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Global Ports Inv (GLPR)

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Tuesday 19 April, 2022

Global Ports Inv

Q1 2022 Operational Results

RNS Number : 4999I
Global Ports Investments PLC
19 April 2022
 

 

 

For immediate release     19 April 2022

Global Ports Investments PLC

Q1 2022 Operational Results

Global Ports Investments PLC ("Global Ports" or the "Company" and, together with its subsidiaries and joint ventures, the "Group") (LSE ticker: GLPR) today announces its operational results for Q1 2022.

Highlights

● In Q1 2022 the overall Russian container market grew by 1.7% to 1.3 million TEU, as strong growth of the first two months of the year (16.2% y-o-y) was offset by 22% y-o-y market decline in March as a result of global and local geopolitical tensions and significant reduction of vessel calls of key shipping lines to the ports of Russia.

● Global Ports benefits from its strategic position in both key Russian container gateways . Decrease of volumes at the terminals located in the Baltic basin (Q1 2021: -15.8% y-o-y) was partially offset by 29.7% growth of throughput at VSC. As a result, consolidated marine container throughput declined by 2.0% in Q1 2022.

● The Group's Consolidated Marine Bulk Throughput decreased by 62.3 % y-o-y to 0.47 million tonnes in Q1 20 22, caused mainly by coal handling termination at VSC in Q3 2021.

● Heavy Ro-ro and car handling declined in 1Q 2022 by 28.8% and 35.3% respectively following the decision of certain clients to suspend vessel calls to ports of Russia.

 

Outlook  

Although 2021 has been a successful year for the Group and the Group experienced 20% volume growth in throughput in the first two months of 2022, the current geopolitical situation has the potential to affect operations of the Group and its financial position rather   adversely.

 

The market outlook for 2022 in the Baltic basin is well below 2021, while Far Eastern market is expected to be more stable.

 



Q1 2022

Q1 2021

Change


Abs

%

Global Ports Consolidated Results







Consolidated Marine Container Throughput (kTEU)


363

371

-8

-2.0%

FCT


130

157

-27

-17.4%

PLP


82

93

-11

-12.3%

VSC


146

112

33

29.7%

ULCT


6

8

-2

-25.2%

Non-containerised cargo






Ro-ro (thousand units)


4.3

6.1

-2

-28.8%

Cars (thousand units)


18.4

28.6

-10

-35.5%

Bulk cargo (thousand tonnes)


475

1,259

-784

-62.3%







Joint ventures







Containerised cargo, kTEU






Finnish Ports


26.9

20.1

6.8

33.6%

Yanino (inland terminal)


22.4

17.5

4.8

27.5%

Bulk cargo throughput, thousand tonnes

Moby Dik


68.8

52.5

16.3

31.0%

Yanino


80.3

85.2

-4.9

-5.7%







Russian Container Market, kTEU







Total Market


1,309

1,287

22

1.7%

Baltics (incl. Kaliningrad)


518

607

-89

-14.6%

-incl terminals of Saint-Petersburg and area


445

508

-63

-12.3%

Northern Ports


43

37

6

16.7%

South


233

240

-7

-2.8%

Far East


515

404

112

27.6%

 

 

ENQUIRIES

NOTES TO EDITORS

Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container throughput.[1]

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[2] and Moby Dik[3] in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland[4] (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminal Yanino Logistics Park[5] located in the vicinity of St. Petersburg.

Global Ports' revenue for 2021 was USD 502.8 million and Adjusted EBITDA was USD 246.2 million. Consolidated Marine Container Throughput was 1,576 thousand TEUs in 2021 .

Global Ports' major shareholders are Delo Group, the largest intermodal container and port operator in Russia[6] (30.75%), and APM Terminals B.V.[7] (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 76 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 (LSE ticker: GLPR).

For more information please see: www.globalports.com

LEGAL DISCLAIMER

Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of Global Ports. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might" or the negative of such terms or other similar expressions. Any forward-looking statement is based on information available to Global Ports as of the date of the statement and, other than in accordance with its legal or regulatory obligations, Global Ports does not intend or undertake to update or revise these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements involve known and unknown risks and Global Ports wishes to caution you that these statements are only predictions, and that actual events or results may differ materially from what is expressed or implied by these statements. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Global Ports, including, among others, general political and economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries Global Ports operates in, as well as many other risks related to Global Ports and its operations. All written or oral forward-looking statements attributable to Global Ports are qualified by this caution.



[1]   Company estimates based on 2021 throughput and the information published by the "ASOP".

[2] In which Eurogate currently has a 20% effective ownership interest.

[3] Joint venture in which CMA Terminals currently has a 25% effective ownership interest.

[4] Joint ventures in each of which CMA Terminals currently has a 25% effective ownership interest.

[5] Joint venture in which CMA Terminals currently has a 25% effective ownership interest.

[6] According to publicly available data at   www.delo-group.com .

[7] On 11th of March 2022 APM Terminals announced its intention to commence a process to divest its shareholding in the Company. Please see the press release dated 11 March 2022 on www.globalports.com

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