Russian container market rises almost 20 per cent Q1 2024

Russian container market rises by almost 20 per cent Q1 2024

Global Ports together with its subsidiaries and joint ventures has announced its operational results for Q1 2024.

The Russian marine container market increased by 17.7 per cent in Q1 2024 to 1,293 TEU. As a result, in Q1 2024 container throughput at Russian marine terminals was 0.5 per cent higher than in Q1 2021 and only 1.1 per cent lower than in Q1 2022, reflecting a steady recovery of the Russian container market.

In Q1 2024, rapid recovery in the Baltic basin continued, thus container throughput at Baltic terminals almost doubled to 409,000 TEU. The share of the Baltic basin in the Russian market increased to 32 per cent in Q1 2024 from 19 per cent a year earlier.

Container throughput in the Black Sea basin increased by 6.8 per cent over the past quarter. Throughput growth the in Baltic and Black Sea basins was to some extent a consequence of a decline in the Far East Basin, where container throughput slightly decreased by 3.5 per cent. The share of the Far East basin in the Russian market went down to 44 per cent in Q1 2024 from 53 per cent a year earlier.

Consolidated container throughput of Global Ports’ marine terminals increased to 297,000 TEU in Q1 2024, or by 12.4 per cent Quarter-on-Quarter (QoQ) and 59.4 per cent Year-on-Year (YoY). These growth rates significantly exceed market growth for the same period.

READ: Global Ports enjoys container surge in Q4 2023

Container throughput at Global Ports’ terminals in the Baltics in Q1 2024 increased to 155,000 TEU, or a 10.2 times Year-on-Year (YoY) growth and by 23.7 per cent QoQ. On the back of volumes’ decline in the Far East basin, Global Ports’ terminal in the Far East demonstrated a decrease in container throughput by 16.9 per cent.

The Holding continued to successfully increase non-containerised cargo throughput. In Q1 2024, the consolidated bulk cargo throughput of Global Ports’ marine terminals grew by 38.3 per cent to 1.8 million tonnes.

Last September, Global Ports Group and Hua Xin Container Lines, a Chinese shipping line, signed a Memorandum of Cooperation (MoC) to expand sea container transportation between Chinese ports and the Russian Far East.

More recently, Global Ports purchased three reachstackers and eight terminal tractors for its multipurpose marine terminal Petrolesport in the Big Port of Saint Petersburg.

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