News

Global Ports Investments PLC Q3 and 9m 2021 Operational 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 Q3 2021 and 9m 2021 to 30 September 2021.

Highlights

• Strong market growth continued in Q3 2021 as the overall Russian container market grew by 9.0% to 1.32 million TEU, driven by both the accelerating growth of full containerised import (+9.2% y- o-y) and the continued growth of containerised export (+13.9% y-o-y).

• In Q3 2021 market growth continued to be concentrated in the Far Eastern basin (Q3 2021: +13.4% y-o-y) and the Southern basin (Q3 2021: +8.0% y-o-y), while combined throughput of terminals located in Saint Petersburg and the surrounding area demonstrated a slight decline of 1.5% y-o-y compared to Q3 2020.

• As a result of the strong growth seen in Q3 2021 the growth of the Russian container market accelerated to 8.0% y-o-y for the 9m of 2021 with throughput at the Far Eastern terminals increasing by 14.2% y-o-y, Southern terminals increasing by 8.8% y-o-y, while combined throughput of terminals located in Saint Petersburg and the surrounding area declined for the first nine months of 2021 by 3.3% y-o-y.

• The Group successfully continued to improve its market share position in Q3 2021 in both the rapidly growing Far Eastern basin as well as Saint Petersburg and the surrounding area. Throughput at VSC boosted the Far East’s performance by 22.9% y-o-y in Q3 2021 and 19.6% in 9m 2021 (outperforming the Russian Far East market increase of +13.4% y-o-y and 14.2% y-o-y in Q3 2021 and 9m 2021, respectively). Meanwhile, the throughput of terminals in the Baltic Basin grew by 1.9% y-o-y in Q3 2021 (compared to a regional market decline of 1.5% y-o-y) and declined only by 2.2% y-o-y over 9m 2021 (compared to a regional market decline of 3.3% y-o-y.)

• In total, the Group’s Consolidated Marine Container Throughput increased by 8.4% y-o-y in Q3 2021 to 401 thousand TEUs and increased by 4.0% y-o-y in 9m 2021 to 1,190 thousand TEUs.

• As previously announced, VSC ceased coal handling in September 2021 enabling the terminal to concentrate on the Group’s core strategic operations of driving container volumes and decreasing its environmental impact. As a result, the Group’s Consolidated Marine Bulk Throughput decreased by 36.1% y-o-y to 0.94 million tonnes in Q3 2021 and by 3% y-o-y to 3.56 million tonnes in 9m 2021.

• Heavy Ro-ro handling demonstrated a continued recovery in Q3 2021 with an 11.5% y-o-y growth to 6.0 thousand units. Car handling was also strong in Q3 2021 with a 50.2% growth to 27.8 thousand units.

Albert Likholet, CEO of Global Ports Management, commented:

“The Russian container market remains strong across all segments. In the third quarter, we were encouraged not only by strong import volumes but also by the acceleration of full export growth to almost 14%. Our large well-equipped terminals with strong railway connections in the North West are well prepared for such containerised export growth acceleration.

Our immediate operational focus is on VSC, which this September operated under an environment of exceptionally high and rapidly changing demand dynamics whilst undergoing the transition back to a 100% container dedicated facility with advanced terminal operating software. We believe that we are

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firmly on track to offer our clients the same high level of service as we provide in North West that has enabled us to consistently improve our market position over the last several years.”

	Q3 2021	Q3 2020	Change		9M 2021	9M 2020	Change
			Abs	%			Abs	%
Global Ports Consolidated Results
Consolidated Marine Container Throughput (kTEU)	401	370	31	8.4%	1,190	1,144	46	4.0%
FCT	153	163	-10	-6.1%	474	484	-10	-2.1%
PLP	99	79	20	24.9%	301	292	9	3.1%
VSC	142	116	26	22.9%	392	328	64	19.6%
ULCT	8	13	-5	-38.5%	23	40	-17	-42.5%
Non-containerised cargo
Ro-ro (thousand units)	6.0	5.4	0.6	11.5%	18.6	14.3	4.4	30.7%
Cars (thousand units)	27.8	18.5	9.3	50.2%	82.4	52.2	30.2	57.9%
Bulk cargo (thousand tonnes)	940	1,471	- 531	-36.1%	3,565	3,675	- 111	-3.0%
Joint ventures
Containerised cargo, kTEU
Finnish Ports	16.5	23.4	-6.9	-29.4%	56.4	75.4	- 19.1	-25.3%
Yanino (inland terminal)	24.4	21.3	3.1	14.7%	63.8	67.0	-3.3	-4.9%
Bulk cargo throughput, thousand tonnes
Moby Dik	75.6	62.1	13.5	21.8%	217.5	179.7	37.8	21.0%
Yanino	80.0	64.9	15.1	23.2%	259.4	207.0	52.4	25.3%
Russian Container Market, kTEU
Total Market	1,321	1,212	109	9.0%	3,990	3,693	297	8.0%
Baltics (incl. Kaliningrad)	616	577	40	6.9%	1,875	1,794	81	4.5%
-incl terminals of Saint- Petersburg and area	502	509	-8	-1.5%	1,554	1,608	-54	-3.3%
Northern Ports	40	42	-2	-4.8%	108	114	-7	-5.8%
South	168	156	12	8.0%	623	572	50	8.8%
Far East	497	438	59	13.4%	1,385	1,213	172	14.2%

Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container throughput.¹

Global Ports’ terminals are located in the Baltic and Far East Basins, key regions for foreign Russian trade and transit cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal² and Moby Dik³ in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland⁴ (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminal Yanino Logistics Park⁵ located in the vicinity of St. Petersburg.

Global Ports’ revenue for the first half 2021 was USD 229.8 million and Adjusted EBITDA was USD

113.8 million. Consolidated Marine Container Throughput was 789 thousand TEU in the first half of 2021.

Global Ports’ major shareholders are Delo Group, the largest intermodal container and port operator in Russia⁶ (30.75%), and APM Terminals B.V. (30.75%), whose core expertise is the design, construction, management and operation of ports, terminals and inland services. APM Terminals operate a terminal network of 75 terminals globally. 20.5% of Global Ports shares are traded in the form of global depositary receipts listed on the Main Market of the London Stock Exchange (LSE ticker: GLPR).

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