The Russian port company Global Ports, 30 percent of which is currently owned by APM Terminals, can expect a further drop in revenue this year. Drewry has compiled a new analysis, following the company's annual report for 2014, which showed a net loss of USD 193.1 million due to the extreme devaluation of the ruble and the economic crisis in the country, which picked up speed for real last year following the western sanctions against the country.
The macroeconomic risks will remain a challenge for the company this year, where continued low oil prices and sanctions will put pressure on the country's economy. Among other factors, this is why the analyst agency projects a five percent drop in volumes in the two largest terminals in St. Petersburg, which corresponds to a decline in revenue of seven percent.
Already a subscriber? Log in.
Read the whole article
Get 14 days free access.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Ørsted wants Maersk as customer in green methanol project
Energy company Ørsted has just bought 45 percent of Swedish Flagship One, which is set to produce green methanol for the shipping industry as of 2024. Ørsted's head of hydrogen wants Maersk as customer in the large scale project, he tells ShippingWatch.
Flexport's head of Europe to step down
US freight forwarder Flexport will get a new Head of Europe as current Europe chief Jan van Casteren steps down in March.
Singapore names its biggest bunker suppliers
TFG Marine, a bunker company founded by two John Fredriksen-controlled carriers and commodity trader Trafigura, is among the five biggest bunker suppliers in Singapore in 2021. See the list here.
Record number of ships passed through Suez in 2021
Despite the blockage in the Suez Canal during spring of last year, the crucial waterway set a record for the number of ships passing through in 2021, reports Bloomberg. The canal is expected to complete an expansion by the middle of next year.
Norwegian authorities have no objections to Maersk Drilling merger
Merger between Maersk Drilling and Noble Corporation is one step closer following Norwegian authorities' approval.
Key Account Manager, Denmark 
Director of Lederne Søfart 
Sales Director 
Chief Operating Officer 
Investment Analyst