Global Ports, which operates five of Russia’s container terminals, has reported an overall improved revenue for 2019 but notes that the company’s outlook for 2020 may be impacted by the Coronavirus.
Global Ports, which operates five of Russia’s container terminals, has reported an overall improved revenue for 2019 but notes that the company’s outlook for 2020 may be impacted by the Coronavirus.
Revenue was reported to be up 5.3% to $361.9 million for the twelve-month period ended 31 December amidst a growing Russian container market.
The Group reported a Return to Profit for the year of $67.7 million, compared to a loss of $58.3 million in 2018.
However, in the statement released on 6 March 2020 the company notes that the coronavirus outbreak has lowered visibility on what to expect for the year.
“The Management is closely monitoring the situation with the outbreak of Coronavirus (COVID-19) and is ready to act depending on the development of the situation,” the statement reads.
Reflecting on 2019, Vladimir Bychkov, CEO of Global Ports Management, commented: “In 2019 Global Ports strengthened its leadership position in the growing Russian container market delivering market outperformance for the second year in a row, notably in the Baltic Basin where our consolidated container throughput grew 12% against 5.1% growth of the Russian market.
“This success was driven by our ongoing efforts to deliver leadership – not only in size – but also in the quality of our services across every aspect of our activity: from berth productivity for shipping lines to the efficiency of railway and customs operations at our terminals and to advanced and innovative IT solutions.
“Our journey to become a more efficient logistics hub with a wide range of value-added services is an ongoing process and there is still much to be done, especially in the Far East. We believe that our dedication and commitment alongside our clear approach will achieve the required results.
“Financially we performed very well over the year, achieving 4.4% Adjusted EBITDA growth and an 18.9% increase in Free Cash Flow.”
Global Ports’ terminals are located in the Baltic and Far East Basins, key regions for foreign trade cargo flows.
Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal5 and Moby Dik6 in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland (Multi-Link Terminals in Helsinki and Kotka).
