Dubai Ports growth 10.5% in Q1

Dubai Ports World, the third biggest port operator by assets, said here on Monday that it handled 14.3 million TEU (twenty-foot equivalent units) across its global portfolio of over 60 container terminals during the first quarter of 2014. DP World chairman Ahmed Bin Sulayem said at the firm's annual general meeting held Monday that "Gross container volumes grew in the first quarter by 10.5 percent on a like-for-like basis. On a reported basis gross volumes grew by 11.6 percent as new volumes from London Gateway (United Kingdom) and Embraport (Brazil) contributed to the portfolio, benefiting the reported numbers." The chairman added that first quarter growth was largely driven by an improved performance from our Asia Pacific, India and United Arab Emirates (UAE) terminals, with Europe continuing to show signs of improvement. "The UAE delivered a very strong quarter handling 3.6 million TEU, representing growth of 17.5 percent." Bin Sulayem said the addition of 4 million TEU capacity with Terminal 3 opening this year will ensure "DP World is well placed to handle future capacity demands in Dubai." "Our key developments at Nhava Sheva (India) and Rotterdam ( Netherlands) remain on schedule for delivery and we recently commenced construction at Yarimca in Turkey, where we anticipate adding approximately 0.8 million TEU capacity in the second half of 2015." Earlier in the year, Bin Sulayem said he was ready to expand operations at ports in China in case demand requires. In 2013, DP World leaped a 26.6 profit increase as net income amounted to 604 million U.S. dollars compared to 555 million dollars in the year before. DP World shares are traded on the Nasdaq Dubai and have gained 0.75 percent in early Monday trading to reach 18.75 dollars. In the last 12 months, DP World advanced by 23.50 percent.