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DP World reports signs of global growth

DUBAI: DP World reports handling 14.3 million TEUs through its port network during the first quarter of 2014, up 10.5 percent on the same period a year ago.

First quarter growth was driven by a significantly improved performance from its Asia Pacific, India and UAE terminals – the latter saw a 17.5 percent increase in traffic to 3.6 million TEUs.

Prologis  London GatewayDP World chairman Sultan Ahmed Bin Sulayem commented: "As anticipated, we have seen a return to volume growth in 2014 due to the addition of new capacity and a pick-up in global trade in the first quarter. We are encouraged by the volumes handled at our flagship Jebel Ali port, with the one million TEU expansion of Jebel Ali's Terminal 2 contributing to the strong result. The addition of a four million TEU capacity with Terminal 3 opening this year will ensure we are well placed to handle future capacity demands in Dubai."

The company expects its port developments at Nhava Sheva, south of Mumbai, and Rotterdam to remain on schedule while construction has begun at Yarimca, on the Asian side of Istanbul, to add 0.8 million TEU capacity by the second half of 2015.

Bin Sulayem said the company was pleased with the start to the year and expects "to outperform the market" although he acknowledged macro-economic conditions in some locations "remain uncertain".

Noting its London Gateway and Embraport (Sao Paulo) terminals contributed to the Q1 growth, DP World has announced a 50:50 joint venture with Prologis, a developer and operator of industrial real estate, to build a 316,000 square foot distribution centre (above) at the 'Gateway Logistics Park for completion in 12 months.

"We are delighted to be developing this new unit with DP World at London Gateway Logistics Park," said Andrew Griffiths, managing director, Prologis UK. "This is the best opportunity in the South East to offer multi-modal connectivity. The park has the potential to offer big cost savings and efficiencies for global supply chains and we believe it is a game-changer for the UK market."

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