July 23, 2019 / 7:20 AM / 3 months ago

DP World's Dubai shipping container volumes fall for fifth consecutive quarter

FILE PHOTO: Terminal tractors line up to offload their containers into a cargo ship at DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. REUTERS/ Hamad I Mohammed/File Photo

DUBAI (Reuters) - DP World’s (DPW.DI) Dubai shipping container volumes fell by 6.3% in the second quarter, the port operator reported on Tuesday, the fifth consecutive quarterly drop.

DP World blamed the drop on the loss of lower margin cargo and challenging market conditions, but said it expected more stable throughput for the rest of the year.

It handled 3.9 million twenty foot equivalent units (TEU) in the three months to June 30 at its Dubai ports, compared with 4.2 million in the same 2018 period.

DP World operates Dubai’s Jebel Ali, the Middle East’s largest trans-shipment hub, and Mina Rashid.

The port operator did not disclose individual volumes for the two ports, which account for about 20% of its global volumes.

Globally, container volumes increased 1.6%. That was helped by a 4.1% rise in volumes in the Asia Pacific, Indian Subcontinent and Africa region which handled 8.2 million TEUs.

Dubai volumes were down 7.4% in the first six months of the year, while global volumes were flat.

Reporting by Alexander Cornwell, editing by Louise Heavens

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