Cargo handling at Russian ports by the 2023 year-end results rose 5.1% year-on-year reaching record high in recent years of 884.7 million tonnes. However, the ports saw a 6.3-percent quarter-on-quarter decline in the fourth quarter, for the first time in the year.
There was a significant decline in volumes at the end of the year primarily in three cargo segments: ores (-22.3%), ferrous metals (-12.9%) and oil products (-11.5%).
The volumes decline was contributed to restrictions imposed by the West (for ferrous metals and oil product exports) and reduced purchases by European consumers even in the absence of official bans (ores). The decrease in ores and ferrous metals volume stabilized by the fourth quarter (-3.4% and +0.8%, respectively, Y/Y). The decline, on the contrary accelerated in volume of oil products (-25.6%), due to internal restrictions and protective duties on the gasoline and diesel fuel exports introduced in the summer and autumn to stabilize prices on the Russian market.
There was a slight reduction in volumes seen in the segment of coal (-0.4%) and liquefied gases (-3.2%) by the year-end results, The decline in handling coal followed the results of the fourth quarter (-21.5%). On the contrary, liquefied gas volume increased in the fourth quarter (+0.9%), which is largely due to the completion of maintenance period at domestic LNG production plants.
There was a strong growth seen in crude oil volume at the end of 2023 (+6.3%) and containerized cargo (+10.5%), as well as positive trends recorded in the fourth quarter (+7.1%, +14%, respectively). This was due to the redirection of crude oil exports and the development of new Russian and foreign container trades.
Finally, a significant increase was seen (more than 1,5 times) in bulk cargo volume: fertilizers (+51.8%) and grain (+55.6%). The growth is associated with the development of terminals in the Baltic Sea basin (Ultramar, terminals in St. Petersburg). The increase in handling grain was positively influenced by the high-yielding crop and the expansion of export quotas. However, the effect of these factors is gradually exhausted: at the end of the fourth quarter, the increase in fertilizers volume turned out to be significantly lower than in previous quarters (+35.6%) with a 5.3-percent decline in export grain.
Concerning throughput at basin seaports, there was a 0.7-percent decline seen in the Artic basin, which is associated with a reduction in handling crude oil and ores, primarily exported to European countries. Limited growth was observed in the Baltic (+2.1%) and Far Eastern basins ports (+4.4%). The growth was constrained in the Baltic by a decline in exports to EU, and in the Far East by the limited capacity of the railway infrastructure.
The high positive trends in the Azov-Black Sea basin (+10.1%) is explained by a significant share of grain shipments with an increase in exports. The maximum 29.5-percent increase in cargo volume was seen in the Caspian Basin, which was also due to agriproducts volume. At the same time, there was a redirection of coal exports from the Southern seaports to the ports of the North-West region of Russia.
Container traffic in 2023 rose 15% year-on-year reaching almost 5 million TEUs. To remind, a record container throughput was recorded in 2021 (5.6 million TEUs) and the decline of 2022 is still not compensated for. The growth in container volume slowed down slightly in the fourth quarter, compared to the previous two quarters, by 21.6% (on the 4Q, 2022). Positive trends was seen in handling containers at the end of the year in all basins, except the Arctic (-10.1%). The growth was 12.1% in the Far Eastern basin, 13.9% – in the Baltic, 30.9% – in the Azov-Black Sea, 35.4% – in the Caspian basin.
As to 2024 outlook, we can expect further growth in cargo traffic at ports as along with launching new terminals (Lavna, Sukhodol, Utrenny, etc.), reaching their projected capacity, with development of access to the ports of the North-West and South, expanding the RZD Eastern operating domain and increasing the performance of Russian container trades.
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