News

Q4 and 12M 2025 Operational Results

International Joint-Stock Company Global Ports Investments (‘Global Ports’ or the ‘Company’, together with its subsidiaries and joint ventures – the ‘Holding’, part of the Delo Group) today announces its operational results for Q4 and 12M 2025.

By the end of 2025, the Russian marine container market decreased by 4.9% y-o-y and amounted to 5,350 thousand TEU. While laden export volumes remained at 2024 levels, a decline in containerised import led to a decrease in overall market volumes. The market decline in Q4 2025 was 9.5% y-o-y.

In 2025, the Baltic and Azov-Black Sea basins (growth of 4.7% y-o-y and 4.1% y-o-y, respectively) continued to regain market share, outpacing the growth rates of container terminals in the Far East (-12.9% y-o-y).

In 2025, the dynamics of consolidated container throughput of the Global Ports’ marine terminals was better than the market. The Holding's marine container throughput decreased by 4.4% y-o-y to 1,101 thousand TEU over the year.

In the Baltic basin, the Holding continued to outpace the market in terms of growth rates. Container throughput at Global Ports’ marine terminals in the Northwest Russia increased by 13.2% y-o-y in 2025 (against growth in the region by 4.7% y-o-y).

Global Ports' consolidated marine non-containerised cargo throughput continued to grow and amounted to 6.7 million tonnes in 2025 (+1.1% y-o-y). The Holding continues to increase fertiliser throughput at its marine terminals in the Baltic basin (+19.8% y-o-y in 2025), gradually reducing less-marginal coal handling (-46.2% y-o-y over the same period).

Management comment:

Container market dynamics in 2025 was highly uneven across basins and segments, so in this situation Global Ports focused on the quality and reliability of our service. Along with the presence of our terminals in several basins, this allowed us to outperform the market.

We are consistently increasing the non-containerised cargo throughput, primarily fertilisers, while gradually transitioning away from handling lower-margin coal. Timely investments in this segment and a focus on customers needs enabled us to increase fertiliser throughput by 19.8%, ensuring terminal utilisation and revenue diversification.

While we believe in the long-term potential of the marine container market in Russia, we currently do not see any signs of tangible recovery.

Key operational information:

Rounding adjustments have been made to calculate some of the operational information included in this release. As a result, numerical figures and percentages shown as totals in some tables may not be exact arithmetic aggregations.

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