DP World Limited will today hold its Annual General Meeting for the year ended 31 December 2012. DP World Chairman Sultan Ahmed Bin Sulayem will make the following statement regarding operational performance in the first quarter of 2013.
“As we indicated at the time of our preliminary results, operating conditions in the first quarter of 2013 have remained challenging and have been broadly similar to those experienced in the fourth quarter of last year.
“DP World handled 12.8 million TEU (twenty-foot equivalent units) across its global portfolio in the first quarter of 2013. Whilst this was 7.0% lower than the same period last year, when adjusted for the divestments and monetisation across our portfolio, the decline was 3.5% on a like for like basis.
“This decline in gross container volume was as a result of lower volumes in the Asia Pacific and Indian Subcontinent region and the Europe, Middle East and Africa region. In the Asia Pacific and Indian Subcontinent region we continue to focus on handling a smaller number of higher margin containers. In the Europe, Middle East and Africa region, our European and Middle East businesses in particular continue to operate in a challenging macro environment. Within this region, our UAE facilities handled 3.1 million TEU. These volume declines were mitigated by a better performance from our terminals in the Americas and Australia region.
“DP World’s portfolio of consolidated terminals handled 6.2 million TEU during the first quarter of 2013, a decline of 6.4% when compared with the same period last year. On a like for like basis, consolidated volumes declined 5.1%.
“Despite a continuation of subdued markets at the start of 2013 and notwithstanding the challenging macroeconomic conditions, we still expect like for like container throughput in line with 2012 with our portfolio focused on the faster growing emerging markets and more stable origin and destination cargo.
“We are confident about the long- term outlook of our industry and our growth prospects. With this in mind, we remain focused on developing the significant new capacity which is due to be operational later this year.”