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DP World Limited handled 70.1 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the full year of 2017, with gross container volumes growing by 10.1% year-on-year on a reported basis and 9.7% on a like-for-like1 basis, ahead of Drewry Maritime’s global container throughput growth estimate2 of 6.0% for 2017.
In the fourth quarter, the global portfolio grew 10.3% year-on-year on a reported basis and 9.9% on a like-for-like3 basis with consistent performance across all three DP World regions and particularly strong contributions from our terminals in Europe, Americas and Middle East & Africa. The UAE handled 15.4 million TEU in 2017 up by 4.0% year-on-year.
At a consolidated4 level, our terminals handled 36.5 million TEU in 2017, a 24.7% improvement in performance on a reported basis and up 6.2% year-on-year on a like-for-like5 basis. Reported consolidated volume in the Asia Pacific & Indian Subcontinent region was boosted by the consolidation of Pusan (South Korea) in December 2016.
Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented:
“Benefitting from the improved trading environment and market share gains, our global portfolio once again delivered ahead-of-market growth in 2017 and has seen strong performance across all three regions. Over the years, we have deployed the relevant deep-water capacity in key markets, focusing on a diversified portfolio which continues to benefit from the recovery in global trade.
“We are also pleased to see stable performance in the UAE as volumes continue to grow in the fourth quarter of 2017 amidst uncertainty in the region and tougher year-over-year comparables. The performance across our other terminals in the Middle East & Africa remains strong in addition to Europe and the Americas.
“As we look ahead into 2018, we expect to continue to grow ahead of the market and see increased contributions from our new developments. We continue to seek
1 Like for like gross container volume does not include volumes at Yarimca (Turkey) for 1Q17 only, Saint John (Canada), Limassol (Cyprus) and Berbera (Somaliland).
2 Drewry Maritime’s 4Q Forecaster & Annual Review (December 2017) upgraded full-year 2017 global container volume growth forecast to 6.0%.
3 Like for like gross container volume does not include volumes at Saint John (Canada), Limassol (Cyprus) and Berbera (Somaliland).
4 Consolidated terminals are those where we have control as defined under IFRS.
5 Like for like consolidated container volume does not include volumes at Yarimca (Turkey) for 1Q17 only, Saint John (Canada), Limassol (Cyprus), Berbera (Somaliland) and normalizes for the consolidations of PNC (South Korea) and Embraport (Brazil).
opportunities in complementary sectors in the global supply chain and will maintain capital expenditure discipline by bringing on capacity in line with demand. Given the strong volume performance of our portfolio, we are well placed to meet full year 2017 market expectations.”
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