Global Ports Investments' first half revenue was 23.6% lower than a year ago at US$163.7 million while adjusted EBITDA declined 27.3% to US$111.5 million* mainly due to lower container throughput.
The group said the Russian container market turned from negative in the first quarter (-5% y-o-y) to positive in the second quarter (+1% y-o-y) after 7 consecutive quarters of decline. This resulted in a 2% year-on-year decline overall in the first half.
Total container throughput in the Russian container market for the first half was 1,876 thousand TEU.
The group's gross marine container throughput in Russia declined 22% to 647 thousand TEU in the six months ended 30 June 2016 compared to 834 thousand TEU in the six months ended 30 June 2015.
The decline in throughput was largely driven by the decline in overall market volumes, as well as the Group's disciplined commercial strategy and increased competition, which resulted in a reduction in market share in the second half of 2015.
In order to improve the utilisation of the available space at its terminals, the Group continued to focus on increasing bulk cargo volumes in the first half of 2016.
As a result, the handling of bulk cargo at marine terminals in the six months ended 30 June 2016 increased by 414 thousand tonnes, or 79%, to 939 thousand tonnes, compared to 525 thousand tonnes in the six months ended 30 June 2015.
Container cargo throughput at the group's inland terminals increased in the six months ended 30 June 2016 by 58% year on year to 142 thousand TEU, due to ongoing containerisation in Russia and the Group's efforts to attract container volumes for exporting cargoes out of Russia.