Dubai’s DP World says Europe, India, Turkey to Lead Growth in 2017
The operator said market conditions were “challenging”, particularly at its flagship Jebel Ali Port in Dubai
Ports operator DP World said Tuesday it expected Y 2017 growth to be driven by new developments in the Netherlands, India, Britain and Turkey after reporting a 2.2% rise in gross container volumes on a like-for-like basis in Y 2016.
The Dubai-based company said it handled 63.7-M 20 ft equivalent units (TEU), led by expansion in the Asia-Pacific and the Indian sub-continent.
It said gross container volumes grew 3.2% on a reported basis last year.
Consolidated volumes, at terminals over which DP World has control, declined 1.6% on a like-for-like basis to 29.2-M TEU. On a reported basis, it increased 0.4%, DP World said.
In the UAE, its home market, DP World registered a 5.3% fall in volumes on a like-for-like basis at 14.8-M TEUs.
The operator said market conditions were “challenging”, particularly at its flagship Jebel Ali Port in Dubai.
“We are pleased to see volumes stabilizing in the UAE and as we look ahead into 2017, we expect our new developments in Rotterdam, Nhava Sheva, London Gateway and Yarimca to drive growth in our portfolio,” said Sultan Ahmed bin Sulayem, DP World’s group chairman and chief executive.
The company, which last month announced a 3.7-B dollar partnership with Canadian pension fund manager Caisse de dépôt et placement du Québec to invest in ports and terminals worldwide, said it would continue to maintain discipline in capital spending by adding capacity in line with demand.
The ports operator was well placed to meet full Y 2016 market expectations, it added.
In Q-4 gross reported volumes swelled by 6% compared with the same frame of the previous year, driven by growth in the Asia-Pacific and Europe, it said.