Friday , 20 September 2019
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Petrolesport OJSC and JSC Sea Port of Saint-Petersburg, the two largest handling enterprises at the port of St Petersburg (Russia), have adjusted their profit outlook. The move is connected to the stagnating maritime shipping market and growing competition. It is expected that earnings for the two companies are set to sink even further in future.

Port services market stagnating in Russia

The January-September 2013 period, net profit of JSC Sea Port of Saint-Petersburg, owned by Vladimir Lisins’ UCL Holding, was 19% below that recorded for the same nine months in 2012.  The situation at Petrolesport OJSC was worse, as its earnings plummeted by 60% over the same period.

At the same time Petrolesport announced that it wants to invest US$1bn in a fundamental reconstruction and extension of its port sector over the next ten years.