Q4 and 12M 2024 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 2024.
In Q4 2024, the growth rate of the Russian marine container market accelerated to 18.6% y-o-y compared to the previous quarter. As a result, in the reported quarter total container throughput at Russian marine terminals amounted to 1,466 thousand TEU, that is the record high quarterly figure in the entire history of the Russian market. In 2024, the market increased by 14.1% y-o-y and reached 5,389 thousand TEU, that is comparable to the level of 2021.
Among the sea basins, the Baltic basin remained the leader in terms of growth rates in Q4 and throughout 2024 with container throughput growing by 17.7% y-o-y and 34.4% y-o-y, respectively. The growth rate of container throughput in the Far East basin in 2024 slowed down to 5.0% y-o-y, however the Far East remains the leader in the Russian container market in absolute values. Container throughput at marine terminals in the South Russia (Azov-Black Sea and Caspian basins) increased by 6.3% y-o-y over 12 months of 2024.
In Q4 2024, consolidated container throughput of Global Ports’ marine terminals amounted to 299 thousand TEU (+13.4% y-o-y), that is the record high quarterly result since 2021. Over the 12 months of 2024, the Holding’s marine terminals significantly outperformed the market in terms of growth rates and handled 1,152 thousand TEU, that is 27.1% higher than in 12M 2023.
Since the beginning of 2024, the growth rate of Global Ports’ consolidated container throughput exceeds the market growth rate due to the favourable positioning of the Holding in the Baltic basin. Global Ports’ terminals in the Baltics are actively increasing container handling in both export and import directions, as well as cabotage shipments. In 2024, container throughput at the Company’s marine terminals in the Baltics increased to 650 thousand TEU, that is 2.2 times higher than in 2023.
The Holding continues to increase handling of non-containerised cargo: in 12M 2024, growth rate of bulk cargo throughput was 2.6% y-o-y and in absolute values bulk cargo throughput at Global Ports’ marine terminals reached the record level of 6.6 million tonnes. 2024 was marked by an increase in higher-margin mineral fertilizer throughput due to a gradual decrease in coal handling. As a result, the Holding’s marine terminals reduced coal handling by 15.7% y-o-y, while increasing other non-containerised cargo throughput by 17.0% y-o-y.
Management comment:
In 2024, Global Ports strengthened its leading position in the actively recovering Russian container market. We grew faster than the market not only due to the beneficial geographical location of our diversified network of multifunctional terminals, but also due to our forehanded investments in equipment and the quality of our service. We achieved another record in non-containerised cargo throughput, but not only volumes were in our focus. We also worked on profitability, actively increasing mineral fertilizer throughput by gradually reducing coal handling.
In 2025, the market has all the prerequisites for continued growth, and we intend to do our best to grow faster than the market.
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.
| Q4 2024 | Q4 2023 | Diff. y-o-y | 12М 2024 | 12М 2023 | Diff. y-o-y | ||
|---|---|---|---|---|---|---|---|
| Global Ports consolidated results | |||||||
| Consolidated marine container throughput (thousand TEU) | 299 | 264 | 13.4% | 1,152 | 907 | 27.1% | |
| Baltic terminals | 168 | 125 | 34.7% | 650 | 293 | 122.0% | |
| Far East terminal | 131 | 139 | -5.8% | 502 | 614 | -18.2% | |
| Consolidated marine non-containerised cargo throughput (thousand tonnes) | 1,571 | 1,647 | -4.6% | 6,594 | 6,428 | 2.6% | |
| Ro-Ro (thousand units) | 0.4 | 0.5 | -30.8% | 1.4 | 2.5 | -46.6% | |
| Coal and coke (thousand tonnes) | 436 | 743 | -41.3% | 2,388 | 2,834 | -15.7% | |
| Other non-containerised cargo (thousand tonnes) | 1,135 | 904 | 25.5% | 4,206 | 3,595 | 17.0% | |
| Yanino (inland terminal) | |||||||
| Container throughput (thousand TEU) | 15 | 12 | 19.8% | 57 | 43 | 34.3% | |
| Non-containerised cargo throughput (thousand tonnes) | 24 | 50 | -51.5% | 105 | 120 | -12.0% | |
| Russian container market (thousand TEU) | |||||||
| Total market | 1,466 | 1,236 | 18.6% | 5,389 | 4,723 | 14.1% | |
| Baltic basin (incl. Kaliningrad) | 436 | 370 | 17.7% | 1,635 | 1,216 | 34.4% | |
| -incl. terminals of St. Petersburg | 362 | 317 | 14.2% | 1,374 | 1,047 | 31.3% | |
| Northern ports | 88 | 46 | 91.7% | 229 | 162 | 41.0% | |
| South ports | 283 | 257 | 10.5% | 1,075 | 1,011 | 6.3% | |
| Far East basin | 658 | 563 | 16.9% | 2,450 | 2,333 | 5.0% |
NOTES TO EDITORS
Global Ports is the leading operator of container terminals in the Russian market in terms of capacity and container throughput.1 Global Ports operates 5 (five) container terminals in the Russian Baltics and Far East, and 2 (two) container terminals in Europe. Global Ports also owns inland container terminal located in the vicinity of St. Petersburg. Global Ports’ Consolidated Marine Container Throughput was 1,152 thousand TEU in 2024. Global Ports’ major shareholder is Delo Group, the largest Russian transport and logistics holding company, which owns and manages a network of marine and inland railway container terminals, a fleet of container flatcars, containers, and fitting platforms, as well as its own fleet of vessels.
Additional information about Global Ports can be found on the Company’s official website, as well as in the official telegram channel of the Delo Group.
LEGAL DISCLAIMER
Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of Global Ports. You can identify forward-looking statements by terms such as “expect”, “believe”, “anticipate”, “estimate”, “intend”, “will”, “could,” “may” or “might” or the negative of such terms or other similar expressions. Any forward-looking statement is based on information available to Global Ports as of the date of the statement and, other than in accordance with its legal or regulatory obligations, Global Ports does not intend or undertake to update or revise these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements involve known and unknown risks and Global Ports wishes to caution you that these statements are only predictions, and that actual events or results may differ materially from what is expressed or implied by these statements. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Global Ports, including, among others, general political and economic conditions, the competitive environment, risks associated with operating in Russia and market change in the industries Global Ports operates in, as well as many other risks related to Global Ports and its operations. All written or oral forward-looking statements attributable to Global Ports are qualified by this caution.
1 Company estimates based on FY 2024 throughput and the information published by the ASOP.