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Ports giant DP World expects container volume growth to moderate in Q4 -Breaking

by Mike Robinson

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© Reuters.

DUBAI (Reuters), DP World, the Dubai port giant, said Tuesday that it expects growth in container shipping volumes to slow in the fourth quarter. Volumes handled increased 8.1% during the third quarter.

The global disruptions to supply chains caused by pandemic-driven lockdowns as well as an unexpectedly fast recovery of trade has resulted in a shortage in shipping containers, congestion at ports and skyrocketing freight costs.

Sultan Ahmed bin Sulayem, Chairman of DP World, stated that “the near-term outlook is positive” but that growth rates will moderate in the last quarter. He cited COVID-19 and supply chain constraints as well as geopolitical uncertainty.

DP World operates 90 terminals in six continents. It said that 19.8 million containers were handled in the third quarter. Meanwhile, volumes increased 11.9% to 58.4 millions containers in the first nine month of this year.

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