Global marine terminal operator, DP World, has registered another record year for container handling, with over 54.7 million TEUs handled across its global portfolio in 2011, an increase of 10 per cent against the prior year. Like for like volume growth was equally strong at 9 per cent compared to last year, according to Exim News Service.
Its portfolio of consolidated terminals handled 27.5 million TEUs during 2011. Had its five terminals in Australia not been deconsolidated from March 2011, the consolidated terminals would have delivered 9 per cent growth ahead of the prior year. Like for like growth across its portfolio of consolidated terminals was 8 per cent.
Like for like gross volumes exclude the contribution from new or expanded terminals in Callao, Peru which became operational in 2010, Qingdao, China, which expanded significantly in July 2011, and Suriname which joined the portfolio in August 2011. Consolidated terminals are all those terminals where DP World has control as defined under the International Financial Reporting Standards (IFRS).
The five Australian terminals are no longer accounted for within the consolidated portfolio, but as joint ventures.
According to a company release, the growth across its portfolio was driven by an exceptionally strong performance in the UAE region, which delivered volume growth of 12 per cent, handling 13 million TEUs for the year. The UAE region went from strength to strength in 2011, with each quarter delivering yet another record performance culminating in 16 per cent volume growth in the final quarter of 2011.
Alongside this excellent performance in the UAE region were strong results from Asia-Pacific, Africa and the Americas regions, together with the addition of new capacity through its terminals in Karachi, Pakistan and Vallarpadam, both of which opened in early 2011.
Commented Mr Sultan Ahmed Bin Sulayem, Chairman, "DP World delivered another strong performance in the final quarter of the year despite the macroeconomic 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 in 2011 full year EBITDA in line with expectations. Lower than expected net financing charges will benefit reported profit before tax."
Mr Mohammed Sharaf, Chief Executive Officer, 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."