Economy

DP World’s container volume rises to 19.5m TEUs in Q1

By Pramod Kumar

April 27, 2023

The country’s total exports rose 14.4 percent annually to $21.7 billion in May

Dubai-based DP World Limited handled 19.5 million twenty-foot equivalent units (TEUs) across its global portfolio of container terminals in the first quarter of 2023.

Gross container volumes rose 1.4 percent year-on-year on a reported basis and 3.7 percent on a like-for-like basis, the global ports operator said in a statement published by state-run WAM news agency.

The growth was propelled by a strong performance in Asia Pacific and India, partially offset by softer performance in Europe and the Americas.

Jebel Ali handled 3.5 million TEUs in the first quarter of 2023, up 2.3 percent year on year.

At a consolidated level, DP World terminals handled 11.4 million TEUs in the first quarter of 2023, up 0.7 percent year-on-year on a reported basis but down 1.3 percent on a like-for-like basis.

Group chairman and CEO, Sultan Ahmed bin Sulayem, said: “Our portfolio has had an encouraging start to the year with container volume growth of 3.7 percent, once again ahead of the market, estimated to be down by 6.3 percent.”

The CEO added that volumes at the flagship Jebel Ali terminals remain robust, with a growth of 2.3 percent.

“Given the geopolitical backdrop, high inflation and currency fluctuations, the near-term outlook remains somewhat uncertain,” he said.

DP World’s portfolio is expected to deliver stable performance in 2023 as it focuses on driving revenue synergies from recent acquisitions while managing costs and growth capex, the statement said.