DP World announced today that it handled 31.4 mn TEU across its global portfolio of container terminals in 1H2016, with gross container volumes growing by 2.5% Y-o-Y on a reported basis, and up 1.2% on a like-for-like basis. Growth in the first half of 2016 was largely driven by a strong performance from its European and Indian subcontinent terminals. Conditions in Australia and Latin America remain challenging while the UAE handled 7.4 mn TEU, down 6.0% Y-o-Y due to a reduction in lower-margin cargo. At a consolidated2 level, DP World handled 14.6mn TEU in 1H2016, up 1.6% Y-o-Y on a reported basis and down 1.4% on a like-for-like3 basis. (company disclosure)   DP World: USD17.09 as of 25 July 2016, Rating: Buy, FV: USD22.0 per share, MCap: USD14,185 mn, DPW DU / DPW DI