DP World blames Covid for 3.9pc in first half fall in box volume

DUBAI's DP World posted a 3

06 August 2020 - 19:00

DUBAI's DP World posted a 3.9 per cent container volume decline on a like for like basis to 33.9 million TEU globally at all its terminals in the first half of 2020.

Reported consolidated volume in the Americas and Australia region was boosted by the consolidation of Australia, Caucedo (Dominican Republic), acquisition of container terminals in Chile and commencement of operations in Posorja (Ecuador).

Jebel Ali (UAE) handled 6.7 million TEU in the first half down 6.8 per cent year on year, due to Covid-19 and loss of lower-margin cargo.

'Like most industries, the maritime and logistics sector is going through an unprecedented and challenging period due to the Covid-19 outbreak,' said DP World chairman and CEO Sultan Ahmed Bin Sulayem.

'As a result, our portfolio has seen volumes fall 7.9 per cent in 2Q 2020 and by 3.9 per cent in 1H 2020. However, this compares favourably against an estimated industry decline of 15 per cent in 2Q 2020 and 10 per cent in 1H 2020,' he said.

'Looking ahead, our near-term focus is on the safety of our employees, providing solutions to cargo owners that are facing supply chain issues due to the pandemic, integrating our recent acquisitions to drive synergies, containing costs to protect profitability and managing growth capex to preserve cash flow,' he said.

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