Dubai: DP World Limited reported a 10.7 per cent increase in freight handled in the second quarter of 2017, the company said in a statement on Tuesday.
The Dubai-based ports operator said it handled 34.0 million TEUs (twenty-foot equivalent units) globally in the first half of 2017, with gross container volumes growing by 8.2 per cent year-on-year across DP World’s global portfolio of container terminals.
DP World’s growth is outpacing Drewry Maritime’s upgraded industry estimate of 4 per cent throughput growth in 2017.
The first half of 2017 witnessed an improvement in global trade and all three DP World regions saw growth rates accelerate in the second quarter of 2017, particularly in its terminals in Europe and the Americas, according to the statement. The UAE handled 7.7 million TEUs in the first half of 2017, growing 4.3 per cent year-on-year.
“Our portfolio has delivered ahead-of-market growth benefiting from the improved trading environment in 2017 and market share gains from the new shipping alliances, driving volumes in the second quarter,” Sultan Ahmad Bin Sulayem, Group Chairman and chief executive officer, said in a statement, adding that the company is well placed to meet full year 2017 market expectations.
Share prices of the Nasdaq Dubai-listed company have recorded year-to-date returns of 31.92 per cent.
