• 2021 March 5 12:26

    Global Ports Investments announces its operational results and publishes its consolidated financial statements for 2020

    Global Ports Investments PLC today announces its operational results and publishes its consolidated financial statements for the year ended 31 December 2020.

    Consolidated revenue increased by 6.2% to USD 384.4 million; excluding the impact of VSC transportation services, like-for-like revenue declined by 8.2% driven by a decrease in both Consolidated Container and Non-Container Revenue.

    Like-for-like Revenue per TEU decreased by 13% to USD 155.1 as a result of depreciation of the Russian Rouble against US dollar, the growing share of full export containers in Group throughput, and additional free storage days and other incentives provided by the Group to its clients in order to support them on the back of the global and local macroeconomic turmoil following the COVID-19 outbreak. Like-for-like Revenue per TEU adjusted for FX decreased by 2.7%.

    Operating profit increased by 8.7% to USD 157.4 million.

    In response to COVID-19 conditions, cost control measures were implemented to manage and reduce the Group's cost base. Like-for-like Total Operating Cash Costs were successfully and safely reduced by 9.7% to USD 113.2 million despite the healthy growth in both container and non-container throughput.

    Adjusted EBITDA decreased by 7.6% to USD 209.7 million as cost control improvements and volume growth could not offset the decline in Revenue per TEU and US dollar equivalent of Russian Rouble nominated bulk handling tariffs due to the depreciation of the Russian Rouble as a result of COVID-19. Profitability was nonetheless maintained with like-for-like Adjusted EBITDA Margin of 65.2%.

    The Group’s capital expenditure in 2020 was USD 33.9 million and focused on planned maintenance projects, scheduled upgrades of existing container handling equipment and customer service improvement initiatives.

    The Group generated a healthy USD 157.1 million of Free Cash Flow (-1.1% compared to 2019) demonstrating the resilience of the business model.

    The Group reduced Net Debt by USD 134.9 million over the year and continues to prioritise deleveraging over dividend distribution.

    In line with the Group’s focus on deleveraging, Net Debt to Adjusted EBITDA decreased from 3.3x as of 31 December 2019 to 2.9x as at the end of the reporting period, achieving the lowest level since 2012.

    Albert Likholet, CEO of Global Ports, commented: “I believe that both the Company and the Russian market have successfully met the challenges so far presented to all of us by the events of 2020. Despite supply chain disruptions, reshuffling of vessels calls, strong macro headwinds, and high FX volatility, the market finished the year broadly flat.

    Global Ports’ 2020 results, in turn, prove that we are on the right track with our strategy implementation. We outperformed the Russian container market for the third year in a row and achieved double digit growth in bulk cargo handling. We also ensured strong cost control, resulting in consistent Free Cash Flow generation and further strong deleverage. Net Debt was reduced by almost USD 135 million, while Net debt to Adjusted EBITDA declined to the lowest level in 8 years, proving the resilience of the business and supporting the path towards resumption of dividends once deleveraging targets achieved.

    Although containerised export remains strong and we are seeing some encouraging signs of growth in containerised imports towards the end of 2020, the market continues to be highly competitive and the outlook is still far from certain. Thus, we remain fully mobilised, committed to our strategy of driving productivity and innovation across our operations and remaining relentlessly focused on our clients, maintaining their loyalty and trust by providing the highest service standards in the industry”.

2021 April 11

15:32 Hagland orders environmental friendly newbuilds
14:17 Stena Bulk unveils decarbonisation plant to become net zero emissions business by 2050
13:48 Belships fleet expansion and share issue
12:17 USCG Cutter Kimball returns home from expeditionary patrol in the Pacific
11:38 Meyer Weft's new logistics center starts operation
10:56 Norwegian Coastal Administration: Eemslift Hendrika has been towed to safe harbour

2021 April 10

15:14 NAPA joins Finnish Clean Propulsion Technologies consortium to accelerate development of low-carbon solutions in shipping
14:27 The Valencia Containerised Freight Index (VCFI) increased by 17.48% in March
13:52 A.P. Moller-Maersk helps Amica taking to the rails
12:46 TORM announces capital increase in connection with delivery of vessel
11:03 Jan De Nul halfway through installation of 600MW Kriegers Flak Wind Farm
10:09 Strong 2020 cargo volumes show resiliency of the Port of Vancouver and port industries during a challenging year

2021 April 9

18:08 Everfuel signs MOU for hydrogen supply to new zero-emission ship concept
17:45 SASCO’s new ship SASCO ALDAN leaves for first voyage
17:16 CMA CGM announces PSS for reefer cargo from Ukraine, Romania, Russia (Black Sea), Georgia & Bulgaria to Asia, the Middle East Gulf & Red Sea
16:54 DCT Gdańsk achieves 15 million TEU milestone
16:37 30 countries join global initiative to tackle marine litter
16:26 Container terminal in Świnoujście to let using inland navigation as a method of hinterland transport
15:48 Port of Long Beach container volumes up by 62.3% to 840,387 TEU in March 2020
15:10 Aleksey Klyavin believes Russia’s current IWW fleet can transport twice as much cargo if infrastructure problems are solved
14:02 SEA-LNG welcomes Puget LNG to coalition
13:49 Port of Liepaja throughput in 3M’2021 declined by 1.3% Y-o-Y
13:14 New ICS Guidance on Maritime Security launched
12:51 Finnish Transport and Communications Agency published Year 2020 at Traficom review
12:14 The US has introduced new safety requirements in the maritime transportation system
11:22 Newly established Northern Dvina River Shipping Company commences operation in Arkhangelsk Region
11:14 GTT receives an order from Hyundai Heavy Industries for the tank design of two new Very Large Ethane Carriers
10:58 Stena Livia joins the Baltic Sea fleet
10:29 Aker Arctic completes full scale ice trials of icebreaking bow Saimaa and tug Calypso
09:55 RF Navy's frigate Admiral Kasatonov passed the Pas-de-Calais
09:33 Oil market sees mixed price movements
09:19 Baltic Dry Index as of April 8
08:20 CMA CGM launches the first low-carbon shipping offer by choosing biomethane

2021 April 8

18:41 The first ship affected by the blockage in the Suez Canal to arrive in Barcelona is operating normally
18:14 Port of Rotterdam reduced its total carbon emissions by 27% in 2016-2020
17:52 New Smiltynė Ferry Terminal ferry is about to be completed
17:25 Sea Port of Saint-Petersburg conducted transshipment of deep-submergence rescue vehicle
17:07 Bunker Weekly Outlook, Week 14, 2021
16:24 Throughput of Murmansk Sea Fishing Port in 3M’2021 climbed by 1% YoY
15:59 BIMCO supports global seabed mapping initiative
15:36 SAFEVUE.ai selected by Eaglestar as maritime shifts towards safety solutions centred around human factors
15:00 Damen delivers new LUV 1908 aquaculture support vessel to Organic Sea Harvest
14:48 KN announces market consultation on acquisition of FSRU
14:22 Port of Singapore to revise its port dues rates
13:21 Port of Ipswich expertly handles large rice vessel operation
13:03 Oboronlogistics meets requirements of ISM Code
12:21 MAN Energy Solutions starts ‘AmmoniaMot’ project
12:06 Revision in Port Dues Rates in the Port of Singapore
12:01 Wärtsilä collaborates with Finnish Border Guard in testing of Bio LNG fuel for reducing greenhouse gas emissions
11:24 Waterways of Saint-Petersburg to open for small-size ships on April 15
11:03 Port of Melbourne welcomes longest vessel to dock in Melbourne
10:35 Rosmorport set to complete dredging of KSK grain terminal’s operating water area this year
10:13 Rosmorport commences dredging on Volga-Caspian Sea Shipping Channel
10:07 Nor-Shipping gathers hydrogen leaders to map out fuel of the future at Ocean Now
09:51 Throughput of Yeisk port in 3M’21 rose by 22% YoY
09:28 Oil prices start decreasing
09:10 Baltic Dry Index as of April 7
08:09 DP World to invest £40M in the development of the Southampton terminal

2021 April 7

18:47 MISC takes delivery of its sixth very large ethane carrier
18:26 HMM Nuri fully laden on maiden voyage