Freight News, Sea

Covid hits DP World volume

[ August 3, 2020   //   ]

Global port operator DP World handled 33.9 million teu across its global container terminals in the first half of 2020, down 5.3% year-on-year on a reported basis and down 3.9% on a like-for-like basis. Jebel Ali in the UAE handled 6.7 million teu, down 6.8%% year-on-year, due to Covid-19 and loss of lower-margin cargo.

Group chairman and chief executive Sultan Ahmed Bin Sulayem commented: “Like most industries, the maritime and logistics sector is going through an unprecedented and challenging period due to the COVID-19 outbreak. As a result, our portfolio has seen volumes weaken by -7.9% in the second quarter of 2020 and -3.9% in the first half of 2020. However, this compares favourably against an estimated industry decline of -15% in the second quarter and -10% in the first half of 2020.”

DP World has agreed to acquire a 60% stake in South Korea NVOCC, UNICO Logistics, subject to regulatory approval. Established in 2002 by HJ. Park, UNICO has a strong position in the transcontinental rail freight market between East-Asia and Central-Asia and Russia.