Hormuz disruption boosts AD Ports’ net income, hits DP World’s

Hormuz disruption cost AD Ports volumes, not income

Higher rates and asset sales are covering for the war’s hit to AD Ports Group’s cargo volumes. The ports and logistics player’s net income rose 88% y-o-y to AED 836 mn in 2Q 2026, according to a financial release. UAE container throughput fell 65% y-o-y to 573k TEU, while bulk and general cargo volumes dropped 67% y-o-y to 3.1 mn tonnes, as Hormuz disruptions kept ships away from the AD Ports’ home ports. Revenues climbed 47% y-o-y to AED 7.08 bn during the same period, with AED 650 mn in contribution from warehouse sales.

AD Ports credited its landlord model for cushioning the blow. With rents largely untied to cargo volumes, the company said its presence across the whole supply chain, along with new routes via Fujairah Terminals and Khor Fakkan Port on the Gulf of Oman, helped offset lower UAE throughput. Container capacity utilization in the UAE stood at just 22% during the quarter, against 61% internationally.

The group’s near-term priority is funding its acquisition spree. AD Ports has AED 5.89 bn in undrawn credit facilities, including an accordion option, to close its pending buys: Brazil’s CLI agri-bulk terminal operator for an enterprise value of AED 3.1 bn (expected to close end of 3Q 2026), and Germany’s MBS Logistics for AED 300 mn (expected in 4Q). It also completed a 30% stake increase in Global Feeder Shipping, taking its holding to 81% for AED 1.1 bn.

The war weighed down DP World’s 1H income

Conflict-driven disruption at Jebel Ali weighed on DP World’s first-half earnings. Ports and logistics operator DP World’s net income fell 39.1% y-o-y to USD 585 mn in 1H 2026, according to its financials (pdf). Throughput fell 90.1% y-o-y in 2Q to just 374k TEU, versus a 59.5% decline for the half overall. Its revenue rose 13.1% y-o-y to USD 12.7 bn during the half, while gross container throughput fell 5.7% y-o-y to 42.8 mn TEU. Gross volumes excluding Jebel Ali are up 6.5% like-for-like in 1H.

DP World noted that Jebel Ali’s infrastructure remains intact, with the decline reflecting reduced vessel traffic rather than physical damage.

DP World’s only numeric guidance for 2026 is on spending. It plans to invest approximately USD 3 bn for the year, funding projects including Jebel Ali’s expansion, EZ World, London Gateway, and the two new Fujairah terminals it plans to develop as a workaround for the Strait of Hormuz.

Doubling down: DP World is still adding Gulf capacity, with plans for two new terminals on the UAE’s Gulf of Oman coast, away from the Strait of Hormuz disruption that hit Jebel Ali.