18 April 2022
Q1 2022 Operating 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 2022, 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% |