NCSP Group posts loss as revenues drop 8.2% in 2015

The Russian port operator and stevedoring company posted a net loss of $83.4 million on revenues of $877.2 million for 2015.    The Novorossiysk Commercial Sea Port (NCSP) Group, a Russian port operator and stevedoring company, posted a net loss of $83.4 million for 2015, compared to a net loss of $414.7 million for 2015.
   Revenues fell 8.2 percent year-over-year to $877.2 million, NCSP said.
   Meanwhile, cargo volumes increased 6.5 percent from 2014 to 139.7 million metric tons, representing the best growth rate for the last seven years, according to NCSP CEO Sultan Batov. Growth in cargo volumes was largely driven by the transshipment equipment modernization program implemented over the last two years.
   Overall, NCSP Group’s market share in 2015 amounted to 20.6 percent of total cargo turnover at Russian seaports, including 29.6 percent of liquid cargo and 10.1 percent of dry cargo, according to the Association of Commercial Seaports.
   The NCSP Group, which comprises specialized stevedoring companies working at ports in the Azov-Black Sea and Baltic basins, operates the Port of Novorossiysk on the Black Sea, the Port of Primorsk on the Baltic Sea and the Port of Baltiysk in Kaliningrad, Russia.