel Ali delivered 3.4% growth against the previous quarter as trade in the region began to stabilise.

Group Chairman and Chief Executive Officer, Sultan Ahmed Bin Sulayem, commented: “This performance is ahead of expectations and once again illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market.”

He continued, “Overall, while we are encouraged by recent volume trends, the outlook remains uncertain given the possibility of new lockdowns due to Covid-19 second wave, geopolitical uncertainty with US elections and lack of progress made on trade wars. However, the nine month solid volume performance leaves us well placed to deliver a relatively stable financial performance in 2020.”