| 
Shipping & Ports

Global Ports yesterday published 2011 IFRS results and provided an operating update. Consolidated revenues rose 31% y-o-y to $501.3 mln, while strict cost control and operating leverage resulted in total costs rising at a lower rate than revenues - up just 21% to $277.4 mln. As a result, adjusted EBITDA increased 37% to $282 mln, while profitability improved 2 pp to 56%. We update our model, plugging in actual price levels achieved in 2H11 and new forecasts for the container market. This results in a 5% reduction in our target price to $20.58 per GDR, but we retain our BUY recommendation on the stock.

 

A long-term EBRD loan of US$ 100 million to FESCO, one of the leading integrated transportation operators in the Russian market, will fund the first phase modernisation of commercial infrastructure in the port of Vladivostok and other priority logistics projects. The Vladivostok project is vital for expanding freight traffic along international transit routes running through the Russian Far East.

The Ukrainian Ministry of Infrastructure said that traffic through eighteen Ukrainian sea-ports was registered at 63601776.2 tons during January - July 2011, a growth of 3.4 per cent over the same period last year.

In July alone, the ports handled 7283171.2 tons of cargo. Yalta port maintained its leadership among domestic port operators and traffic volume rose by 62 per cent during the period. Similarly volume at Evpatoria port was higher 43.1 per cent, followed by Yuzhny at 36.5 per cent and Reni at 32.6 per cent. Traffic at both the ports of Berdyansk and Nikolaev grew by 13.4 per cent each, while the growth at Kerch port was 5.1 per cent.

Novorossiysk Commercial Sea Port (NCSP) has introduced new rates effective May 1, 2011 for additional services provided at the terminals of the port of Novorossiysk, PortNews reports citing the newsletter of the Group’s Commercial Department. The charge for mooring services will vary from $25 to $1100 per operation, depending on the vessel’s gross tonnage and the port’s cargo area. The rates of the service provided during the evening and night hours and during holidays are increased by 25-100%.
New rates are introduced for other services provided at the port of Novorossiysk (environmental services, drinking water supply and customs clearance services, trucking service, etc.).

While much of Europe is basking in 20 Celcius Spring sunshine there are 38 cargo ships in the eastern part of the Gulf of Finland waiting icebreaker assistance, the Port Authority of Big Port St. Petersburg said.  That's ten less than three days ago. The ships need assistance to Arctic waters as they head topwards nortryhwrn Russian ports.

Rescuers from Vladivostok will start efforts today to re-float the Khrizolitovy refrigerator ship where it grounded off Ofunato port in Japan after being swept up in the tsunami which engulfed northern Japan. The Grif salvage tug of the RIMSCO shipping company is expected to reach the stricken ship today after sailing from its home part of Vladivostok on Monday. 

«StartPrev123NextEnd»
Page 1 of 3