Trouble could rub out potential

Less than a year ago Roy Cummins of Global Ports pointed out Russia’s enormous potential: “Containerisation is measured per capita. The EU has a containerisation per capita of 168, while Russia has a mere 41,” he told press in support of the company’s decision to buy out its competitor NCC last year.

While 2013 saw the Russian box market grow by around 5% in total, much of this remains centred on the capital and the Baltic. But other possibilities – until recently – may have been tempting to the operator. Russia’s northern, Baltic access is dogged by ice and it seemed that Global and its co-shareholder APM Terminals could be looking south toward the Black Sea; the company’s original deal with NCC included a three-year option on half of the Illichevisk Container Terminal, priced at $60m.

However, ICT is located in the Ukraine, and thus in one of the turmoil-struck areas. A Global insider recently admitted that all was up in the air: “Unfortunately the situation in Ukraine is changing unpredictably. Today any words would be only a speculation.”