Normalized cargo turnover of NCSP Group (LSE: NCSP, MOEX: NMTP) totaled 84.4 million tons (-21.3%).
Transshipment of liquid cargo was down by 20.6 million tons (-23.4%) to 67.5 million tons. The main drivers of this indicator’s dynamics were a decrease in the volume of transshipment of crude oil (-31.8%, or 19.4 million tons) against the background of the overall decrease in such cargo turnover at Russian ports which was due to the global COVID-related trends and the implementation of the agreement OPEC+ from May 1, 2020 to reduce oil production. Transshipment of light oil products was up by 0.3 million tons (or +1.3%).
Transshipment of dry cargo amounted to 16.9 million tons (-12.1%, or 2.3 million tons), including 5.2 million tons of bulk cargo (+8.8%, or 0.4 million tons). The increase in bulk cargo transshipment partially offset the decline in ferrous metal and cast-iron turnover as their transshipment volume amounted to 7.2 million tons (-17.9%, or 1.6 million tons).
NCSP Group is the largest port operator in Russia by cargo turnover. Its controlling shareholder (62%) is PJSC Transneft.
NCSP Group is traded on Moscow Exchange (NMTP) and London Stock Exchange as global depositary receipts (NCSP). NCSP Group is comprised of PJSC Novorossiysk Commercial Sea Port, Primorsk Trade Port LLC, JSC Novorossiysk Ship Repair Yard, JSC NCSP Fleet, JSC NLE, IPP LLC, Baltic Stevedore Company LLC, and JSC SFP. PJSC NCSP and PJSC Transneft own NCS LLC on a parity basis.
Source: NCSP Group