ABU DHABI's AD Ports expects to breach the four million TEU mark for the full year after container volumes jumped 31 per cent in the third quarter.
"Operationally, ports cluster container volumes grew 31 per cent year on year in the third quarter of 2022 (and 28 per cent year on year for the first nine months of 2022), driven by increased capacity after the expansion of ADT and CSP Abu Dhabi Terminals in 2021," the company said.
Last year, throughput at the port was 3.4 million TEU. "Ports cluster revenue grew 18 per cent year on year when adjusted for the positive effect of a one-off sand supply contract in 2021."
Third quarter revenues jumped 53 per cent to US$399 million, while net profits were up 77 per cent to $91 million. Organic capital expenditure remained high, with $436 million spent in the third quarter and $1.44 billion for the first nine months of 2022, as planned, reports UK's Seatrade Maritime News.
"Maritime cluster third quarter 2022 revenue was up 408 per cent year on year to $184 million, driven by new business segments and service offering, and new acquisitions Divetech, ASCL, Safeen Surveys and Subsea Services and Transmar, as well as higher freight rates," it said.
"These remarkable results demonstrate the effectiveness and impact of our ambitious growth strategy, as we seek new opportunities even in challenging global market conditions," said AD Ports CEO Mohamed Al Shamisi."We have pursued joint ventures and acquisitions that have built supply chain density along major routes, accelerating trade and building resilience for customers around the world. These new ventures have played a key role in expanding our service offering, enabling us to support customers at every stage of their business journey, and delivering exponential growth in our maritime business in particular."
Earlier this month, in a transaction expected to complete in 2023, AD Ports Group signed an agreement to acquire an 80 per cent equity stake in Dubai-based Global Feeder Shipping (GFS) for $800 million, making it one of the largest feeder shipping companies in the world. Its fleet consists of 26 owned and operated vessels with a total capacity of 72,500 TEU, covering the Middle East, Indian Subcontinent and Southeast Asia.