DP World Limited today held its Annual General Meeting for the year ended 31 December 2015. DP World Chairman, Sultan Ahmed Bin Sulayem, made the following statement regarding operational performance in the first quarter of 2016.
“DP World Limited handled 15.5 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first quarter of 2016, with gross container volumes growing by 3.7% on a reported basis, and up 2.4% on a like-for-like (1) basis.
“First quarter growth was largely driven by a stronger performance from our European and Indian subcontinent terminals. Conditions in Latin America remain challenging while the UAE handled 3.6 million TEU, down 5.9% year-on-year due to loss of lower-margin cargo.
“At a consolidated (2) level, our terminals handled 7.2 million TEU during the first quarter of 2016, a 2.3% improvement in performance on a reported basis and down 0.4% year-on-year on a like-for-like (3) basis.
“Despite the challenging operating environment, we are pleased to see that our portfolio continues to deliver ahead of market volume growth.
“Our new developments in Rotterdam (Netherlands), Nhava Sheva (India) and Yarimca (Turkey) are now operational and are expected to deliver an increasing contribution in the second half of 2016. The additional 2 million TEU of capacity at Jebel Ali (UAE) and 1 million TEU of capacity in London Gateway (UK) are on course to be delivered in mid-2016, which will offer further room for growth.
“Overall, we remain well positioned to grow volumes ahead of the market, while we continue to focus on driving profitability by targeting higher margin cargo, improving efficiencies and managing costs. Our encouraging start to the year gives us confidence in meeting full year market expectations.”
(1) Like for like gross container volume does not include volumes at Yarimca (Turkey), Stuttgart (Germany), Rotterdam (Netherlands) and Prince Rupert (Canada)
(2) Consolidated terminals are those where we have control as defined under IFRS.
(3) Like for like consolidated volume does not include volumes Yarimca (Turkey), Stuttgart (Germany) and Prince Rupert (Canada)