Two of Russia’s biggest container transport providers, Fesco and Transcontainer are planning to merge their businesses in a bid to move cargo between the docks and hinterland, and thereby provide benefits to both entities.
According to the Journal of Commerce, a 24.1% stake in Transcontainer is currently owned by Fesco.
Russian financial conglomerate, the Summa Group currently own a 32.5% stake in Fesco, with Russian rail company RZD owning a 51% stake in Transcontainer.
Both companies are said to be in talks to merge, which is anticipated to complete by 2016.
Transcontainer recently saw its revenue slipping by 1.8% year-over-year to $150 million, with year-over-year profit declining in H1, 2015 to US$57 million.
This new port comes amid projections that the Baltic sea region is expecting to see cargo increases of 15% annually until 2018.