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DP World saw lower growth in the second quarter

Port company DP World experienced a slowdown in growth in the second quarter. However, the company maintains that ports have delivered "an encouraging performance in the first half of 2018."

DP World
Photo: DP World

Growth in the number of containers was significantly lower for port operator DP World in Q2 when compared with the first quarter of this year.

Altogether, the port handled 18 million twenty foot containers (teu) in the second quarter, equivalent to a 2.5 percent growth, or 3.8 percent like for like. Growth was largest in North and South America and Australia.

In the first quarter, DP World experienced 7.3 percent growth, and 8.4 percent on an organic basis.

"Our portfolio has delivered an encouraging performance in the first half of 2018 with all regions continuing to deliver growth. However, as expected there has been a deceleration in the growth rate in 2Q 2018 due the tougher year-on-year comparables, where 2Q 2017 grew 10.7 percent year-on-year driven by market share gains from the new shipping alliances," writes DP World's CEO, Sultan Ahmed Bin Sulayem, in the report.

"Whilst geopolitical headwinds and recent changes in trade policies continue to pose uncertainty to the container market, first half volume performance demonstrates that our portfolio is well positioned to deliver growth."

DP World is one of the five largest port companies in the world and competes with Maersk's APM Terminals. 80 percent of shares in DP World are owned by Dubai's state investment company.

English Edit: Lena Rutkowski

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