DP World has announced the appointment of His Excellency Sultan Ahmed bin Sulayem as Group Chairman and Chief Executive Officer with immediate effect. His Excellency became Chairman of DP World in May 2007 and has overseen DP World's expansion, including the acquisitions of CSX and the P&O Group to become a leading global marine terminals operator.
Deepak Parekh, Senior Independent Non-Executive Director said
"The Board is delighted that His Excellency Sultan Ahmed bin Sulayem has agreed to become Group CEO in addition to his role as Chairman. It is the unanimous view of the Independent Non-Executive Directors that Sultan is the right candidate to ensure continuity of leadership. His extensive experience and proven track-record makes him extremely well placed to lead the Group to the next level."
His Excellency Sultan Ahmed bin Sulayem said
"DP World is a fantastic business that I have been proud to lead over a number of years. I look forward to taking on the additional responsibilities of Group CEO with the objective of continuing to implement our global strategy to enable global trade and drive sustained long-term value for shareholders."
Separately, DP World Limited announced it had handled 61.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2015, with gross container volumes growing by 3.0% on reported basis and 2.4% on a like-for-like basis.
Growth in 2015 was largely driven European and UAE terminals. The portfolio benefited from the ramp-up in London Gateway and the UAE handled a record 15.6 million TEU’s, representing like-for-like growth of 2.3% for the year. Utilisation at Jebel Ali remains high at approximately 90% despite the softer volumes in Q42015. Market conditions in the second half of 2015 were challenging, with our like-for-like gross throughput growth flat year-on-year in Q4 2015.
At a consolidated level, the terminals handled 29.1 million TEU during 2015, a 2.7% improvement on a reported basis. Consolidated like-for-like volumes grew by 1.7% for the year.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem commented:
“The second half of 2015 was difficult for global trade operators, as various economic headwinds including currency weakness and lower commodity prices adversely impacted trade growth. Against this challenging backdrop, all our three regions continued to deliver full year volume growth on a like-for-like basis which demonstrates the strength of our portfolio.
"Despite the uncertain near-term macro environment, and given the high utilisation at our portfolio, we remain confident about the medium to long-term outlook of our industry and continue to invest to meet the future capacity requirements of our customers. As we look ahead into 2016, we look forward to the new capacity at Rotterdam (Netherlands), Mumbai (India), Prince Rupert (Canada) and Yarimca (Turkey) to deliver a full year contribution to our throughput.
"We expect to open our third berth at London Gateway (UK) in mid-2016, adding 600k TEU of new capacity. The additional 2 million TEU at terminal three (T3) Jebel Ali (UAE) will now be operational in the second half of 2016.
“DP World has once again delivered ahead of market throughput growth in 2015 and given this resilient performance, we remain confident of meeting full year market expectations. While trading conditions in 2016 are expected to remain challenging, we believe a portfolio focused towards faster growing markets and origin and destination cargo, coupled with the addition of new capacity can continue to outperform the market.”
DP World Southampton is exhibiting at Multimodal on stand 1320 and DP World London Gateway is sponsoring the Multimodal Cafe