P&O PORTS’ BOX VOLUME UP 28 PERCENT IN 3RD-QUARTER

P&O PORTS’ BOX VOLUME UP 28 PERCENT IN 3RD-QUARTER    P&O Ports, the fast-growing ports arm of London-based Peninsular and Oriental Steam Navigation Co., experienced a 28-percent jump in its ports’ gross global container throughput for the third quarter, to 3.3 million TEUs.
   The P&O group said that organic growth was responsible for a 14-percent volume gain within its ports business, while the balance came from new port ventures.
   On an equity-adjusted basis, global throughput rose by 24 percent, to 2.4 million TEUs, including organic growth of 14 percent. These equity-adjusted figures reflect the percentage of ownership of the terminals, and reflect the actual volumes that contributes to P&O Ports’ earnings.
   On a gross basis, P&O Ports’ Asian ports saw volume soar by 49 percent, to 1.7 million TEUs in the third quarter. Throughput in the Americas, including the United States, increased by 1 percent, to 507,000 TEUs. European ports registered a volume growth of 19 percent, to 745,000 TEUs. Throughput of ports in Australia/New Zealand gained 12 percent in throughput, which reached 381,000 TEUs.
   P&O has not published third-quarter revenue and profit figures for its ports arm, yet.
   It said that the impact of the U.S. West Coast dispute on its results “is anticipated to be very modest.” P&O Ports has no direct investment in West Coast terminals, but disruption to vessel schedules has had a knock-on effect on the East Coast. The group’s terminals in Thailand and China have also reported some cancellation of bookings or a minor reduction in volumes.
   P&O reported that its terminal in Buenos Aires continues to be affected by the economic difficulties of Argentina, but saw a “modest” increase in volume.
   All P&O Ports’ North American operations in the Gulf of Mexico — located in New Orleans, Gulfport and Lake Charles — were impacted by a hurricane and tropical storm in September. “This resulted in a loss of cargo due to diversion of ship calls and additional costs at the terminals to secure equipment and clean up after the storms,” the company said.
   Meanwhile, the redevelopment of the P&O Ports’ Port Newark Container Terminal, near New York, is nearing completion.