DP World Limited handled 19.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2022, with gross container volumes increasing by 1.7 percent year on year on a reported basis and up 1.9 percent on a like-for-like basis.
The first-quarter growth was driven by Asia Pacific, Middle East, Europe and Africa, and Americas regions. At an asset level, Qingdao (China), Sokhna (Egypt), London Gateway (UK), Yarimca (Turkey), Dakar (Senegal), Caucedo (Dominican Republic), Buenos Aires (Argentina) and Posorja (Ecuador) delivered a strong performance, the company said.
Jebel Ali (UAE) handled 3.4 million TEU in 1Q2022, a decrease of 1 percent YOY. The company said that at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022, increasing 1.4 percent on a reported basis and up 1.1 percent year-on-year on a like-for-like basis.
Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem said the “softer volumes” in Jebel Ali is due to loss of low margin throughput where we remain focused on more profitable origin and destination cargo.
”Looking ahead, the near-term outlook is mixed given the geopolitical environment, but we remain positive on the medium to long term fundamentals of the industry. We remain focused on integrating our recent acquisitions, growing profitability while managing growth capex, delivering on our 2022 leverage targets and disciplined investment to cement DP World’s position as the logistics partner of choice,” he said.
