Global ports operator DP World reported an increase in gross container volumes for the first quarter of 2023 of 1.4 per cent annually and 3.7 per cent on a like-for-like basis, outperforming the shipping industry's performance of a 6.3 per cent drop.
The Dubai-based company handled 19.5 million twenty-foot equivalent units, or TEUs, across its global portfolio of container terminals in the three-month period to the end of March, it said on Thursday.
Asia Pacific and India drove DP World's first-quarter gross volume growth, which was partially offset by weaker performance in Europe and the Americas “due to uncertain economic conditions”, it said.
Volumes at the company's flagship Jebel Ali port grew by 2.3 per cent.
“Our portfolio has had an encouraging start to the year,” Sultan Bin Sulayem, group chairman and chief executive of DP World, said.
The company's outperformance of the industry “continues to demonstrate that we are in the right locations, and our strategy to offer integrated supply chain solutions to beneficial cargo owners is driving value for our stakeholders”, he added.
Global container port throughput ended 2022 with a growth of 0.5 per cent and is expected to remain at a similarly low level of 1 per cent during 2023, according to forecasts by maritime research and consulting services firm Drewry.
The London consultancy also forecasts a 59.8 per cent reduction in global freight rates in 2023, followed by a drop of 13.7 per cent in 2024.
The Covid-19 pandemic-induced disruptions to shipping and the resulting global supply chain crisis created a challenging operating environment for companies. This has underscored the crucial importance of logistics systems, with supply chain resilience and its related national security implications emerging as top concerns for governments.
DP World's terminals handled 11.4 million TEUs at a consolidated level during the first quarter of 2023, up 0.7 per cent year-on-year on a reported basis but down 1.3 per cent on a like-for-like basis, it said.
Looking ahead, the company warned of macroeconomic and geopolitical difficulties but forecast a “stable” outlook for its portfolio during the year.
“The near-term outlook remains somewhat uncertain, given the geopolitical backdrop, high inflation and currency fluctuations,” Mr bin Sulayem said.
“However, we expect our portfolio to deliver a stable performance in 2023 as we remain focused on driving revenue synergies from our recent acquisitions while managing costs and growth capex.”
The UAE is among the top 12 countries in the World Bank's Logistics Performance Index released earlier this week.
It shows that adopting digital technologies in supply chains, especially in emerging economies, can help countries reduce delays at ports by up to 70 per cent compared to those in developed nations.
Opting for environmentally-sustainable logistics options can also lessen the carbon footprint of supply chains and keep trade flowing by shifting to less carbon-intensive freight and more energy-efficient warehousing, the Washington-based lender said.
ZAYED SUSTAINABILITY PRIZE
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A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Result:
1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds
2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds
3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds
4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds
5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds
6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Killing of Qassem Suleimani
RIDE%20ON
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
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A list of the animal rescue organisations in the UAE
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
AIR
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Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
