Oil steady as Libya output decline offsets risks to Asian demand | Reuters
Oil prices were little changed on Thursday as concerns over lower crude production in Libya offset expectations that rising coronavirus cases in India and Japan would cause energy demand to decline.
Brent futures edged up 8 cents, or 0.1%, to settle at $65.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to end at $61.43.
Libya said its oil production fell to about 1 million barrels per day in recent days and could drop further due to budgetary issues.
“The market realized that a global come-back in oil demand cannot come without a come-back of the world’s largest economies,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy, noting “India is diving deeper and deeper into a major crisis with infections setting new records every day.”
India, the world’s third-largest oil user, on Thursday reported the world’s highest daily increase to date with 314,835 new coronavirus cases.
Indian Oil Corp Ltd’s (IOC) refineries are operating at about 95% of their capacity, down from 100% at the same time last month, two sources familiar with the matter told Reuters.
Thursday, 22 April 2021
Oil Wavers With Market Weighing Uneven Global Demand Comeback - Bloomberg
Oil Wavers With Market Weighing Uneven Global Demand Comeback - Bloomberg
West Texas Intermediate was little changed after flipping between gains and losses in a $1.26 a barrel trading range on Thursday. In India, the world’s third largest oil importer, coronavirus cases have topped 300,000 a day. Concerns around demand there have offset improving gasoline demand in the U.S. and fewest jobless claims since the pandemic began.
“It’s going to be hard for the market to rally,” said Bob Yawger, head of the futures division at Mizuho Securities. “With India posting those kind of case numbers, it could be a drag on the market for a while.”
- WTI for June delivery fell 4 cents to $61.31 a barrel at 1:12 p.m. in New York
- Brent for June settlement slipped 9 cents to $65.23 a barrel
West Texas Intermediate was little changed after flipping between gains and losses in a $1.26 a barrel trading range on Thursday. In India, the world’s third largest oil importer, coronavirus cases have topped 300,000 a day. Concerns around demand there have offset improving gasoline demand in the U.S. and fewest jobless claims since the pandemic began.
“It’s going to be hard for the market to rally,” said Bob Yawger, head of the futures division at Mizuho Securities. “With India posting those kind of case numbers, it could be a drag on the market for a while.”
OPEC Fund Helps Finance Egypt’s Largest Private Solar Plant - Bloomberg
OPEC Fund Helps Finance Egypt’s Largest Private Solar Plant - Bloomberg
OPEC’s Fund for International Development is among a group of development banks providing $114 million of loans to build the largest privately owned solar plant in Egypt.
ACWA Power’s 200-megawatt Kom Ombo site also received funding from the European Bank for Reconstruction and Development, the African Development Bank, the Green Climate Fund and Jordan’s Arab Bank Plc, the company said in a statement.
Egypt aims to generate 42% of its electricity from renewable sources by 2035. The country’s largest solar plant is the 1.8-gigawatt Benban complex, which is about 20 kilometers (12 miles) from the Kom Ombo project.
OPEC’s Fund for International Development is among a group of development banks providing $114 million of loans to build the largest privately owned solar plant in Egypt.
ACWA Power’s 200-megawatt Kom Ombo site also received funding from the European Bank for Reconstruction and Development, the African Development Bank, the Green Climate Fund and Jordan’s Arab Bank Plc, the company said in a statement.
Egypt aims to generate 42% of its electricity from renewable sources by 2035. The country’s largest solar plant is the 1.8-gigawatt Benban complex, which is about 20 kilometers (12 miles) from the Kom Ombo project.
#Saudi Aramco to Review Upstream Assets for Potential Stake Sales: Sources - Bloomberg
Saudi Aramco to Review Upstream Assets for Potential Stake Sales: Sources - Bloomberg
Saudi Aramco is conducting a strategic review of its upstream business, in a move that could potentially see the state-owned firm bring in external investors to some of its oil and gas assets, people with knowledge of the matter said.
The world’s biggest energy company is in preliminary discussions with advisers to evaluate its options, the people said, asking not to be identified as the matter is private. Aramco may study possibilities including selling stakes in the operations at certain fields or entering joint ventures with other large energy producers, the people said.
It could also form partnerships to develop new gas resources, according to the people. Any deal could raise billions of dollars for Aramco, which is at the center of Saudi Arabia’s economic transformation plan, the people said.
Aramco is unlikely to open up its most important oil assets, though it could bring in investors to less sensitive operations, the people said. Deliberations are at an early stage, and the structure of any potential deal hasn’t been decided, the people said. The company, which is formally known as Saudi Arabian Oil Co., declined to comment, as did the energy ministry.
Saudi Aramco is conducting a strategic review of its upstream business, in a move that could potentially see the state-owned firm bring in external investors to some of its oil and gas assets, people with knowledge of the matter said.
The world’s biggest energy company is in preliminary discussions with advisers to evaluate its options, the people said, asking not to be identified as the matter is private. Aramco may study possibilities including selling stakes in the operations at certain fields or entering joint ventures with other large energy producers, the people said.
It could also form partnerships to develop new gas resources, according to the people. Any deal could raise billions of dollars for Aramco, which is at the center of Saudi Arabia’s economic transformation plan, the people said.
Aramco is unlikely to open up its most important oil assets, though it could bring in investors to less sensitive operations, the people said. Deliberations are at an early stage, and the structure of any potential deal hasn’t been decided, the people said. The company, which is formally known as Saudi Arabian Oil Co., declined to comment, as did the energy ministry.
MIDEAST STOCKS Q1 earnings boost most Gulf markets; Egypt retreats | Reuters
MIDEAST STOCKS Q1 earnings boost most Gulf markets; Egypt retreats | Reuters
Most Gulf stock markets ended higher on Thursday, led by a slew of corporate earnings, while Egypt was hit by a blue-chip sell-off.
Saudi Arabia's benchmark index (.TASI) closed up 0.4%, with Al Rajhi Bank (1120.SE) rising 0.8%, extending gains from the previous session when it reported first-quarter earnings.
The kingdom's biggest Islamic lender said net profit in the three months ended March 31 rose to 3.34 billion riyals ($891 million). It made a net profit of 2.38 billion riyals in the same period a year earlier.
Elsewhere, Saudi Telecom (7010.SE), which reported a larger net profit for the first-quarter, finished 1% higher.
In Abu Dhabi, the index (.ADI) gained 0.7%, boosted by a 1.4% rise in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the country's biggest lender, posted a 3% rise in first-quarter net profit, helped by a sharp drop in impairment charges and said it expected a pick-up in economic and business activity.
The bank expected the vaccine rollout and improving macroeconomic outlook would underpin business activity in the second half of 2021.
The Qatari benchmark (.QSI) edged up 0.1%, helped by a 1.4% gain in Qatar Fuel (QFLS.QA).
However, the index's gains were limited by losses at United Development Company (UDCD.QA), which reported a fall in first-quarter profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, snapping five sessions of gains, hit by a 0.9% fall in top lender Commercial International Bank (COMI.CA).
But, Sixth of October Development and Investment (OCDI.CA) jumped over 7%.
Last week, the developer appointed financial advisers to study an offer from an Aldar Properties (ALDAR.AD) led consortium.
The UAE company announced earlier that it submitted an offer for a stake of 51% minimum, with an indicative share price in the range of 18-19 Egyptian pounds ($1.15-$1.22) per share.
Most Gulf stock markets ended higher on Thursday, led by a slew of corporate earnings, while Egypt was hit by a blue-chip sell-off.
Saudi Arabia's benchmark index (.TASI) closed up 0.4%, with Al Rajhi Bank (1120.SE) rising 0.8%, extending gains from the previous session when it reported first-quarter earnings.
The kingdom's biggest Islamic lender said net profit in the three months ended March 31 rose to 3.34 billion riyals ($891 million). It made a net profit of 2.38 billion riyals in the same period a year earlier.
Elsewhere, Saudi Telecom (7010.SE), which reported a larger net profit for the first-quarter, finished 1% higher.
In Abu Dhabi, the index (.ADI) gained 0.7%, boosted by a 1.4% rise in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the country's biggest lender, posted a 3% rise in first-quarter net profit, helped by a sharp drop in impairment charges and said it expected a pick-up in economic and business activity.
The bank expected the vaccine rollout and improving macroeconomic outlook would underpin business activity in the second half of 2021.
The Qatari benchmark (.QSI) edged up 0.1%, helped by a 1.4% gain in Qatar Fuel (QFLS.QA).
However, the index's gains were limited by losses at United Development Company (UDCD.QA), which reported a fall in first-quarter profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, snapping five sessions of gains, hit by a 0.9% fall in top lender Commercial International Bank (COMI.CA).
But, Sixth of October Development and Investment (OCDI.CA) jumped over 7%.
Last week, the developer appointed financial advisers to study an offer from an Aldar Properties (ALDAR.AD) led consortium.
The UAE company announced earlier that it submitted an offer for a stake of 51% minimum, with an indicative share price in the range of 18-19 Egyptian pounds ($1.15-$1.22) per share.
#Saudi Aramco to refinance $10 billion revolving loans - sources | Reuters
Saudi Aramco to refinance $10 billion revolving loans - sources | Reuters
Saudi Aramco (2222.SE) is expected to refinance a $10 billion debt facility raised in 2015, two sources said, in what would be the oil giant's third major foray into the loan market this year.
Aramco, the world's largest oil company, raised the revolving credit facility in 2015 with a wide group of international and local banks.
That financing included two five-year loans, one in U.S. dollars and one in riyal, and two annually renewable one-year loans, also split between the two currencies.
Aramco, which declined to comment, last year extended the two five-year facilities by two years, pushing their maturities to March next year, according to a bond prospectus.
It is now planning to refinance the $10 billion revolving loans, two banking sources said, confirming a report by LPC, a fixed income news service that is part of Refinitiv.
"Rather than keep rolling it on a year basis, which is where it is right now, they’ll come and do a refinancing," said one of the sources.
Saudi Aramco (2222.SE) is expected to refinance a $10 billion debt facility raised in 2015, two sources said, in what would be the oil giant's third major foray into the loan market this year.
Aramco, the world's largest oil company, raised the revolving credit facility in 2015 with a wide group of international and local banks.
That financing included two five-year loans, one in U.S. dollars and one in riyal, and two annually renewable one-year loans, also split between the two currencies.
Aramco, which declined to comment, last year extended the two five-year facilities by two years, pushing their maturities to March next year, according to a bond prospectus.
It is now planning to refinance the $10 billion revolving loans, two banking sources said, confirming a report by LPC, a fixed income news service that is part of Refinitiv.
"Rather than keep rolling it on a year basis, which is where it is right now, they’ll come and do a refinancing," said one of the sources.
Oil losses deepen on U.S. stock build and pandemic fears | Reuters
Oil losses deepen on U.S. stock build and pandemic fears | Reuters
Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised fears that a demand recovery could be stalled.
Brent crude futures fell 37 cents, or 0.57%, to $64.95 a barrel by 0904 GMT, having dropped by $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.57%, at $61 after losing $1.32 the previous day.
Both contracts had closed at their lowest since April 13 and are down about 3% this week.
U.S. crude oil stockpiles unexpectedly edged higher in the week to April 16, the Energy Information Administration said on Wednesday, with the inventories rising by 594,000 barrels. Analysts had expected a drop of 3 million barrels, a Reuters survey showed.
Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised fears that a demand recovery could be stalled.
Brent crude futures fell 37 cents, or 0.57%, to $64.95 a barrel by 0904 GMT, having dropped by $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.57%, at $61 after losing $1.32 the previous day.
Both contracts had closed at their lowest since April 13 and are down about 3% this week.
U.S. crude oil stockpiles unexpectedly edged higher in the week to April 16, the Energy Information Administration said on Wednesday, with the inventories rising by 594,000 barrels. Analysts had expected a drop of 3 million barrels, a Reuters survey showed.
MIDEAST STOCKS Most major Gulf markets gain; #Qatar dips | Reuters
MIDEAST STOCKS Most major Gulf markets gain; Qatar dips | Reuters
Most major stock markets in the Gulf rose in early trade on Thursday, supported by a slew of corporate earnings, although Qatar bucked the trend to trade lower.
Saudi Arabia's benchmark index (.TASI) added 0.1%, driven by a 0.6% increase in Saudi National Bank (1180.SE), while Alinma Bank (1150.SE) climbed 1.6% following a surge in first-quarter net profit.
Separately, Saudi Tadawul Group has short-listed three local and three foreign banks for potential advisory roles in the financial market company's upcoming initial public offering (IPO), Reuters reported, citing three sources. read more
In Dubai, the benchmark index (.DFMGI) gained 0.7%, on track to end three sessions of losses, with blue-chip developer Emaar Properties (EMAR.DU) advancing 1.6%, while Emirates NBD Bank (ENBD.DU) was up 0.8%.
In Abu Dhabi, the index (.ADI) edged up 0.1%, helped by a 0.4% increase in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the country's biggest lender, posted a 3% rise in first-quarter net profit, helped by a sharp drop in impairment charges and said it expected a pick-up in economic and business activity.
The bank expected the vaccine rollout and improving macro economic outlook would underpin business activity in the second half of 2021.
The Qatari benchmark (.QSI) eased 0.1%, hit by a 2.7% decline in United Development Company (UDCD.QA) after the firm reported a fall in first-quarter net profit.
Most major stock markets in the Gulf rose in early trade on Thursday, supported by a slew of corporate earnings, although Qatar bucked the trend to trade lower.
Saudi Arabia's benchmark index (.TASI) added 0.1%, driven by a 0.6% increase in Saudi National Bank (1180.SE), while Alinma Bank (1150.SE) climbed 1.6% following a surge in first-quarter net profit.
Separately, Saudi Tadawul Group has short-listed three local and three foreign banks for potential advisory roles in the financial market company's upcoming initial public offering (IPO), Reuters reported, citing three sources. read more
In Dubai, the benchmark index (.DFMGI) gained 0.7%, on track to end three sessions of losses, with blue-chip developer Emaar Properties (EMAR.DU) advancing 1.6%, while Emirates NBD Bank (ENBD.DU) was up 0.8%.
In Abu Dhabi, the index (.ADI) edged up 0.1%, helped by a 0.4% increase in First Abu Dhabi Bank (FAB) (FAB.AD).
FAB, the country's biggest lender, posted a 3% rise in first-quarter net profit, helped by a sharp drop in impairment charges and said it expected a pick-up in economic and business activity.
The bank expected the vaccine rollout and improving macro economic outlook would underpin business activity in the second half of 2021.
The Qatari benchmark (.QSI) eased 0.1%, hit by a 2.7% decline in United Development Company (UDCD.QA) after the firm reported a fall in first-quarter net profit.
#Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project - Bloomberg
Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project - Bloomberg
Saudi Arabia’s Tourism Development Fund will help finance a 1.3 billion-riyal ($346.7 million) project in the holy city of Medina together with Riyad Bank, as the kingdom steps up fundraising for a key part of Crown Prince Mohammed bin Salman’s program to diversify the economy.
The 15 billion-riyal TDF signed an agreement with Medina-based Knowledge Economic City Co. and Public Investment Fund-backed Riyad Bank to finance a hub it called “the biggest of its kind.” TDF and Riyad Bank will each provide 391 million riyals in funding, according to a statement Thursday.
The complex near the Prophet’s Mosque will comprise a five-star hotel, a shopping mall and other hospitality and entertainment facilities.
“This agreement is one of several successful agreements with local banks aimed at providing investors with attractive financial solutions that encourage investments into this promising sector,” TDF Chief Executive Officer Qusai Al-Fakhri said.
Saudi Arabia’s Tourism Development Fund will help finance a 1.3 billion-riyal ($346.7 million) project in the holy city of Medina together with Riyad Bank, as the kingdom steps up fundraising for a key part of Crown Prince Mohammed bin Salman’s program to diversify the economy.
The 15 billion-riyal TDF signed an agreement with Medina-based Knowledge Economic City Co. and Public Investment Fund-backed Riyad Bank to finance a hub it called “the biggest of its kind.” TDF and Riyad Bank will each provide 391 million riyals in funding, according to a statement Thursday.
The complex near the Prophet’s Mosque will comprise a five-star hotel, a shopping mall and other hospitality and entertainment facilities.
“This agreement is one of several successful agreements with local banks aimed at providing investors with attractive financial solutions that encourage investments into this promising sector,” TDF Chief Executive Officer Qusai Al-Fakhri said.
COVID-19 impact: Middle East airlines to lose $4.2bln this year | ZAWYA MENA Edition
COVID-19 impact: Middle East airlines to lose $4.2bln this year | ZAWYA MENA Edition
The outlook for airlines across the Middle East region is expected to improve this year, but losses will still mount to approximately $4.2 billion, according to the latest data from the International Air Transport Association (IATA).
In a report issued on Wednesday, the air transport body said that net profit margin for the regions carriers will fall by 13.8 percent, as the coronavirus pandemic continues to weigh on travel demand.
The latest figures, however, are an improvement on the estimated $7.9 billion industry loss and -28.9 percent profit margin cuts incurred by carriers in the Gulf and around the Middle East.
Airlines have been among the worst hit by the COVID-19 outbreak, as fears of infection, coupled with strict border restrictions, have kept travellers away from the airports since last year.
Previous estimates indicated that the volume of air passengers in 2020 was less than 20 percent of the traffic recorded in 2019. The outbreak has also put more than 1.7 million workers in the Middle East at risk of losing their livelihood as airlines continued to burn cash.
Carriers across the region received some $4.8 billion in financial aid from the government last year.
The outlook for airlines across the Middle East region is expected to improve this year, but losses will still mount to approximately $4.2 billion, according to the latest data from the International Air Transport Association (IATA).
In a report issued on Wednesday, the air transport body said that net profit margin for the regions carriers will fall by 13.8 percent, as the coronavirus pandemic continues to weigh on travel demand.
The latest figures, however, are an improvement on the estimated $7.9 billion industry loss and -28.9 percent profit margin cuts incurred by carriers in the Gulf and around the Middle East.
Airlines have been among the worst hit by the COVID-19 outbreak, as fears of infection, coupled with strict border restrictions, have kept travellers away from the airports since last year.
Previous estimates indicated that the volume of air passengers in 2020 was less than 20 percent of the traffic recorded in 2019. The outbreak has also put more than 1.7 million workers in the Middle East at risk of losing their livelihood as airlines continued to burn cash.
Carriers across the region received some $4.8 billion in financial aid from the government last year.
Gulf economies seen rebounding this year but some forecasts scaled back: Reuters poll | Reuters
Gulf economies seen rebounding this year but some forecasts scaled back: Reuters poll | Reuters
The economies of the six-member Gulf Cooperation Council are expected to return to growth this year, a quarterly Reuters survey showed on Thursday, but half are seen expanding less than previously forecast.
Economists in the April 8-20 poll forecast a marked improvement in economic fortunes across the oil-rich region after it was hammered by the COVID-19 pandemic.
But while median forecasts for 2021 growth were raised for Bahrain and to a lesser extent the United Arab Emirates, they were scaled back for Saudi Arabia, Kuwait and Oman while the outlook for Qatar was unchanged.
The economists expect Saudi Arabia’s economy, the Middle East’s largest, to grow 2.4% this year, less than the 2.8% forecast in a similar poll three months ago. Economic growth in 2022 and 2023 was seen at 3.3% and 3.0% respectively, versus 3.2% and 3.1% in the previous poll.
The kingdom is in the midst of an ambitious economic development plan dubbed Vision 2030 to wean the economy off oil, create jobs and boost investment.
“While some progress has been made in implementing the needed reforms, bureaucracy, lack of transparency, and inefficiency remain major impediments to achieving sustained rapid private sector growth,” the Institute of International Finance (IIF) said in a report.
The UAE’s economy was seen growing by 2.3% this year, up slightly from the 2.2% expected three months ago. Growth was forecast at 3.6% in 2022 and 3.3% in 2023, up from 3.5% and 3% projected in January.
“The UAE can afford a modestly expansionary fiscal stance in 2021 given its spare capacity and the recovery in oil prices,” the IIF said.
The economies of the six-member Gulf Cooperation Council are expected to return to growth this year, a quarterly Reuters survey showed on Thursday, but half are seen expanding less than previously forecast.
Economists in the April 8-20 poll forecast a marked improvement in economic fortunes across the oil-rich region after it was hammered by the COVID-19 pandemic.
But while median forecasts for 2021 growth were raised for Bahrain and to a lesser extent the United Arab Emirates, they were scaled back for Saudi Arabia, Kuwait and Oman while the outlook for Qatar was unchanged.
The economists expect Saudi Arabia’s economy, the Middle East’s largest, to grow 2.4% this year, less than the 2.8% forecast in a similar poll three months ago. Economic growth in 2022 and 2023 was seen at 3.3% and 3.0% respectively, versus 3.2% and 3.1% in the previous poll.
The kingdom is in the midst of an ambitious economic development plan dubbed Vision 2030 to wean the economy off oil, create jobs and boost investment.
“While some progress has been made in implementing the needed reforms, bureaucracy, lack of transparency, and inefficiency remain major impediments to achieving sustained rapid private sector growth,” the Institute of International Finance (IIF) said in a report.
The UAE’s economy was seen growing by 2.3% this year, up slightly from the 2.2% expected three months ago. Growth was forecast at 3.6% in 2022 and 3.3% in 2023, up from 3.5% and 3% projected in January.
“The UAE can afford a modestly expansionary fiscal stance in 2021 given its spare capacity and the recovery in oil prices,” the IIF said.
Oil extend losses into 3rd day on U.S. stock build, pandemic fears | Reuters
Oil extend losses into 3rd day on U.S. stock build, pandemic fears | Reuters
Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.
Brent crude futures fell 18 cents, or 0.3%, to $65.14 a barrel by 0721 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.3%, at $61.18 a barrel, after losing $1.32 on Wednesday.
Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down about 3% so far this week.
U.S. crude oil stockpiles unexpectedly edged higher in the week ended on April 16, the Energy Information Administration said on Wednesday, with the inventories rising by 594,000 barrels, against analysts’ expectations in a Reuters poll for a 3 million-barrel drop.
Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.
Brent crude futures fell 18 cents, or 0.3%, to $65.14 a barrel by 0721 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.3%, at $61.18 a barrel, after losing $1.32 on Wednesday.
Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down about 3% so far this week.
U.S. crude oil stockpiles unexpectedly edged higher in the week ended on April 16, the Energy Information Administration said on Wednesday, with the inventories rising by 594,000 barrels, against analysts’ expectations in a Reuters poll for a 3 million-barrel drop.
#Dubai's DP World says near-term trading environment positive | Reuters
Dubai's DP World says near-term trading environment positive | Reuters
Global port operator DP World on Thursday said the near-term trading environment was positive as it reported a 10.2% increase in first quarter shipping containers volumes.
The Dubai state-owned company handled 18.9 million shipping containers in the January-March period, compared to 17.2 million in the same period a year earlier.
"This performance is ahead of expectations and illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market," Chairman and Chief Executive Sultan Ahmed bin Sulayem said in a statement.
"Looking ahead, while the near-term trading environment is positive, we remain mindful that the economic recovery can be disrupted by the COVID-19 pandemic, geopolitical uncertainty in some parts of the world and ongoing trade war."
The Americas and Australia region saw the highest percentage increase, rising 17.7% to 2.7 million shipping containers.
Volumes in the Asia-Pacific and India region rose 10.6% to 8.3 million containers, while Europe, Middle East and Africa increased 7.6% to 7.9 million.
DP World's flagship Jebel Ali Port in Dubai, included in the Europe, Middle East and Africa region, saw volumes rise 2.6% to 3.4 million containers.
Global port operator DP World on Thursday said the near-term trading environment was positive as it reported a 10.2% increase in first quarter shipping containers volumes.
The Dubai state-owned company handled 18.9 million shipping containers in the January-March period, compared to 17.2 million in the same period a year earlier.
"This performance is ahead of expectations and illustrates the resilience of the global container industry, and DP World’s continued ability to outperform the market," Chairman and Chief Executive Sultan Ahmed bin Sulayem said in a statement.
"Looking ahead, while the near-term trading environment is positive, we remain mindful that the economic recovery can be disrupted by the COVID-19 pandemic, geopolitical uncertainty in some parts of the world and ongoing trade war."
The Americas and Australia region saw the highest percentage increase, rising 17.7% to 2.7 million shipping containers.
Volumes in the Asia-Pacific and India region rose 10.6% to 8.3 million containers, while Europe, Middle East and Africa increased 7.6% to 7.9 million.
DP World's flagship Jebel Ali Port in Dubai, included in the Europe, Middle East and Africa region, saw volumes rise 2.6% to 3.4 million containers.
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