Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
ICT
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automation
Automated EquipmentGate AutomationRemote ControlProcess Automation
Multimodal
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Refrigeration
Operations/TransportContainer leasingEquipmentM&R/Storage
Breakbulk
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
Environment
Business
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles


register  or  login  for full access to online news

Transneft gains control over Russia’s largest port operating group

Transneft, Russia’s state-owned oil company, states that it has increased its stake in Russia’s biggest port operator Novorossiysk Commercial Seaport (NMTP) by 25%, to 60.62%

Linked InTwitterFacebookeCard

The remaining shares are held by Russia’s Federal Property Agency (20%) and other minority holders.

 

To achieve this situation, Transneft has acquired a 50% stake in Novoport Holding (NH), a Cyprus-registered company that controls 50.12% of NMTP, from its former partner, Summa group, owned by the still-imprisoned-without-trial Ziyavudin Magomedov.

 

Thus Transneft now owns 100% of NH and 50.12% of NMTP. In addition, as affiliated Transneft-Service holds 10.5% in NMTP, its overall stake is 60.62%.

 

According to Transneft, it has financed the US$750M purchase from borrowed funds - it took out a large loan from Russia’s Sberbank at the beginning of 2018.

 

In addition to Novorossiysk port itself, NMTP group also comprises NovorosLesExport (NLE), Novorossiysk Grain Terminal, Novorossiysk Ship Repairing Yard, NMTP Fleet, Baltic Stevedoring Company, Primorsk Commercial Seaport and some other minor operations

 

During H1 2018, NMTP’s net profits decreased by 43% year on year to US$140.3M, while revenues increased by 7% to US$480.5M. Last year, the group handled 143.5 Mt of various cargoes compared with 146.9 Mt in 2016.

 

Since Ziyavudin Magomedov’s detention began on 31 March, the future of Summa’s assets and would-be alliances has been a topic of market gossip. Two years ago Transneft’s Board Chairman and President Nikolay Tokarev indicated a possible withdrawal from NMTP, but the situation has changed entirely. FAS’ head Igor Artemyev suggested Rosneft should acquire interest in buying Summa’s stake in NMTP to prevent Transneft taking control.

 

Now, as the transaction has been finally completed, Summa has expressed satisfaction with its eight-year-long cooperation with Transneft, as well as the deal results. While the threat of confiscation of all Ziyavudin Magomedov’s property by the court remains, it is believed that the bargain has been struck by authorised representatives of the detained billionaire.

 

 

Linked InTwitterFacebookeCard

You may also be interested in...

ZPMC moves in

Bunking up the logs for easy moves

Pulp facts to the fore in Montevideo

Hyster clamps up on reel handling

Sizing up the breakbulk market

Getting on the intermodal track

Related Stories

Kalmar scoops PEMA eco award

Kalmar, part of Cargotec, has been awarded first place in the PEMA Innovation Aw...

Stockholm up for international communications award

Ports of Stockholm AB has been nominated for the European Sea Ports Organisation...

Kloosterboer gets colder in Canada

Dutch-based cold chain specialist Kloosterboer has acquired Fundy Stevedoring, I...

People on the move – surprise change of CEO at Konecranes

New President for ECSA; Panu Routila leaves Konecranes; new investor relations D...
Linked In
Twitter