Global Ports Investments PLC today announces its operational results for Q3 2020 and the 9 months to 30 September 2020.
The Russian container market declined by 2.5% in Q3 2020 compared to Q3 2019, resulting in a corresponding 2.4% decline for the period of 9M 2020 vs. 9M 2019, as the growth in containerised export (y-o-y growth of 0.6% and 5.2% in Q3 and 9M 2020 respectively) was not sufficient to offset the decline of containerised import (y-o-y decline of 2.5% and 5.3% in Q3 and 9M 2020, respectively), as a result of the global and local macroeconomic impact of COVID-19.
The Group continued to outperform the market with Consolidated Marine Container Throughput up 4.4% to 370 thousand TEU in Q3 2020 versus a 2.5% decline in the Russian container market over the same period. In addition, 9M 2020 Consolidated Marine Container Throughput increased by 7.1% to 1,144 thousand TEU against the container market decline of 2.4% over the same period.
This Group outperformance of the market in both key basins where its terminals are located was as a result of the Group’s ongoing efforts to increase productivity and customer service standards. Consolidated Marine Container Throughput of the Group’s terminals located in the Baltic Basin declined by only 1.6% in Q3 2020 against a market decline of 10.2% in the same region, while Consolidated Marine Container Throughput of the Group’s terminal located in the Far Eastern Basin increased by 20.7% in Q3 2020, more than double the market growth of 8.9%.
Consolidated Marine Bulk Throughput increased by 61% y-o-y to 1.47 million tonnes in Q3 2020, with 9M 2020 growth of 28% y-o-y, due in part to low coal handling volumes at VSC in August 2019 following scheduled maintenance works at railways and the early ramp-up stage of coal handling at ULCT in 1H 2019, which resulted in elevated y-o-y growth rates in Q1 2020.
Heavy Ro-ro handling demonstrated early signs of recovery with 26% growth in Q3 2020 against Q3 2019 (compared to 2% growth in 9M 2020 vs. 9M 2019) whereas car handling remained depressed (y-o-y decline of 32% and 37% in Q3 and 9M 2020, respectively), reflecting the slowdown in Russian consumer demand.
Albert Likholet, CEO of Global Ports Management, commented: "I’m pleased to see that our strategy continues to deliver despite the external challenges we face in the current environment. As a result of our ongoing efforts to improve the quality of our services across every aspect of our business, in the third quarter of 2020, we continued to deliver strong operational results and outperform the market in both maritime basins where we operate.
“Despite the encouraging evidence of the overall market being flat in August-September with high growth rates at the Far East, high volatility and low visibility continue. Thus, we retain our focus on delivering operational excellence and constantly improving the standard of service to our clients in such challenging conditions, ensuring we are well-placed for any future recovery. Operating safely remains a key priority for our business and our people at this time.”
|
Q3 |
Q3 |
Change |
9M |
9M |
Change |
|||
|
Abs |
% |
Abs |
% |
|||||
|
Global Ports Consolidated Results |
||||||||
|
Consolidated Marine Container Throughput (kTEU) |
370 |
354 |
16 |
4.4% |
1,144 |
1,069 |
75 |
7.1% |
|
FCT |
163 |
166 |
-3.7 |
-2.2% |
484 |
487 |
-2.3 |
-0.5% |
|
PLP |
79 |
74 |
4.4 |
5.9% |
292 |
243 |
48.9 |
20.1% |
|
VSC |
116 |
96 |
19.8 |
20.7% |
328 |
292 |
36.0 |
12.3% |
|
ULCT |
13 |
18 |
-5.0 |
-27.6% |
40 |
47 |
-7.2 |
-15.2% |
|
Non-containerised cargo |
||||||||
|
Ro-ro (thousand units) |
5.5 |
4.4 |
1.1 |
26.1% |
14.4 |
14.2 |
0.2 |
1.6% |
|
Cars (thousand units) |
18 |
27 |
-9 |
-32.4% |
52 |
82 |
-30.3 |
-36.9% |
|
Bulk cargo (million tonnes) |
1.47 |
0.9 |
0.6 |
61.1% |
3.7 |
2.9 |
0.8 |
27.8% |
|
Joint ventures |
||||||||
|
Containerised cargo, kTEU |
||||||||
|
Finnish Ports |
24.9 |
28.5 |
-3.6 |
-12.5% |
75.4 |
84.5 |
-9.0 |
-10.7% |
|
Yanino (inland terminal) |
21.0 |
28.3 |
-7 |
-25.9% |
66.7 |
90.8 |
-24.1 |
-26.6% |
|
Bulk cargo throughput, thousand tonnes |
||||||||
|
Moby Dik |
62.1 |
50.5 |
11.6 |
22.9% |
179.7 |
107.6 |
72.1 |
67.1% |
|
Yanino |
64.4 |
88.8 |
-24 |
-27.5% |
206.5 |
307.2 |
-100.7 |
-32.8% |
|
Russian Container Market, kTEU |
||||||||
|
Total Market |
1,216 |
1,247 |
-31 |
-2.5% |
3,697 |
3,790 |
-93 |
-2.4% |
|
Baltics (incl. Kaliningrad) |
577 |
642 |
-66 |
-10.2% |
1,794 |
1,983 |
-189 |
-9.5% |
|
Northern Ports |
42 |
40 |
2 |
5.7% |
114 |
111 |
4 |
3.2% |
|
South |
156 |
159 |
-3 |
-1.9% |
572 |
564 |
9 |
1.5% |
|
Far East |
442 |
406 |
36 |
8.9% |
1,217 |
1,133 |
84 |
7.4% |