International port operator DP World is on track to report a “relatively stable financial performance” this year after the recording a 3.1% increase in third-quarter shipping container volumes, its chairman said on Monday.
The Dubai state-owned company, which reported contractions in container volumes in the first two quarters, handled 18.3 million containers in the July – September period, it said.
The 52.2 million containers handled in the first nine months of the year were down 2.5% compared with the same 2019 period.
Chairman Sultan Ahmed bin Sulayem said recent volume trends have been encouraging but warned the outlook remained uncertain due to the coronavirus crisis, uncertainty over the U.S. elections and on going trade wars.
“We remain focused on containing costs to protect profitability and managing growth capex to preserve cashflow,” he said in a statement.
“We remain confident of meeting our 2022 targets.”
Flagship Jebel Ali port, located in Dubai, handled 3.4 million containers in the third-quarter, down 4.2% year-on-year.
Israel’s Bank Leumi LUMI.TA and Dubai’s DP World said ins September they had agreed to partner in boosting trade between Israel and the rest of the Middle East.
This includes possible financing for the development of Israel’s port sector, Leumi, one of Israel’s largest lenders, said in a statement.
The memorandum of understanding includes simplifying working capital requirements to improve the flow of cargo and digital solutions to remove inefficiencies in the supply chain, DP World said in a separate statement.
DP World announced in September that it was partnering with an Israeli group to bid for one of Israel’s two main ports.
This follows an historic agreement last month between Israel and the United Arab Emirates to normalise ties.
The memorandum of understanding includes simplifying working capital requirements to improve the flow of cargo and digital solutions to remove inefficiencies in the supply chain, DP World said in a separate statement.
Source: Cyprus Mail
