DP World's H1 Gross Volumes up 1.2%

DP World Limited handled 31.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first half of 2016, with gross container volumes growing by 2.5% on a reported basis, and up 1.2% on a like-for-like  basis.
 
Growth in the first half of 2016 was largely driven by a strong performance from our European and Indian subcontinent terminals. Conditions in Australia and Latin America remain challenging while the UAE handled 7.4 million TEU, down 6.0% year-on-year due to a reduction in lower-margin cargo.
 
At a consolidated  level, our terminals handled 14.6 million TEU during the first half of 2016, a 1.6% improvement in performance on a reported basis and down 1.4% year-on-year on a like-for-like  basis.
 
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, commented: “Despite challenging market conditions in the first half of the year, our portfolio continues to deliver growth.
 
“We expect the second half of 2016 to show an improved performance as our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) deliver an increasing contribution.
 
“We continue to focus on driving profitability by targeting higher margin cargo, improving efficiencies and managing costs. We are encouraged by the progress we have made in the first half of 2016, and we remain confident in meeting full year market expectations.”