DP World handled a record volume of cargo in the UAE during the third quarter.
The government-controlled company, the world’s third-largest ports operator, said 3.6 million TEU (twenty-foot equivalent units) was shipped through Jebel Ali, representing a 5.4 per cent increase, while volumes for the nine months to September exceeded 10 million TEU for the first time.
"Our flagship UAE operation has recorded the best quarter in its history, reflecting the continued growth in Dubai, the UAE and the wider region," said the DP World chairman Sultan Ahmed bin Sulayem.
“The addition of 1 million TEU capacity in June this year and the 4 million TEU of capacity due to come on line in 2014 ensure that we are well placed to cater for future growth.”
The company handled 14.2 million TEU across its global portfolio of container terminals during the third quarter, with gross volumes up 2.4 per cent on a like-for-like basis. The increase was mainly driven by better performance by terminals in Asia-Pacific and the UAE, according to the company.sh
However, on a reported basis, gross volumes were flat, with a 0.4 per cent decline in the third quarter reflecting monetisations and divestments made in previous periods.
The firm’s portfolio of consolidated terminals, where it has control as defined by accounting standards, handled 6.7 million TEU in the third quarter, with like-for-like growth of 2 per cent, which was primarily thanks to the UAE performance.
Volumes in consolidated terminals in the Asia-Pacific and Indian subcontinent regions showed signs of stability.
And the company’s Embraport facility in Brazil began test operations in the third quarter ahead of its full launch in the fourth quarter.
London Gateway, a large deep-water port under construction on the banks of the River Thames, also remains on track to open in the fourth quarter with its first official vessel call scheduled next month, said Mr bin Sulayem.
Mohammed Sharaf, the DP World Group chief executive, said conditions were challenging during the first half but the company was encouraged by the “positive uplift” in the third quarter.
“Accordingly market guidance of gross like-for-like volumes in line with 2012 remains unchanged,” he said.
“With market conditions still uncertain, we continue to focus on driving profitability by targeting higher margin throughput and improving efficiencies. We remain confident of meeting full year market expectations.”
Volumes are also increasing at the $7.2 billion Khalifa Port, which launched last year and together with Khalifa Industrial Zone Abu Dhabi will be two thirds the size of Singapore once complete.
The Abu Dhabi port is expected to handle up to 1.2 million TEUs this year and 1.7 million TEUs in 2015. However, by 2030 capacity at Khalifa Port is expected to reach 15 million TEUs, which equals the current capacity of Jebel Ali.
Khalifa Port and the Kizad zone are forecast to create more than 100,000 jobs and contribute 15 per cent of Abu Dhabi’s non-oil GDP by 2030.
There are about $30bn of projects relating to ports in the Gulf which are either under execution or not yet awarded, with the UAE accounting for $8.6bn of the total, according to Meed Projects.
The UAE was estimated to account for 50 per cent of GCC imports at $444bn and 33 per cent of GCC exports at $1.06 trillion last year.
gduncan@thenational.ae
