Russian Economy Stifles Operator Boom


Global Ports, Russia’s largest container terminal operator has seen a dip in its container volumes of 4.3% year-on-year to around 2.6 million TEU as a result of the current economic crisis in Russia.

In Container Management, Roy Cummins, COO at Global Ports, said: “The outlook is uncertain. We have seen a sharp decline in the rouble exchange rate and an increase in [the Russian] interest rate. Both of those things clearly have impacted containerised imports and consumer sentiment.”

Tiemen Meester, Chairman of Global Ports, said “our approach to these unprecedented conditions is to be ever more focused on improving operational efficiency, maximising free cash flow and maintaining our pricing discipline. The tough and volatile market environment looks set to continue for some time yet.”

The global economy has also affected the container shipping industry as the slow pace of recovery has led to an oversupply in the industry.

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