The financial crisis forced global trade to slow sharply in the fourth quarter, creating one of the toughest operating environments ever in the shipping and terminals business, DP World said today.
“We ended (the year) with some of the worst market conditions the container terminals industry has ever seen. There has been a sharp downturn in global conditions,” said Yuvraj Narayan, the senior vice president of corporate strategy at DP World, the world’s fourth largest ports operator, in a conference call today.
Despite a poor fourth quarter DP World said its annual container handling traffic at its 26 consolidated terminals — or terminals in which it has a controlling stake in — still grew 15 per cent last year, to 27.7 million containers. However, it said excluding the contribution from new terminals which joined the portfolio during 2008, DP World’s volume growth was six per cent.
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