Port of Long Beach Reports Busiest Year in 2020 Despite Headwinds
The Port of Long Beach moved a record 8.1 million TEUs in 2020 despite facing headwinds from the COVID-19 pandemic and the ongoing trade war with China. Total cargo volumes...
By Verity Ratcliffe (Bloomberg) –U.S. sanctions against Iran and competition from Abu Dhabi are reducing traffic at DP World Plc’s home ports in Dubai, according to industry consultant Drewry.
Restrictions on cargo shipments to Qatar due to an embargo by the United Arab Emirates and some other Arab nations have also hurt container traffic in Dubai. However, the recent surge in tensions over shipping incidents in the Persian Gulf region have had little if any impact on DP World’s second-quarter throughput, said Neil Davidson, senior analyst for ports and terminals at London-based Drewry.
DP World, which operates ports from Vancouver to Hong Kong, released data on Tuesday showing that it handled smaller cargo volumes in Dubai for the fifth consecutive quarter. The company runs cargo terminals at Jebel Ali and Port Rashid in Dubai in the U.A.E.
Davidson also said:
DP World Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem said that U.A.E. ports handled less cargo in the second quarter because of “a loss of lower-margin cargo and challenging market conditions,” without elaborating. A company media official had no immediate response when Bloomberg asked on Wednesday for details.
© 2019 Bloomberg L.P.
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