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  • Global Ports’ revenue in H1’2022 rose by 18.2% YoY to $271.6 million
  • 2022 August 19 09:50

    Global Ports’ revenue in H1’2022 rose by 18.2% YoY to $271.6 million

    Global Ports Investments PLC today publishes its interim condensed consolidated financial information (unaudited) for the six-month period ended 30 June 2022.

    Certain financial information is derived from the management accounts. Unless otherwise stated, all comparisons refer to y/y changes.

    Revenue increased by 18.2% to USD 271.6 million.

    Gross profit Adjusted for Impairment increased by 28.8% to USD 129.9 million.

    Adjusted EBITDA grew by 28.0% to USD 145.6 million, delivering Adjusted EBITDA Margin increase of 410 basis points to 53.6%.

    Loss for the period of USD 400.7 million due to impairment of USD 521.1 million.

    Free Cash Flow generation growth of 145.9% to USD 151.3 million.

    Deleveraging successfully continued with Net Debt down by USD 67.4 million and Net Debt to LTM Adjusted EBITDA reduced to 1.5x (-0.5x compared to 31 December 2021).

    Consolidated Marine Container Throughput, reflecting market trends, down 22.6% y-o-y to 611 thousand TEUs.

    Consolidated Marine Bulk Throughput of 1.2 million tonnes (-53.5% y-o-y) on the back of the strategic decision to cease coal handling at VSC in 2021 to drive more profitable container volume growth.

    Management comment and outlook: After a strong start of the year, an increase of geopolitical tensions resulted in significant deterioration of the Russian container market conditions, including: sanctions introduced by other countries; increased volatility of financial markets and Russian Rouble; a significantly increased level of economic uncertainty; suspension of operations by container shipping lines and certain beneficial cargo owners; disruption of container supply chains and de-containerisation of export.

    As a result, the container business of the Group in the North-West of Russia significantly reduced, while container market in the Far East of Russia remained stronger as less dependent on European container hubs and more consumer and humanitarian goods oriented.

    Availability of well invested multipurpose terminals in two basins allowed the Group to partially mitigate negative markets trends. That became possible due to multiple factors: the growth of non-container business in the North-West as well as due to solid unit pricing driven by growing share of higher priced Far Eastern operations, one-off significant increase of container storage time, client and cargo mix change. These trends combined with strong cost control and CAPEX revision allowed 28.0% growth of Adjusted EBITDA to USD 145.6 million, Free Cash Flow growth of 145.9% to USD 151.3 million and further deleveraging with Net Debt to LTM Adjusted EBITDA reduction to 1.5x, the lowest level since 2012.

    Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container throughput. Global Ports’ terminals are located in the Baltic and Far East Basins, key regions for foreign Russian trade and transit cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal and Moby Dik in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminal Yanino Logistics Park located in the vicinity of St. Petersburg.

    Global Ports H1’22 revenue totaled $271.6 million,  adjusted EBITDA – $145.6 million. Consolidated turnover of the Group’s sea terminals - 611 thousand TEU.

    Global Ports’ major shareholders are Delo Group, the largest intermodal container and port operator in Russia (30.75%), and APM Terminals B.V. (30.75%), whose core expertise is the design, construction, management and operation of ports, terminals and inland services. APM Terminals operate a terminal network of 75 terminals globally. 20.5% of Global Ports shares are traded in the form of global depositary receipts listed on the Main Market of the London Stock Exchange.

2022 September 30

16:25 Kalmar’s EcoFlex rental solution to help Logent improve the sustainability of its cargo-handling activities
16:07 Container ship Sparta delivered 340 TEU of consumer goods to Baltiysk in the Kaliningrad Region
15:51 Aqaba Container Terminal announces zero-emission vision
15:27 RF Government to allocate RUB 2 billion for creation of LNG equipment prototypes
15:14 HHLA and Fraunhofer CML start IHATEC project
15:04 LR approval in principle for Maridea’s Moray Base floating wind concept
14:48 Albania implements the IMO Anti-fouling Systems Convention
14:03 Rolls-Royce and Lürssen to focus on methanol propulsion for large yachts
13:32 Successful delivery of 1800TEU container vessel M/V “ASL HONGKONG”
13:16 DNV confirms Nordseecluster wind farms will comply with German offshore regulations
13:13 Turnover of FESCO’s Far East coastal services in 8M’2022 rose by 6%, YoY
12:53 Orsted completes divestment of 50 % of Hornsea 2 Offshore Wind Farm
12:44 Handling of Belarus’ oil products in Russian ports can total 3 million tonnes in 2022
12:21 ABS and DSME team-up on decarbonization strategy
12:01 OOCL completes trial voyage with biofuel from Chevron
11:40 Ningbo Containerized Freight Index deceases by 31.0% in September 2022
11:22 POT and EMERCOM held joint firefighting exercise on oil tanker in Saint-Petersburg
11:05 Dutch fishing vessel struck anchored product tanker, oil leak
10:37 China's first 2,000-ton offshore wind power installation platform delivered in Guangzhou - China Daily
10:33 Russia convenes emergency meeting of UN Security Council on Nord Stream 1 and Nord Stream 2 gas pipeline blasts
10:09 China ports container volume rises 4.1% in January - August 2022
09:55 Delivery of second ice-class buoy laying vessel of Project BLV03 accepted in Murmansk
09:32 Crude oil futures are slightly up after a decrease at the previous session
09:32 Brazil’s CBO Group and Wartsila sign Decarbonisation Service agreement to speed up fleet sustainability
09:21 MABUX: Bunker index may turn into downward changes on Sep 30
08:34 MABUX: Bunker Weekly Outlook, Week 39, 2022

2022 September 29

18:36 Shift Clean Energy selected to electrify 17 new tugboats
18:10 Ulstein develops 8,000t foundation installation vessel
17:50 Volgotrans files suits against Lotos shipyard for over RUB 800 million in total
17:06 Vattenfall awarded major wind power project off the coast of Germany
16:44 Krasnoye Sormovo shipyard to build three cruise ships of ‘Karelia’ design
16:34 Yinson Greentech commences construction of all-electric cargo vessel
16:18 The largest shipyard in the MENA region signs a long-term agreement with Bahri Logistics
15:56 Container shipping and logistics experts Matson joins SEA-LNG
15:04 Aker Solutions joins to the Aiming for Zero Methane Emissions Initiative
14:58 Amount of cargo transported via Bosphorus rose 40% since 2005
14:36 Hoegh Autoliners joins First Movers Coalition and commits to using green fuels already by 2030
14:25 Maritime industry unites to call for earmarking of ETS revenues
13:45 Sanmar Shipyards delivers 7th tug to SAAM Towage
13:24 Port of Cork Company launches a new 13.5-hectare container terminal
12:56 Severnaya Verf shipyard launches lead factory freezer-longliner of Project MT1112XL, Gandvik-2
12:53 China delivers first VLCC equipped with four rigid sails - The Maritime Executive
12:05 Second ship of Project 03141, Kedon, left Khabarovsk Shipyard for delivery base
11:40 Mawani signs 7 agreements during the Saudi Maritime Congress
11:03 GTT receives AiP from Bureau Veritas for the design of a LNG-fuelled & “NH3 Ready” Very Large Crude Carrier
10:23 Keppel O&M secures repeat newbuild FPSO contract worth US$2.8b from Petrobras
10:10 CPC Marine Terminal handled 382 tankers by mid-September
09:48 Long-term contracted rates fell by 1.1% in September - Xeneta
09:43 State Duma approves the bill on estimation of ship construction costs
09:19 Crude oil futures show moderate decrease after growth at previous session
08:57 MABUX: Upward changes to continue in Global Bunker market on Sep 29

2022 September 28

18:30 Georgia Ports welcomes Nissan to Brunswick
18:01 Containerships increases frequency between Germany and England
17:52 Deferment of conscription for military service during mobilisation requested for those involved in bunkering of ships
17:35 Saipem awarded two new contracts in Ivory Coast worth approximately 1 billion euro overall
17:27 Vitaly Evdokimenko appointed as President of TransContainer
17:06 Crowley awarded contract by U.S. Navy’s Military Sealift Command
16:39 RF Water Transport Workers’ trade union asks for deferment of conscription for military service
16:24 The Russian Krastvetmets visits SCZONE to establish a new facility in Sokhna zone
15:53 APM Terminals Nordics announces new Managing Director