Ports giant DP World expects container volume growth to moderate in Q4

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FILE PHOTO: General view of a stock yard of DP World's fully automated Terminal 2 at Jebel Ali Port in Dubai

DUBAI – Dubai ports giant DP World said on Tuesday it expected growth in shipping freight container volumes to moderate in the next quarter after volumes handled rose 8.1% in the third quarter.

Global supply chain disruptions due to pandemic-driven lockdowns and an unexpectedly rapid recovery in trade have led to a shortage of shipping containers, congestion in ports and sky-rocketing freight rates.

“The near-term outlook remains positive, but we do expect growth rates to moderate in the final quarter,” DP World Chairman Sultan Ahmed bin Sulayem said in a statement, citing COVID-19, supply chain constraints and geopolitical uncertainty.

DP World, which operates over 90 terminals across six continents, said it handled 19.8 million shipping containers in the third quarter, while volumes rose 11.9% to 58.4 million containers in the first nine months of the year.

(Reporting by Alexander Cornwell; Editing by Sherry Jacob-Phillips)