DP World reports 3 per cent rise in gross container volumes

February 8, 2016 11:38 am

Dubai-based port operator DP World recorded a three per cent rise in its 2015 annual gross container volumes on a reported basis and 2.4 per cent on a like-for-like basis.

The company’s gross volumes totalled 61.7 million twenty-foot equivalent units (TEU) in 2015, up from 59.9m TEU in 2014, helped by growth in European and UAE terminals, it said in a statement.

Annual consolidated volumes, at terminals over which DP World has control, were 29.1m TEU, 2.7 per cent higher on a reported basis and up 1.7 per cent higher on a like-for-like basis.

The operator said like-for-like gross throughput growth was flat year-on-year in the final quarter of 2015 as the market conditions in the second half were challenging after “various economic headwinds including currency weakness and lower commodity prices adversely impacted trade growth.”

“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,” stated Sultan Ahmed Bin Sulayem, Chairman and also the new CEO of the group.

The company also expects to open its third berth at London Gateway in mid-2016, adding 600,000 TEU of new capacity. An additional 2m TEU at terminal three in Dubai’s Jebel Ali is slated to go operational in the second half of the year.

One of the biggest port operators in the world, DP World has a portfolio of 70 terminals in 31 countries and a market capitalisation of $14.8 billion.

CEO appointment

In another development, the company appointed chairman Bin Sulayem as chief executive officer with immediate effect, according to a bourse statement.

The announcement comes two weeks after he took interim charge following the retirement of the former CEO.

On Jan. 27, the company announced long-serving chief executive Mohammed Sharaf had retired.


Mujeeb Rahman
By Mujeeb Rahman
Mujeeb Rahman is a business journalist at AMEinfo. His areas of focus include economy, markets, politics and international relations in MENA and Asia-Pacific regions. An ex-BBC digital journalist, he delves deeper into the subjects that matter most.