||United Arab Emirates : DP World reports 3.7% gross LIKE-FOR-LIKE volume growth in 9M 2018
||Portfolio of container terminals in the first nine months of 2018, with gross container volumes growing by 2.6 % year-on-year on a reported basis and 3.7% on a like-for-like basis. Gross like-for-like volumes declined by 0.5% in 3Q2018 due to the tougher year-on-year comparables (3Q2017 volumes grew 13.5% year-on-year), and softer volumes in the UAE.
The UAE handled 11.3 million TEU in 9M2018, down -2.1% year-on-year, with 3Q2018 volumes down -6.7% year-on-year due to the challenging macro environment and loss of lower-margin cargo. Growth in Europe remained robust with strong growth in London Gateway (UK) and Rotterdam (Netherlands).
At a consolidated level, our terminals handled 27.7 million TEU during the first ninemonths of 2018, a 1.6% improvement in performance on a reported basis and up 2.2% year-on-year on a like-for-like basis. Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented: As highlighted in our first half throughput announcement, we have seen our volume growth decelerate due to the strong prior year performance and general caution in the market given the current uncertainty in global trade. In the UAE, the volume weakness in 3Q2018 is mainly due to loss of low-margin throughput, where our focus remains on profitable cargo and, while the near-term volume outlook in Jebel Ali remains challenging, we have taken measures to maintain profitability."
On our wider portfolio, we have made good progress in strengthening our product offering to play a greater role in the global supply chain as a trade enabler. We continue to focus on delivering operational excellence, managing costs and disciplined investment to remain the port operator of choice. We are also pleased to state that despite the softer volumes, we are on track to meet market expectations.
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