London Gateway on track for Q4 opening

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London Gateway, the giant new port and logistics park at the mouth of the Thames is on track to open later this year as planned, DP World confirmed in its first half results.

DP World chairman, Sultan Ahmed Bin Sulayem said: “DP World is pleased to announce another strong set of first half results in spite of challenging market conditions. We are on track with our substantial investment plan and on schedule to deliver an additional 10 million TEU capacity over the next two years. Our portfolio is well positioned to capitalise on the significant medium to long-term growth potential of this industry due to our focus on the faster growing emerging markets and stable origin and destination cargo”

Throughput of containers through DP World’s 65 terminals around the world fell 5.7 per cent in the first half to 12.8m TEU. As a result, revenue was down 1.3 per cent to US$1.5bn.  Adjusted EBITDA was up 2.8 per cent to US$689m.

London Gateway is due to open in the last quarter of 2013 and promises rapid access to the UK’s largest consumer market. The port is designed to ensure that ships load and unload as fast as possible.

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