DP World to add about 3 mn TEUs to meet growing demand
The global trade enabler currently manages approximately 9% of the world’s handling capacity, putting it among the top five global port operators. The expansions will take its total gross capacity to 93.6 million TEUs, helping meet growing demand in key trade markets. Key expansions will be completed this year in Caucedo (Dominican Republic), including an additional 1.2million TEU, Yarimca (Türkiye) projected an additional 579,000 TEU, Sokhna (Egypt) adding 500,000 TEU, Jeddah (Saudi Arabia) with an additional 200,000 TEU, among other key markets. Supply chain advisors, Drewry, forecast global container throughput will grow to 932 million TEU by 2025, up from 858 million TEU in 2021. The firm’s capacity expansion plans come at a vital time with inflation, increased cost of living and geopolitical uncertainties causing concern about global trade and fuelling demand for faster, more resilient supply chain solutions. According to DP World’s recent Trade in Transition 2023 report, businesses are still prioritising growth through market expansion, citing the key drivers of export growth in 2023 to be growing demand and expansion of operations into new markets. The report also revealed the use of the technology as the top reason executives remain optimistic about global trade.