Gulf News reported that DP World’s Q4 would be challenging but expects 2009 results to be in line with market expectations.
Its global container volumes for the January to September 2009 dropped 8% from the same period of 2008 while volumes in the UAE were down by 5%. The Q3 performed stronger with international volumes down 6% YoY.
The port operator said that it has postponed some of its own capacity expansion plans including the London Gateway project which combines a deep sea container port with a logistics park on the Thames east of London to focus on developments nearing completion.
Mr Mohammad Sharaf CEO of DP World said that "The final quarter of 2009 will continue to present challenges with tough prior year comparators, particularly in the UAE region where we also anticipate a continuation of significant non container revenue declines."
He said that since the beginning of the financial crisis, the international shipping business has declined as production hit a speed bump. From 2008, volumes have been significantly down across the globe. We see decreases of up to 30% all over the world. That is climatic on a global scale.
Mr Ulrich Koegler principal at Booz and Company a research and consultancy firm said that "The UAE is now so much in the global economy that it clearly has seen a major outfall of the crisis but the situation here is not as bad as the general world trend either."
