DP World noted a "mixed" near-term outlook citing the current geopolitical environment as the terminal operator saw global container volumes soften in the first quarter.

DP World said it handled 19.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2022, with gross container volumes increasing by 1.7% year-on-year on a reported basis and up 1.9% on a like-for-like basis.

This was driven by Asia Pacific, Middle East, Europe, Africa, and Americas regions.

Its assets in Qingdao (China), Sokhna (Egypt), London Gateway (UK), Yarimca (Turkey), Dakar (Senegal), Caucedo (Dominican Republic), Buenos Aires (Argentina), and Posorja (Ecuador) delivered a strong performance for the first three months of 2022 while Jebel Ali (UAE) handled 3.4 million TEU in Q1 ⁠— representing a 1% drop year-on-year.

DP World said at a consolidated level, its terminals handled 11.3 million TEU during the first quarter of 2022, increasing 1.4% on a reported basis and up 1.1% year-on-year on a like-for-like basis.

"As anticipated, 1Q2022 volume growth has softened due to the strong prior-year performance and uncertain macro environment. However, we continue to see robust growth in markets such as the Asia Pacific and the Americas, while in Europe, London Gateway’s strong performance has continued into 2022," said Sultan Ahmed Bin Sulayem, Group chairman, and chief executive officer.

"The softer volumes Jebel Ali (UAE) is due to loss of low margin throughput where we remain focused on more profitable origin & destination cargo."

"Mixed" near-term outlook

"Looking ahead, the near-term outlook is mixed given the geopolitical environment, but we remain positive on the medium to long term fundamentals of the industry," Bin Sulayem added.

"On our broader portfolio, we continue to make strong progress in strengthening our product offering, allowing us to connect directly with cargo owners to deliver a range of unique logistic solutions," the DP World chief further said, noting that overall, the global terminal operator remains focused on integrating its recent acquisitions, growing profitability while managing growth CAPEX, and delivering on its 2022 leverage targets.

In February, DP World concluded its 100% acquisition of South African transport and logistics group, Imperial Logistics in a R12.7 billion (US$883 million) deal.

It said then that the deal would enhance its capabilities along supply chains as well as push forward its plan to transform into a logistics solutions provider. It will also expand its presence in Africa with Imperial Logistics' operations mainly across the African continent and in Europe.