Dubai ports giant DP World sees no early end to global shipping disruptions that have pushed up freight rates and caused congestion at ports, its chairman said on Friday.
A global shortage of shipping containers, caused by combination of supply chain disruptions from pandemic lockdowns and an unexpectedly rapid recovery in demand, is also likely to intensify.
“I really don’t think it’s going to be resolved this year,” said DP World’s Sultan Ahmed bin Sulayem.
Bin Sulayem, who said it was unclear when the disruptions would end, told Reuters the company was dealing with delays but that unlike other ports its terminals were not congested.
“All our ports have enough capacity ... we have no issue.”
The container shortage has led to sky-rocketing freight rates, but bin Sulayem said DP World was not taking advantage and that its rates were largely unchanged.
DP World is one of the biggest port operators with terminals across the world from South America to Africa, and also operates a number of logistics related businesses such as warehousing.
Bin Sulayem, speaking on the opening day of the Expo world fair in Dubai, said the company saw investment opportunities in Africa and Latin America, two markets that were performing well.
Backlogs from Suez container ship stranding could take months to clear: MaerskThe stranding of a container ship in the Suez Canal has created disruptions in the ... North Africa
Suez Canal blockage adds to pressure points in global tradeDelays in freeing a mammoth container ship stuck in Egypt’s Suez Canal have ... North Africa
Global maritime trade to rebound by 4.8 pct in 2021 from coronavirus impact: UNGlobal maritime trade should recover next year after tanking by 4.1 percent in ... Coronavirus