Dubai port firm says trade starting to stabilize

[October 27, 2009]  DUBAI, United Arab Emirates (AP) -- Cargo handler DP World says trade volumes appear to be stabilizing after suffering their worst slump in decades because of the economic downturn.

The world's fourth-largest port operator says overall third-quarter cargo container volumes are down 6 percent over the same period a year earlier. That is a slower decline than the 10 percent drop the Dubai company reported in the first half.

Despite expected challenges in the fourth quarter, the company says it is on track to meet market expectations.

Chief Executive Mohammed Sharaf called the third-quarter numbers encouraging, and says the company is "beginning to see early signs of stability across the industry."

DP World runs ports in 32 countries worldwide.

[Associated Press]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.