Container handling volumes at DP World fell 10 per cent in the first half of this year across its network of ports worldwide as the economic downturn devastated global trade.
"The first six months of 2009 have seen some of the most challenging operating environments our industry has ever known," said Mohammed Sharaf, the chief executive of DP World, the world's fourth-largest ports operator.
"Unpredictable" trade trends are also continuing in the second half of the year, Mr Sharaf said.
DP World's UAE operations, including its flagship port in Jebel Ali, were the least affected, reporting a 7 per cent decline in volumes to 5.4 million standard containers (TEUs) in the first half.
DP World handled 12.3 million TEUs between January and June at its consolidated terminals, or facilities in which it owned a majority stake, a 10 per cent decline.
Overall, it handled more than 20 million TEUs across the 49 terminals it operates and manages.
The lower results were nonetheless a bright spot for the ports industry, which saw a 15 per cent drop in container shipments in the first half of the year, according to HSBC.
Robin Byde, a London-based analyst at the bank, said DP World performed according to expectations.
Some of DP World's rivals are reporting steeper declines at the same time as the global economy is forecast to contract 1.4 per cent this year, with a 9 per cent fall in global trade.
Shipping, the workhorse of international trade, has been worst affected, with firms laying up ships and offering cut-rate prices to carry containers between Asia and Europe.
One in 10 containers worldwide sits empty, according to Singamas Container Holdings, the world's second-largest maker of sea-cargo boxes.
In Singapore, a major Asian shipping centre and home to DP World's global rival, PSA, container handling fell 18 per cent in the first half of the year, from 15 million TEUs to 12.3 million, according to the Maritime and Port Authority of Singapore.
Another of DP World's main rivals, Hutchison Port Holdings, said volumes in the first two months of this year, the latest data available, were down 9 per cent.
DP World said its results were above average because it had focused on emerging markets that had been less affected by macroeconomic trends, in particular the Middle East and Africa. The throughput results would cause a drop in first-half profits, Mr Sharaf said.
These are scheduled to be announced on August 26. At its consolidated terminals, throughput in Europe, the Middle East and Africa fell 9 per cent, from 8.7 million to 7.9 million containers. The Americas and Australia regions saw volumes fall from 1.9 million to 1.6 million containers, a 16 per cent drop.
Asia-Pacific and the Indian subcontinent fell 10 per cent, from 3 million TEUs to 2.7 million.
Mr Sharaf predicted more pain ahead for the industry. "The unpredictable trends in global trade we have seen in the first half of the year continue into the second half of the year," he said. "Our terminals remain very focused on cost-cutting and improving efficiencies to minimise the impact of declining volumes on profitability.
"We are also ensuring that our portfolio emerges in a highly competitive position to benefit from recovery in global trade."
igale@thenational.ae
Killing of Qassem Suleimani
Mobile phone packages comparison
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Start times
5.55am: Wheelchair Marathon Elites
6am: Marathon Elites
7am: Marathon Masses
9am: 10Km Road Race
11am: 4Km Fun Run
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
MO
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THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
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