DP World’s coronavirus crisis recovery ‘ahead of expectations’

Published: 27 October 2020 - 6:36 a.m.

DP World said on Monday that its coronavirus-rebound is ahead of expectations after posting 3 percent growth in gross volumes in the third quarter of this year.

"We are delighted to report that third quarter volumes turned positive across our three regions with DP World throughput growing by 1.9 percent year-on-year compared to a 2.2 percent decline for the industry,” Sultan Ahmed Bin Sulayem, CEO and chairman of DP World, told Emirates news agency WAM.

He said the Q3 performance is “ahead of expectations and once again illustrates the resilience of the global container industry”.

DP World Limited handled 18.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in Q3.

On a nine-month basis, DP World handled 52.2 million TEU, decreasing 2.5 percent on a reported basis and down 2.0 percent on a like-for-like basis, the company said in a statement.

Like-for-like gross volume growth was mainly driven by Europe, Middle East, Africa and Americas with a strong performance from London Gateway (UK), Jeddah (Saudi Arabia), Sokhna (Egypt), Rotterdam (Netherlands) and Antwerp Gateway (Belgium).

Jebel Ali (UAE) handled 3.4 million TEU in Q3 2020, down 4.2 percent year-on-year.

Bin Sulayem said that the recovery in volumes was broad based with quarter-on-quarter throughput increasing by almost 10 percent as world economies began to ease lockdown restrictions.

India, which witnessed a sharp slowdown in Q2 2020, saw a significant volume improvement versus the second quarter, while Jebel Ali delivered 3.4 percent growth against the previous quarter as trade in the region began to stabilise.

He added: "During this challenging period, we have focused on maintaining efficient supply chains to sustain the delivery of critical and essential cargo. Our strategy to provide solutions to cargo owners has served us well, and our aim is to continue to build on this momentum.”

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