Dubai Shipping Volumes Sink

 

DP World's  ports in the United Arab Emirates, all located in Dubai, handled 3.75 million twenty-foot equivalent units (TEUs) in the three months to June 30. 

 

That is 6.2 per cent lower than the 4 million TEUs it reported for the second quarter of 2015 and follows a 5.9 per cent decline in the first quarter of 2016. Cargo volumes at its Dubai ports fell by 2.89 per cent in the fourth quarter of 2015.

 

The company said it had faced “challenging market conditions in the first half of the year” and that a “reduction in lower-margin cargo” contributed to a 6 per cent first-half decline in cargo volumes in Dubai.

 

DP World operates Dubai’s Jebel Ali, Mina Al Hamriya and Mina Rashid in the UAE.

 

DP World group chairman and chief executive Sultan Ahmad Bin Sulayem said the company remains confident in meeting its full-year target with larger contributions in the second half expected from terminals in India, Netherlands, Turkey and the United Kingdom.