DP World 1H volume down 5.9pc, against 15pc industry drop

DUBAI's global port operator DP World suffered a 5

03 September 2020 - 19:00

DUBAI's global port operator DP World suffered a 5.9 per cent year-on-year first half decline in container in pan portfolio to 33.9 million TEU, reported the Cyprus Mail.

But this result stands against in the first half's industrywide decline of 15 per cent and 10 per cent, according to a statement by the company.

The leading container hubs still call the shots, thanks to the networks of the three powerful alliances - 2M, Ocean Alliance, and THE Alliance - which have consolidated and strengthened the dominance of Europe's northern ran, said Newark's Journal of Commerce,

But participation in an important global alliance helped arrest the decline. DP World is affiliated with THE Alliance, which includes the NYK Line, Hapag-Lloyd, 'K' Line, Yang Ming Line, and MOL.

Said DP World chairman and CEO Sultan Ahmed Bin Sulayem: 'Like most industries, the maritime and logistics sector is going through an unprecedented and challenging period due to the Covid-19 pandemic. As a result, our portfolio has seen volumes weaken in the second quarter of 2020.

'However, this compares favourably against the estimated industry average decline. This outperformance once again demonstrates that we are in the right locations and a focus on the origin and destination cargo will continue to deliver the right balance between growth and resilience,' he said.

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