P&O Ports reports rising volumes, congestion

P&O Ports reports rising volumes, congestion    Worldwide container throughput at global terminal operator P&O Ports rose 18 percent in the third quarter to 3.5 million TEUs, but the London-based operator reported congestion at several terminals.
   P&O Ports’ box volumes in the third quarter jumped 22 percent in Asia to 1.5 million TEUs, 17 percent in Europe to 1 million TEUs, 15 percent in the Americas to 552,000 TEUs, and 13 percent in Australia/New Zealand to 465,000 TEUs.
   “Despite exchange rates remaining unfavorable and congestion affecting some locations, there has been no change in the expected result for the full year with profit growth in the second half anticipated to be ahead of volume growth,” the P&O parent company said in a trading statement Thursday.
   Of the 18-percent worldwide growth rate in volume the latest quarter, organic growth accounted for 16 percent while new acquisitions by P&O Ports were responsible for the balance.
   P&O said volume growth for ports was generally achieved across the Americas in the third quarter although operations in Florida and the Gulf of Mexico were adversely impacted by a worse than normal hurricane season.
   The group’s terminal in New York continued to benefit from the completion of construction work at the terminal earlier in 2004.
   In Canada, volumes continue to grow steadily ahead of the planned expansion of the terminal in Vancouver, P&O said.
   “In Argentina, volume growth returned to more normal levels following the very high growth rates earlier in the year as the economy recovered,” it added.
   P&O reported congestion at the ports of Nhava Sheva in India, Antwerp in Belgium and Le Havre in France. The British group added that its terminal in Southampton is now operating “close to its current capacity.”
   “We await a decision from the Secretary of State on the proposed London Gateway Port development where the first two berths would potentially come into operation by late 2007-early 2008,” P&O said.