2.5% like-for-like volume growth in Dubai’s DP World

25 Oct 2022
2.5% like-for-like volume growth in Dubai’s DP World

In the first nine months of 2022, DP World Limited managed a total of 59.6 million TEU (twenty-foot equivalent units) across its container terminals worldwide. On a reported basis, the gross container volumes saw a 2.0% year-on-year increase, while on a like-for-like basis, the growth was 2.5%.

Quarterly statistics show that DP World handled 20.1 million TEU, marking a 1.5% year-on-year increase and a 2.1% growth on a like-for-like basis.

The growth in gross volume during the third quarter was primarily driven by the strong performance of DP World’s terminals in the Asia Pacific, Middle East & Africa, Americas, and Australia regions. Notable contributions came from Qingdao (China), ATI (Philippines), LCIT (Thailand), Jeddah (Saudi Arabia), Vancouver (Canada), Posorja (Ecuador), Santos (Brazil), and Australia. Additionally, Jebel Ali (UAE) recorded a 2.0% year-on-year increase, handling 3.5 million TEU in 3Q2022.

On a consolidated level, DP World’s terminals collectively handled 34.6 million TEU in the first nine months of 2022, reflecting a 1.9% year-on-year growth and a 1.4% increase on a like-for-like basis. In terms of quarterly consolidation, the company managed 11.7 million TEU, indicating a 2.7% growth on a reported basis and a 1.5% year-on-year increase on a like-for-like basis.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, expressed satisfaction with the strong performance, stating that the 2.5% volume growth in nine months surpassed the industry average of 1.1%. He acknowledged the deceleration in growth rates due to challenging market conditions but emphasized the resilience of global trade and the expectation that DP World’s portfolio would outperform the market.

Bin Sulayem attributed the third-quarter growth to the excellent performance of terminals in the Asia Pacific, Americas, and Australia regions. Notably, Jebel Ali (UAE) demonstrated robust volume growth of 2.0% year-on-year.

While acknowledging uncertainties such as the geopolitical environment, inflationary pressures, and currency fluctuations, Bin Sulayem expressed optimism about the medium to long-term outlook for global trade. He concluded by stating that, based on the solid volume performance in the first nine months, DP World anticipates delivering improved full-year results.