DP World will meet targets despite uncertainty over COVID-19 second wave, US polls, trade wars - CEO

DP World throughput grew by 1.9% year-on-year compared to a 2.2% decline for the industry

  
Sultan Ahmed bin Sulayem, Chairman of Dubai’s Ports, Customs and Free Zone Corporation: We are delighted Colombia has joined the World Logistics Passport because of its unique geographic location with port access to both the Atlantic and Pacific oceans, and its dynamic and open economy. Image courtesy Dubai Media Office Twitter handle.

Sultan Ahmed bin Sulayem, Chairman of Dubai’s Ports, Customs and Free Zone Corporation: We are delighted Colombia has joined the World Logistics Passport because of its unique geographic location with port access to both the Atlantic and Pacific oceans, and its dynamic and open economy. Image courtesy Dubai Media Office Twitter handle.

International port operator DP World handled 18.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in Q3 2020, with gross container volumes increasing by 3.1 percent year-on-year.

DP World throughput grew by 1.9 percent year-on-year compared to a 2.2 percent decline for the industry. "This performance is ahead of expectations and once again illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market," Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem, said.

"Overall, while we are encouraged by the recent volume trends, the outlook remains uncertain given the possibility of new lockdowns due to Covid-19 second wave, geopolitical uncertainty with US elections and lack of progress made on trade wars, he said.

"However, the nine-month solid volume performance leaves us well placed to deliver a relatively stable financial performance in 2020 and we remain confident of meeting our 2022 targets," he added. 

Like-for-like gross volume growth of the Dubai state-owned company was mainly driven by Europe, Middle East & Africa and Americas with a strong performance from London Gateway (UK), Jeddah (Saudi Arabia), Sokhna (Egypt), Rotterdam (Netherlands) and Antwerp Gateway (Belgium).

In Americas, growth was driven by Buenos Aires (Argentina), Santiago (Chile) and Vancouver (Canada). 

Jebel Ali (UAE) handled 3.4 million TEU in Q3 2020, down 4.2 percent year-on-year.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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© ZAWYA 2020

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