Dubai-based global port operator DP World has witnessed a surge in demand as factories in China resumed operations, which were earlier shut down due to the coronavirus outbreak, the media reported.
DP World claims it is too early to predict the damages done by the coronavirus outbreak, however, they expect to have a clearer picture by mid-April.
DP World, which is one of the world’s largest port operator, also revealed that it is well-positioned in the short term to deal with issues such as the coronavirus outbreak, global trade disputes, and regional geopolitics even though the company recorded an 8.3 percent decline in annual profit amid trade uncertainties.
Sultan Bin Sulayem, group chairman, and chief executive of DP World “The near-term outlook remains a cause for concern with global trade disputes, Covid-19 outbreak, and regional geopolitics, causing disruption to trade.
However, DP World is well-positioned to respond in the short term by focusing on disciplined investment and managing the cost base to protect profitability. Overall, we remain positive on the medium to long term outlook of the industry.”
Last month, DP World also announced that it will delist from Nasdaq Dubai and return to private ownership. The company believes it will allow them to focus on their mid-long-term strategy of diversifying in the logistics sector.
DP World handled a total of 71.25 million twenty-foot equivalent units (teu) of container volumes across its portfolios of container terminals globally in 2019, an increase of 1 percent when compared to the previous year.
DP World operates 48 marine terminals and 13 port developments in over 30 countries. It is headquartered in Jebel Ali Port in Dubai.