BNE: NCSP reported neutral operating results for 8M 11, which should have no impact on the stock price
Novorossiysk Commercial Sea Port (NCSP) saw 8M 11 cargo turnover
down by 1.4% y-o-y to 103.6mn tonnes. The company underperformed
Russian Seaports, which reported only a 0.4% y-o-y decline on cargo
turnover for the same period, but outperformed Black Sea Basin
Ports, which reported a 4.4% y-o-y decline.
Cargo turnover. NCSP's August cargo turnover figure was flat y-o-y,
as the 19% y-o-y decline in general cargo and 0.7% y-o-y decline in
liquid cargo were offset by an 18% increase in bulk cargo and a
3.8% y-o-y increases in containers. General cargo turnover fell on
a decline in supply due to the ongoing conflicts in the Middle East
and North Africa. Bulk cargo was up on a 87% y-o-y increase in
grain turnover to 989,000 tonnes, which was an all-time record for
the port. The strong grain turnover followed the end of the grain
embargo in July combined with high yields this year.
Containers. The container segment grew by 39% y-o-y for 8M 11,
outperforming Russian Seaports container output, which rose by 24%
y-o-y over the same period. At the same time, in August container
turnover slowed in y-o-y terms and fell m-o-m, likely due to
seasonal factors.
Overall, the results are neutral in our view and we expect no
impact on the stock price.
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