News

Expert RA Improves DeloPorts Rating Outlook

Stevedore holding DeloPorts (part of Delo Group) received an update of the rating of the Expert RA agency at the ruA level with an improved outlook from neutral to positive. The agency revised the credit rating of the holding considering the updated methodology, operating and financial performance of the holding in the first 6 months of 2020 and positive expectations of operating and financial results in 2020-2021. The agency notes the absence of recourse on DeloPorts debt obligations, positively assessing the company's operational risk profile.

At the end of 2020, the container turnover of DeloPorts (NUTEP terminal) amounted to 487 thousand TEU, a 30% increase compared to 2019 - with a drop in container handling in all ports of the Russian Federation over the same period by 1% and an increase in the Azov-Black Sea basin - by 3%. DeloPorts increased grain handling (KSK terminal) by 43% to 5.1 million tons due to favorable market conditions and the introduction of additional grain storage capacities.

Expert RA emphasizes the importance of DeloPorts investment projects in building up the capacity of container and grain terminals. The commissioning of a deep-water container berth No. 38, which allows servicing vessels up to 10 thousand TEU, the expansion of the storage areas allowed to expand the terminal's throughput capacity to 700 thousand TEU per year. Among the competitive advantages of DeloPorts, the agency notes the construction of a grain deep-water berth No. 40a at the KSK terminal with the ability to simultaneously receive two vessels and the construction of additional silos, which will make it possible to form larger shiploads.

“The agency's positive outlook reflects our expectations for DeloPorts' operating and financial results for the foreseeable future. Successful implementation of investment projects and competent construction of operational interactions allow us to develop and grow faster than the market.

Deep-water container berth No. 38, commissioned in 2019, has already demonstrated its demand among customers. The deep-water grain berth 40a, scheduled for completion in the summer of 2021, will enable us to provide our customers with a new level of service and speed up the handling of large shiploads. The tugboats fleet of SC Delo received the sixth tugboat, which will allow us to speed up the positioning of vessels and handling of cargo within the holding”, - commented Igor Yakovenko, Chief Executive Officer of DeloPorts.