DP World 2013 Container Volumes Continued to Grow
Dubai-based DP World reports that container volumes continued to grow In 2013 with a stronger second half performance across all regions.
DP World Limited (DPWRF) handled 55 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2013, with gross container volumes growing by 0.7% on a like-for-like 1 basis. The second half of the year delivered a stronger performance with volumes growing 3.6% on the prior period on a like-for-like basis. On a reported basis gross volumes declined 1.9% mainly due to the monetisation of one of our Hong Kong assets.
Encouragingly, all three reporting regions 2 displayed a stronger performance in the second half of 2013. This was driven largely by an improved performance from our Asia Pacific, Australia and UAE terminals, while Europe continues to show signs of stability.
The UAE delivered another record year handling 13.6 million TEU, representing growth of 2.7%.
At a consolidated 3 level, our terminals handled 26 million TEU during 2013, a marginally lower like-for-like 4 performance.
Group Chief Executive Mohammed Sharaf commented: “Our London Gateway facility and our facility in Brazil, Embraport, both opened for business in the second half of 2013 and we look forward to their contribution during 2014 and beyond.”
He continued: “Our full year throughput performance is pleasing, particularly given the softer market conditions we experienced in the first half of 2013. This illustrates the resilient nature of our portfolio which remains well positioned to capture medium to longer-term growth through its continued focus on faster growing markets and origin and destination (O&D) cargo. The quarterly trend of improvement continued into the fourth quarter of 2013 and, while the macroeconomic outlook in some regions remains uncertain, we have made an encouraging start to the current year.
“Economic headwinds combined with limited spare capacity across our portfolio constrained our ability to grow volumes further in 2013. However, the addition of new capacity in 2014 combined with a projected pick-up in global trade should allow us to return to a more normalised growth rate.
“As always, we remain focused on driving profitability by targeting higher margin throughput while containing costs and improving efficiencies. We remain confident of meeting full year market expectations.”
1 Like for like gross container volume growth adjusts for the divestment / monetisation of Tilbury (UK), Adelaide (Australia), Aden (Yemen), Vostochny (Russia) and ACT (Hong Kong) and for Embraport (Brazil) and London Gateway (UK).
2 DP World’s reporting regions are: Asia Pacific & Indian Subcontinent, Europe Middle East & Africa, Americas & Australia.
3 Consolidated terminals are those where we have control as defined under IFRS.
4 Like for like consolidated volume growth adjusts for the restructure of our Antwerp business. From 1 January 2013 all volumes in Antwerp are now accounted for within the joint venture portfolio. CT3 (Hong Kong) is deconsolidated from June 2013. Also adjusts for volumes at London Gateway (UK).