Outlook Uncertain as Q2 Volumes Fall: UAE's DP World

Global port operator DP World recorded a fall of 8.8% in second quarter container volumes, warning the outlook remained uncertain. The coronavirus pandemic shut cities and factories worldwide for months, disrupting shipments and global supply chains, while some cities are now reintroducing curbs after a recent rise in infections. The Dubai state-owned company, which also operates logistics facilities, handled 16.7 million shipping containers in the second quarter, down from 18.3 million a year earlier.

It recorded its biggest quarterly decline in the Asia Pacific and Indian subcontinent region, where volumes fell 12.2% to 7.2 million containers. “Overall, we are encouraged that our business has performed better than expected and, while the outlook is still uncertain, we remain positive on the medium- to long-term fundamentals of the industry,” Chairman Sultan Ahmed bin Sulayem said in a statement. Volumes handled in the first six months of the year were down 5.3% at 33.8 million containers, DP World said.