Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

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

Published 10/26/2021, 01:42 AM
Updated 10/26/2021, 01:45 AM
© Reuters.

DUBAI (Reuters) - Dubai ports giant DP World said on Tuesday it expected growth in shipping freight container volumes to moderate in the next quarter after volumes handled rose 8.1% in the third quarter.

Global supply chain disruptions due to pandemic-driven lockdowns and an unexpectedly rapid recovery in trade have led to a shortage of shipping containers, congestion in ports and sky-rocketing freight rates.

© Reuters. FILE PHOTO: General view of a stock yard of DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. REUTERS/ Hamad I Mohammed

"The near-term outlook remains positive, but we do expect growth rates to moderate in the final quarter," DP World Chairman Sultan Ahmed bin Sulayem said in a statement, citing COVID-19, supply chain constraints and geopolitical uncertainty.

DP World, which operates over 90 terminals across six continents, said it handled 19.8 million shipping containers in the third quarter, while volumes rose 11.9% to 58.4 million containers in the first nine months of the year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.