Dubai Ports World (DP World) announced a sharp drop in container volumes in the United Arab Emirates (UAE) in the first quarter of 2019, but the global average has stabilized.
Total container volumes fell 0.6% on the basis of accounting reports, while volumes declined 0.7% on a comparable basis, the company said in a statement.
The Dubai-based company said it had handled 3.5 million TEUs (20 feet) in the UAE, down 8.8 percent due to a "challenging macroeconomic climate as well as loss of low-margin volumes."
The company handled 17.5 million TEUs globally, a level similar to the same period a year ago.
The company said handling volumes at standard terminals, controlled by DP World, fell 3 percent on a comparable basis to 9.2 million units.
Chairman and CEO Sultan Bin Sulayem said that the decline in volumes in the UAE was due mainly to the loss of low margin products with the company focusing on the high-paying shipments.