Global Ports cashes in against volumes fall

Global Ports cashes in against volumes fall

Global Port Investments PLC (Global Ports) has published its interim consolidated financial results (unaudited) for H1 2022, posting a near to 20 per cent increase in spite of weaker cargo traffic.

The company’s revenue increased by 18.2 per cent to $271.6 million compared with the same period in 2021, while gross profit adjusted for impairment increased 28.8 per cent to $129.9 million.

Adjusted EBITDA rose by 28 per cent to $145.6 million.

In the first six months of 2022, Global Ports registered a decline in consolidated marine container traffic by 22.6 per cent year-on-year to 611,000 TEU.

“After a strong start of the year, an increase of geopolitical tensions resulted in significant deterioration of the Russian container market conditions,” reads the operator’s latest statement.

“As a result, the container business of the Group in the North-West of Russia significantly reduced, while container market in the Far East of Russia remained stronger as less dependent on European container hubs and more consumer and humanitarian goods oriented.”

The Russia-Ukraine war has been suffocating trade and logistics in Ukraine and in the Black Sea region, only recently grain trade has resumed as more ships are leaving Ukrainian ports.

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