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Global Ports' uneasy H1/2020
The Russian container market contracting in 2020, so far.
The Russian container terminal operator Global Ports has reported its figures for the first six months of 2020. Its total consolidated marine container throughput went up 8.4% year-on-year to 774,000 teu, whereas there was a 2.4% year-on-year decline in the Russian container market over the same period.
Bulk volumes also went up, by 11.9% to 2.2 million t. The company's revenues increased by 1.8% to USD 184.4 million, yet due to the impact of VSC transportation services there was a minus of 8.4% like-for-like.
Adjusted ebitda of USD 104.9 million was almost 10% lower than USD 116 million in H1/2019. Nevertheless, operating profit grew by 32.0% to USD 78.7 million, while profit for the period went down by 34% to USD 23.8 million (first half 2019: USD 36.2 million).
The group's outlook is gloomy: "The growth of containerised export, on the back of the decline in containerised import, is having a negative impact on the mix of prices and services provided by the group. When combined with the depreciation of the rouble, the group now expects a high single-digit to low double-digit decline in revenue per teu in 2020." (mw)