DP World grows container volumes 10% in 2011 to reach 55 million TEU

Dubai, Feb 1, 2012 (WAM) - Global marine terminal operator DP World yesterday announced another record year for container handling, with over 54.7 million TEU (twenty-foot equivalent container units) handled across its global portfolio in 2011, an increase of 10% against the prior year. Like for like volume growth was equally strong at 9% when compared with last year. ''Our portfolio of consolidated terminals handled 27.5 million TEU during 2011. Had our five terminals in Australia not been deconsolidated from 12 March 2011, the consolidated terminals would have delivered 9% growth ahead of the prior year. Like for like growth across our portfolio of consolidated terminals was 8%,'' Chairman, Sultan Ahmed Bin Sulayem commented. The growth across our portfolio was driven by an exceptionally strong performance in the UAE region which delivered volume growth of 12% handling 13.0 million TEU for the year. The UAE region has gone from strength to strength during 2011 with each quarter delivering yet another record performance culminating in 16% volume growth in the final quarter of 2011. Alongside this excellent performance in the UAE region, we saw strong results from Asia Pacific, Africa and the Americas region together with the addition of new capacity from our terminals in Karachi, Pakistan and Vallarpadam, India both of which opened in early 2011. He added: "DP World delivered another strong performance in the final quarter of the year despite the macro economic uncertainty. These results are a reflection of our continued focus on those regions which are seeing strong trade growth in addition to the continued focus by all our terminals on providing customers with a first class service when they call at DP World terminals. ''Our flagship terminal in the UAE has yet again exceeded all expectations delivering another record year as it continues to position itself as the gateway port of choice to handle cargo destined for the Middle East, India and Africa regions. "Whilst uncertainty continues to affect the global economy, our business is still performing well. We made good progress through the fourth quarter of 2011 and we will achieve 2011 full yea EBITDA in line with expectations. Lower than expected net financing charges will benefit reported profit before tax." Chief Executive Officer, Mohammed Sharaf said: "Whilst this uncertainty remains as we enter 2012, we continue to concentrate on delivering an improved operational and financial performance over 2011 reflecting our focus on both faster growing emerging markets and delivering an enhanced offering to our customers. "As we look ahead, we continue to remain confident about the long term outlook for our industry. We believe our continued investment in existing and new terminals around the world will ensure our portfolio is best positioned to meet the expectations of our customers and their future requirements.". - Emirates News Agency, WAM