DP World’s gross container volumes grew by 0.7% on a like-for-like basis in 2013, owing to a particularly strong second half to the year.
The UAE-headquartered terminal operator handled 55mn TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2013. H2 saw a 3.6% growth in volumes on a like-for-like basis compared to the same period during 2012.
“We are pleased to deliver gross like-for-like throughput growth in 2013, despite the challenging macroeconomic backdrop,” commented Sultan Ahmed Bin Sulayem, chairman of DP World. “We are encouraged by the volumes handled at our flagship Jebel Ali port, with our UAE operation recording the best year in its history. This reflects the continued growth of Dubai, the UAE and the wider region.”
Whilst DP World achieved like-for-like growth in 2013, gross volumes declined by 1.9% on a reported basis – mainly due to the monetisation of one of its Hong Kong assets. Even so, all three of the operator’s reporting regions (Asia Pacific & Indian Subcontinent, Europe, Middle East & Africa, and Americas & Australia) displayed a stronger performance in the second half of the year.
Moreover, DP World enjoyed another record year in the UAE, with 13.6m TEU representing 2.7% growth.
“The 1mn TEU expansion of Jebel Ali’s Terminal 2 contributed to that record result, and this year, we will add 4mn TEU new capacity at Terminal 3 to ensure we are well placed to handle future capacity demand in Dubai,” explained Bin Sulayem. “Our London Gateway facility and our facility in Brazil, Embraport, both opened for business in the second half of 2013 and we look forward to their contribution during 2014.”
DP World’s group chief executive Mohammed Sharaf said: “Our full year throughput performance is pleasing, particularly given the softer market conditions we experienced in the first half of 2013. This illustrates the resilient nature of our portfolio, which remains well positioned to capture medium- to longer-term growth through its continued focus on faster growing markets and origin and destination (A&D) cargo.
“The quarterly trend of improvement continued into the fourth quarter of 2013 and, while the macroeconomic outlook in some regions remains uncertain, we have made an encouraging start to the current year,” he added.
“Economic headwinds combined with limited spare capacity across our portfolio constrained our ability to grow volumes further in 2013. However, the addition of new capacity in 2014 combined with a projected pick-up in global trade should allow us to return to a more normalised growth rate.”
DP World chose to present like-for-like figures due to the divestment of approximately 1.6mn TEU capacity from its Asia Pacific & Indian Subcontinent region during 2013, which impacted the company’s reported throughput numbers.