DUBAI's DP World, one of the world's biggest port operators, expects a record high in container volume this year, up to 54.7 million TEU, a 10 per cent increase year on year across its 50 operating terminals.
    Emerging markets will be key to its success into 2012 following the sale of 70 per cent of its Australian port operations for $1.5 billion, and its remaining stake of 34 per cent in UK-based Tilbury Container Services for $75.48 million.
    "While 2012 is unlikely to be as good as last year, DP World will continue to grow," EFG Hermes analyst Redwan Ahmed told Reuters, who added that the company was expected to grow more than seven per cent this year.
    DP World chief executive Mohammed Sharaf said its lower than expected net financing charges will benefit reported profit before tax with volumes significantly up from 2010 figures in same period at 14.1 million TEU.
    In the UAE alone, the port operator experienced a volume growth of 12 per cent at 13 million TEU for 2011. Asia, Africa and the Americas produced double digit growth with Canada and Latin America contributing to the Americas results. Terminals, which opened in 2011 of Karachi, Pakistan and Vallarpadam, India also contributed to the growth rate.
    Its consolidated terminals handled 27.5 million TEU during 2011, but its fourth quarter reported a drop in volume to seven million TEU from 7.3 million TEU in the same period 2010. 
    The company is in the process of replacing an original $3 billion loan, which matures in October arranged by Barclays, Citi, Deutsche Bank and Royal Bank of Scotland back in 2007, with a $1 billion loan. It says it will "comfortably" deal with it with a $4 billion balance sheet, said Reuters.

(source:shipping online)