DP World reports flat volume growth in Q1

Global logistics major, DP World handled 17.5 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2019, with gross container volumes declining by 0.6% year-on-year on a reported basis.

The UAE handled 3.5 million TEU in 1Q2019, down -8.8% year-on-year, due to the challenging macro-environment and loss of lower-margin cargo. Growth in Americas, Africa and Indian Subcontinent was robust with strong growth in Callao (Peru), Sokhna (Egypt) and Mumbai (India).

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem commented, “As previously flagged, we have seen softer volumes in 1Q2019 due to a strong prior year performance and general caution in some markets given the current uncertainty in the macro-environment. In the UAE, the volume weakness is mainly due to loss of low-margin throughput, where our focus remains on profitable cargo and, while we expect the recent trends to continue into the second quarter, we do expect an improvement in the second half of the year.”

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