DPW Q3 volumes growth up 10%

DP World, the Dubai-based global ports operator, today announced a 10 per cent increase in cargo volumes at its docks worldwide on the back of a surge in trade from Dubai, its global hub.

“The UAE region has continued to do well with the third quarter delivering excellent growth as Dubai continues to strengthen its position as a global trading hub for the fast growing economies of the Middle East, India and Africa,” said Mohammed Sharaf, CEO of DP World.

The company’s global portfolio of container terminals handled gross volumes of 14.4 million TEU in the third quarter of 2011, 10 per cent ahead of the third quarter last year, with the growth in its consolidated portfolio coming primarily from the UAE, Africa and Americas regions.

Gross volumes for the first nine months of the year were 40.6 million TEU or 11 per cent ahead of the corresponding period of 2010. The UAE handled 9.5 million TEU (11 per cent growth on the same period last year) for the first nine months of 2011.

“This performance was driven by strong growth in the Asia Pacific, UAE, Africa and Americas regions, as well as new volumes from recently acquired Suriname and additional capacity in Callao, Peru and Qingdao, China. Like for like gross volume growth was 9 per cent,” the company said in a statement posted on Nasdaq Dubai bourse, where it is listed.

“Our portfolio of consolidated terminals handled 20.5 million TEU in the first nine months of the year.   Had our five terminals in Australia not been deconsolidated from March 12, 2011, the consolidated terminals would have delivered 9 per cent growth ahead of the same nine month period in 2010. Like for like consolidated volume growth in the first nine months was 8 per cent,” the company said.

“DP World has delivered another very strong performance in the third quarter of the year, resulting in over 40.6 million containers handled so far this year. This 11% growth in volumes when compared to last year continues to reflect our focus on the faster growing emerging markets, resulting in another performance well ahead of the industry,” Sharaf added.

“Whilst uncertainty continues to affect the global economy our business continues to perform well.  Despite the tougher fourth quarter comparatives, we continue to believe that we will achieve full year EBITDA in line with expectations,” he said.

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