File Photo: MAGNIFIER / Shutterstock
Dubai-based ports operator DP World says COVID-19, supply chain disruptions and geopolitical uncertainty could continue to hinder global economic recovery.
DP World announced this week it handled 58.4 million TEU across its global portfolio of container terminals in the first 9 months of 2021, with gross container volumes increasing by 11.9% year-on-year.
In the third quarter, the group handled 19.8 million TEU, up 8.1% year-on-year and up 7.9% on a like-for-like basis, mainly driven by Asia Pacific, India, Middle East & Africa and Australia with a strong performance from Qingdao (China), Mumbai (India) and Sokhna (Egypt).
At a consolidated level, DP World terminals handled 11.4 million TEU during 3Q2021, increasing 7.6% on a reported basis and 7.2% year-on-year on a like-for-like basis.
“We are delighted to report another strong quarter for DP World with throughput growth of 8.1%, which is once again ahead of industry growth of 6.4%. This strong performance illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market,” said DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem.
While the near-term outlook remains positive, DP World said it expects growth rates to moderate in the final quarter. The Covid-19 pandemic, continued supply chain disruptions, and geopolitical uncertainty could all continue to hinder global economic recovery, Bin Sulayem said.
“Overall, we are pleased with the year-to-date performance and remain focused on growing profitability while managing growth capex. The strong nine-month volumes leave us well placed to deliver an improved set of full year results and we remain focused on delivering our 2022 targets,” he said.
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