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Russia's Global Ports down big-time in 2015

Partially APM Terminals-owned Global Ports in Russia has lost close to one third of its revenue in the wake of the challenging economic conditions in the country. Continued devaluation of the ruble helped the company keep its costs in check.

Photo: Global Ports PR

A highly challenged Global Ports - in which Maersk's APM Terminals owns a 30.75 percent stake - published its annual report 2015 on Friday. Revenue took a big dive of 27.9 percent down to USD 405.7 million against USD 562.4 million in 2014.

The result, adjusted for impairments, improved significantly and came to USD 13 million after depreciations, compared to a 2014 deficit of USD 197.3 million. The global geopolitical situation, with the trade sanctions against Russia, put a damper on activities at the group's five terminals, four of which are located by the Baltic Sea.

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