DP World Limited handled 34.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2017, with gross container volumes growing by 8.2% year-on-year on a reported basis and 7.7% on a like- for-like1 basis, with second quarter growth rates accelerating to 10.7% year-on-year on a reported basis and 10.4% on a like-for-like2 basis, ahead of Drewry Maritime’s upgraded industry estimate of 4% throughput growth in 20173.
The first half of 2017 witnessed an improvement in global trade and all three DP World regions saw growth rates accelerate in the second quarter of 2017, particularly our terminals in Europe and the Americas. The UAE handled 7.7 million TEU in 1H2017, growing 4.3% year-on-year, implying a 2Q2017 growth of 6.6%.
At a consolidated4 level, our terminals handled 17.9 million TEU during the first half of 2017, a 22.4% improvement in performance on a reported basis and up 4.7% year-on-year on a like-for- like5 basis. 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.
Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented:
“Our portfolio has delivered ahead-of-market growth benefitting from the improved trading environment in 2017 and market share gains from the new shipping alliances, driving volumes in the second quarter. The robust performance was delivered across all three regions, which once again demonstrates that we have the right strategy and the relevant capacity in the key markets.
“We are pleased to see our terminals in the Americas and Europe continue to deliver growth. Encouragingly, UAE volumes have improved and we continue to expect our portfolio’s volume growth to outperform the market.
“Given the encouraging first half performance, we remain well placed to meet full year 2017 market expectations.”
1 Like for like gross container volume does not include volumes at Yarimca (Turkey) for 1Q17 only, Saint John (Canada), Limassol (Cyprus) and Berbera (Somaliland).
2 Like for like gross container volume does not include volumes at Saint John (Canada), Limassol (Cyprus) and Berbera
3 In June, Drewry Maritime Researcher’s senior analyst Neil Davidson upgraded his full-year container volume growth forecast for the industry to around 4.0% from previously forecasted 2.8%.
4 Consolidated terminals are those where we have control as defined under IFRS.
5 Like for like consolidated container volume does not include volumes at Yarimca (Turkey) for 1Q17 only, Saint John (Canada), Limassol (Cyprus), Berbera (Somaliland) and normalizes for the PNC consolidation (South Korea).