DP World Reports Lower Quarterly Global Cargo Volumes
Port operator DP World reported on Tuesday a third quarter decline in cargo handled across its global portfolio as volumes fell in Dubai for a sixth consecutive quarter.
The operator said it handled 18 million twenty foot equivalent unit (TEU) containers in its ports in the three months to Sept. 30, down 1.6% on the same period a year ago.
It said a global trade row created a challenging environment. The United States and China have been locked in a trade row that has cast a shadow over global economic prospects.
At its flagship Jebel Ali port in Dubai, the Middle East's largest trans-shipment hub, and the smaller Mina Rashid port volumes fell 1% to 3.6 million TEUs.
DP World Chairman Sultan Ahmed bin Sulayem said volumes at Jebel Ali had been stabilising, adding: "We remain focused on profitable origin and destination cargo."
Global volumes were flat in the first nine months of the year, while those handled at Jebel Ali were down 5.5%.
(Reporting by Alexander Cornwell; Editing by Edmund Blair and David Evans)