Global Ports Investments has announced that one of its two 30.75% stakeholders Transportation Investments Holding Limited (N-Trans) has entered into an agreement to sell its entire stake in the business to fellow Russian company Delo, one of the largest private transportation and logistics holding companies in Russia, with its major assets in the container, grain, tugboat and bunkering services in Russia’s largest sea port, Novorossiysk in the Black Sea Basin.

The agreement remains subject to various conditions, including antitrust clearances and other customary arrangements. Subject to satisfaction of the above conditions, the sale is expected to complete by end of April 2018.

Global Ports Management CEO Mikhail Loganov commented: “We are delighted to welcome Delo as our potential strategic shareholder. Delo has an impressive track record in the Russian port industry and operates in the Black Sea Basin where Global Ports is not currently represented.”

Sergey Shishkarev, President and the owner of Delo Group commented: “We did not hesitate a second when taking the decision to enter the transaction. We highly rate the potential of our cooperation with Global Ports, will apply our rich experience in transportation industry and will take maximum effort to strengthen the Company in the markets in which it is active. We are very much aligned with the group’s current strategy and governance structure.”

Global Ports is co-owned  by APM Terminals and TIHL with 30.75% each and most of the remaining shares are traded as global depositary receipts on the LSE. Global Ports incorporates all the Russian and Finnish assets of the former N-trans and NCC port operating companies less now Logistika inland terminal (sold to Transcontainer earlier this year).

Global Ports’ consolidated marine terminal container traffic was up 2.2% year-on-year in H1 2017 at 587,000 TEU.