Dubai-based global port operator DP World said it expects to add approximately 3 million twenty-foot equivalent units (TEUs) of new container handling capacity by the end of the year in various ports, including in Saudi Arabia and Egypt.
The port operator will add 1.2 million TEU in Caucedo (Dominican Republic) and an additional 579,000 TEU in Yarimca (Türkiye). It is projected to add 500,000 in TEU Sokhna (Egypt) and 200,000 TEU in Jeddah (Saudi Arabia).
The expansions will take its total gross capacity to 93.6 million TEUs. It currently manages approximately 9% of the world’s handling capacity, putting it among the top five global port operators, the company said in a statement on Tuesday.
The port operator warned that the outlook remains uncertain due to rising inflation, higher interest rates and geopolitical uncertainty.
DP World handled 79 million TEU across its portfolio of container terminals in 2022, with gross container volumes increasing by 1.4% YoY on a reported basis and 2.8% on a like-for-like basis.
In a filing on Nasdaq on Monday where its bonds are listed, DP World said that consolidated volumes reached 46.1 million TEU during the quarter, up by 1.5% on reported basis and 0.7% on like-for-like basis.
(Writing by Brinda Darasha; editing by Seban Scaria)