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DP World posts 3.1% growth in container volume in Q3

DP World container volume_IFM_Image
The port operator handled 18.3 mn TEUs in the third quarter of 2020

Dubai-based port operator DP World posted a 3.1 percent growth in container volume across its global portfolio of container terminals in the third quarter of 2020, media reports said. During the period, DP World handled 18.3 million twenty-foot equivalent units (TEUs).

Sultan Ahmed bin Sulayem, chairman and chief executive at DP World told the media, “We are pleased to announce that the quantities during the third quarter of this year were positive in our three regions. Total handling of the Dubai Ports World Group increased by 1.9 percent year-on-year, compared to the overall performance of the sector, which recorded a decrease of 2.2 percent in the total volume of handling, exceeds expectations, and once again reflects the resilience of the container shipping sector globally and the ability of DP World to provide a performance that outperforms the market.

“Looking to the future, we are focusing our attention on containing costs to protect profitability and managing capital expenditures for growth, to maintain cash flow,” he added.

Last month, DP World signed a Memorandum of Understanding (MoU) with Bank Leumi to enhance trade and logistics in Israel. Under the terms of the deal, both parties will promote trade between Israel and the wider Arab region. They will also access opportunities to develop ports or logistics assets in Israel.

In this context, President and chief executive officer at Leumi, Hanan Freidman told the media, “We at Leumi believe there is a golden opportunity for collaboration between business in Israel and the UAE, and we intend to be an active party.”

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