GLOBAL port operator DP Word has posted a 2
GLOBAL port operator DP Word has posted a 2.6 per cent increase in container volumes for the nine months to September, but warns of a coming slowdown, signalled by a third quarter year-on year 1.4 per cent decline. 'We have seen our volume growth decelerate due to the strong prior year performance and general caution in the market given the current uncertainty in global trade,' said DP World CEO Ahmed Bin Sulayem.
'On our wider portfolio, we have made good progress in strengthening our product offering to play a greater role in the global supply chain as a trade enabler,' said Mr Bin Sulayem, reported London's Container Management.
The Dubai-based company saw third-quarter volumes at its flagship Jebel Ali terminal in Dubai drop 6.7 per cent year on year, which it claimed was due to a preference for higher paying cargo, reported London's Loadstar.
'In the UAE, the volume weakness in the third quarter is mainly due to loss of low-margin throughput, where our focus remains on profitable cargo,' he said.
Such is the size of its Dubai operations, that plummeting UAE volumes impacted three-month numbers for the wide Europe, Middle East and Africa region, which were down 4.4 per cent to 7.3 million TEU for the third quarter.
However, overall volumes for the first nine months for Europe, Middle East and Africa were up 1.7 per cent to 22 million TEU.
'Growth in Europe remained robust, with strong growth in London Gateway and Rotterdam,' said the company.
Globally, its nine-month volumes hit 54 million TEU, and while all regions recorded growth its smallest market sector - America and Australia, counted as one region - saw the strongest increases as they were up 3.7 per cent to 6.7 million TEU.
The port operator's largest market - Asia Pacific and Indian Subcontinent - saw growth virtually vanish, with third-quarter results up marginally to 8.4 million TEU.
