Shipments of seaborne cargo from the terminals of Novorossiysk Commercial Sea Port Group (LSE: NCSP, MICEX: NMTP) in the first quarter of 2012 increased 10% year-on-year to 41 million tons (+3.7 mln tons), the Group's news release said.
Rado Antolovic, Deputy CEO of PJSC NCSP for marketing and sales says: "In March, Group management made every effort to compensate for the time that was lost when Novorossiysk port was closed due to winter storms. For the first three months of 2012 transshipment was shut down due to extremely bad weather conditions from 14 to 30 days depending on the type of cargo.
As a result of optimization of loading and unloading operations, which was carried out in the beginning of March, NCSP management team was able to maintain growth rates of turnover."
Cooperation with North-Caucasus Railway in dispatching of our customers’ rail cars arrival towards Novorossiysk station also had its positive impact in these results," Antolovic added.
About NCSP Group
Novorossiysk Commercial Sea Port is the largest Russian port operator and the 3rd operator in Europe in terms of cargo turnover. NCSP shares are traded on Russia's MICEX exchange (NMTP) and on the London Stock Exchange in the form of GDRs (NCSP). 50.1% shares of PJSC NCSP belong to Novoport Holding Ltd, beneficiaries owners of which are JSC “Transneft” and Ziyavudin Magomedov (Summa Group). NCSP Group cargo turnover in 2011 totaled 157 million tons. Consolidated revenue according to IFRS for the nine months of 2011 totaled $782 million and EBITDA of $403.8 million. NCSP Group combines the following stevedore companies: OJSC Novorossiysk Commercial Sea Port, Primorsk Oil Terminal Ltd (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, PJSC NCSP Fleet, OJSC NLE, OJSC IPP, and Baltic Stevedore Company Ltd.