Dubai's DP World says near-term trading environment positive

DP World handled 18.9mln shipping containers in the January-March period, compared to 17.2mln in the same period a year earlier

  
Photo used for illustrative purpose. General view of a stock yard of DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018.

Photo used for illustrative purpose. General view of a stock yard of DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018.

REUTERS/Hamad I Mohammed

DUBAI - Global port operator DP World on Thursday said the near-term trading environment was positive as it reported a 10.2% increase in first quarter shipping containers volumes.

The Dubai state-owned company handled 18.9 million shipping containers in the January-March period, compared to 17.2 million in the same period a year earlier.

"This performance is ahead of expectations and illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market," Chairman and Chief Executive Sultan Ahmed bin Sulayem said in a statement. "Looking ahead, while the near-term trading environment is positive, we remain mindful that the economic recovery can be disrupted by the COVID-19 pandemic, geopolitical uncertainty in some parts of the world and ongoing trade war."

The Americas and Australia region saw the highest percentage increase, rising 17.7% to 2.7 million shipping containers.

Volumes in the Asia-Pacific and India region rose 10.6% to 8.3 million containers, while Europe, Middle East and Africa increased 7.6% to 7.9 million.

DP World's flagship Jebel Ali Port in Dubai, included in the Europe, Middle East and Africa region, saw volumes rise 2.6% to 3.4 million containers.

(Writing by Alexander Cornwell; Editing by Christopher Cushing) ((Alexander.Cornwell@thomsonreuters.com;))

More From Equities