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DP World’s Q2 shipping volumes rose 3.5%; Sultan Bin Sulayem says trade outlook positive

Dubai-based global port operator DP World saw a growth of 3.5% in volumes handled during the second quarter of 2022, which is ahead of the industry growth of 2.6%, led by growth in Asia Pacific, the Americas and Australia.

Although, the port operator warned that the near-term outlook for global trade was uncertain given the operating environment, it expects to deliver improved performance for the full year.

The maritime firm, one of the world’s largest, handled 20.2 million TEU (twenty-foot equivalent units) across its portfolio of container terminals in the three months ended June 30, with gross container volumes increasing by 2.9% YoY on a reported basis and 3.5% on a like-for-like basis.

In a filing on Nasdaq where its bonds are listed, DP World said that at a consolidated level, its terminals handled 11.6 million TEU during the quarter, up by 1.8% on both reported basis and like-for-like basis.

The flagship port of Jebel Ali (UAE) saw throughput growth of 3.5% YoY as it handled 3.6 million TEU in Q2.

Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, said that while the near-term outlook was mixed given the geopolitical environment, inflationary pressures and continued impact of the pandemic, the company remained positive on the medium to long term outlook for global trade.

“Overall, given the solid start to the year, we expect to deliver an improved full performance,” he said.
On a H1-2022 gross basis, DP World handled 39.5 million TEU, with gross container volumes increasing by 2.3% YoY on a reported basis and 2.7% on a like-for-like basis.

The port operator reverted to being a state holding firm after delisting from Nasdaq Dubai in 2020.
Source: Reuters (Reporting by Brinda Darasha; editing by Seban Scaria)

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