DP World reports 3% volume growth

DP World has released figures for 2015 demonstrating a “resilient performance” from the company despite some challenging market conditions.

The leading marine terminal operator handled 61.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2015, with gross container volumes growing by 3% on reported basis and 2.4% on a like-for-like basis (not including volumes at Yarimca, Stuttgart, Rotterdam and Prince Rupert).

Growth in 2015 was largely driven by European and UAE terminals. The portfolio benefited from the ramp-up in London Gateway and the UAE handled a record 15.6 million TEU’s, representing like-for-like growth of 2.3% for the year. Utilisation at Jebel Ali remains high at approximately 90%.

Market conditions in the second half of 2015 were challenging, with like-for-like gross throughput growth flat year-on-year in the final quarter.

At a consolidated level, the terminals controlled by DP World as defined under IFRS handled 29.1 million TEU during 2015, a 2.7% improvement on a reported basis. Consolidated like-for-like volumes grew by 1.7% for the year.

Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem said: “The second half of 2015 was difficult for global trade operators, as various economic headwinds including currency weakness and lower commodity prices adversely impacted trade growth. Against this challenging backdrop, all our three regions continued to deliver full year volume growth on a like-for-like basis which demonstrates the strength of our portfolio.

“Despite the uncertain near-term macro environment, and given the high utilisation at our portfolio, we remain confident about the medium to long-term outlook of our industry and continue to invest to meet the future capacity requirements of our customers.

“As we look ahead into 2016, we look forward to the new capacity at Rotterdam (Netherlands), Mumbai (India), Prince Rupert (Canada) and Yarimca (Turkey) to deliver a full year contribution to our throughput. We expect to open our third berth at London Gateway (UK) in mid-2016, adding 600k TEU of new capacity. The additional 2 million TEU at terminal three (T3) Jebel Ali (UAE) will now be operational in the second half of 2016.

“DP World has once again delivered ahead of market throughput growth in 2015 and given this resilient performance, we remain confident of meeting full year market expectations. While trading conditions in 2016 are expected to remain challenging, we believe a portfolio focused towards faster growing markets and origin & destination cargo, coupled with the addition of new capacity can continue to outperform the market.”