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Dubai port operator DP World sees improvement in global trade

Xinhua, April 27, 2017 Adjust font size:

Sultan Ahmed Bin Sulayem, the Group Chairman and Chief Executive Officer of the world's third biggest commercial port operator DP World said here on Thursday in an emailed statement that the firm's first quarter operations hint at an "encouraging start to the year."

Bin Sulayem said "There are signs of a gradual improvement in the market environment in 2017 and our portfolio has had an encouraging start to the year delivering ahead-of-market growth."

DP World said it handled 16.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2017, with gross container volumes growing by 5.7 percent year-on-year on a reported basis.

More growth in the first three months of this year was spotted in all regions where DP World operates, "especially our terminals in Europe and the Americas," said Bin Sulayem.

He added "Reported consolidated volume in the Asia Pacific and Indian Subcontinent region was boosted by the consolidation of Pusan (South Korea) at the end of 2016."

In the home market United Arab Emirates, "volumes have stabilised and as we move through 2017, we continue to expect our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) to drive growth in our portfolio," the CEO pointed out.

Shares of DP World are traded on the Nasdaq Dubai and slipped slightly on Thursday, closing 0.20 percent lower at 20.44 dollar. Enditem