Boston, MA -- (ReleaseWire) -- 05/02/2014 -- Russia's two bellwethers, the port of St Petersburg, Russia's main box facility, and the port of Novorossiysk, one of the country's largest ports in terms of total throughout, are set to hold their respective positions in Russia's maritime sector in 2014, with freight volumes forecast to increase. Although we expect Russia's consumer story to remain attractive over the next few years, helping container throughput growth at the country's ports, economic growth will be modest in 2014 and 2015 as the main driver of growth over the past decade - household consumption - continues to weaken.
St Petersburg, having fully recovered its total throughput in 2011, lost momentum over 2012-2013. It is, however, expected to post a year of moderate growth both in tonnage and containers in 2014, while Novorossiysk's growth also will not be stellar.
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Over the medium term we project further growth at both the port of Novorossiysk and the port of St Petersburg both in terms of tonnage and box throughput.
Headline Industry Data
- 2014 port of St Petersburg tonnage throughput forecast to grow 1%, over the medium term we project a 10% increase.
- 2014 port of St Petersburg container throughput forecast to grow 3%, over the medium term we project a 13% increase.
- 2014 total trade growth forecast at 4.65%.
Key Industry Trends
GPI Corners Russian Container Market with NCC Takeover: The completion of the acquisition of the National Container Company (NCC) by Global Ports Investment (GPI) is a strong strategic move on the latter's part. The acquisition will enable GPI to expand its foothold in the Baltic container market, and allow it to corner the majority of all box traffic in West Russia. Moreover, we believe that this development will result in greater operational efficiency across the enlarged company as terminal networks and routes can be rationalised, resulting in lower costs, higher productivity and a more attractive overall package for container lines.
FESCO's Japan Focus Will Boost Vladivostok Traffic: Russia-based Far East Shipping Company (FESCO)'s talks with its Japanese customers highlight the company's focus on Asia trade. FESCO operates at Russia's Far Eastern port of Vladivostok, which is a gateway for Asian goods into Russia and the wider European region, and if FESCO's efforts to boost ties with Japan pay off, we expect the stellar container throughput growth already witnessed between 2008 and 2012 at Vladivostok to continue over the medium term.
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