DP World Says First-Half Throughput Declines on Europe, Asia

DP World Ltd., (DPW) the world’s third-biggest ports operator, said first-half throughput declined amid slower container traffic in Europe and the Asia Pacific region.

Volumes fell 5.8 percent to 26.6 million twenty-foot equivalent units across its group of container terminals because of “challenging market conditions,” it said in a statement to Nasdaq Dubai today. When adjusted for changes across the portfolio, like-for-like container volumes fell 2.1 percent.

“We maintain expectations of like-for-like container throughput in line with 2012 with our portfolio positioned toward the faster growing emerging markets and stable origin and destination cargo,” DP World Group Chief Executive Mohammed Sharaf said in the statement.

In 2012, DP World handled 56.1 million TEU. In the second half, it will begin operating Embraport, the largest Brazilian private multi-modal port terminal. Embraport is being built adjacent to Porto de Santos, Brazil’s biggest container terminal. It’s also invested in The London Gateway, a deep-sea container port in the U.K. with a capacity of 3.5 million TEU per year, which is scheduled to open in the fourth quarter.

DP World recorded lower volumes in the Indian Subcontinent, the Middle East and Africa in the first half, according to the statement. Traffic in the Americas and Australia increased 2.7 percent on a like-for-like basis.

“We remain confident about the long-term outlook of our industry and continue to invest to meet the future capacity requirements of our customers,” DP World Chairman Sultan Ahmed Bin Sulayem said in the statement.

To contact the reporter on this story: Deena Kamel Yousef in Dubai at dhussein1@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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