Novorossiysk volume down 2.6pc, but containers up 80pc

RUSSIAN port operator Novorossiysk Commercial Sea Port has seen its first half profit soar 21 per cent compared to the same period a year ago despite falling cargo volumes.

Net profit increased to US$155.5 million in the six months to June 30 from $128.9 million in the year earlier period on a 4.2 per cent rise in revenue to $348.2 million, reports Newark's Journal of Commerce.

But the company, which operates the Black Sea port said overall cargo volume declined 2.6 per cent in the first half to 42.2 million tons, yet stevedoring revenue grew 6.9 per cent to $273.7 million because of higher volumes of containers, timber and minerals.

Traffic fell 1.7 per cent in the first eight months of the year to 57.1 million tons, however, container shipments soared by more than 80 per cent to 284,300 TEU compared to the same period last year.

The report added that Novorossiysk, which is listed on the London stock exchange, plans to sell a controlling stake to Russia's state oil pipeline monopoly Transneft and its partner Summa Capital.

The company will acquire all of Primorsk Commercial Port, operator of Russia's largest oil export terminal, before Transneft takes control.

The Russian government also said it is ready to sell its 20 per cent stake in Novorossiysk.
(Source:www.schednet.com)