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26 Jun 2008 13:29
Press Release
Novorossiysk Commercial Sea Port Launches New Grain Terminal
June 26, 2008
Novorossiysk Commercial Sea Port (RTS: NMTP, MICEX: NMTP, LSE: NCSP) (NCSP) announces operational launch of the Novorossiysk Grain Terminal for shipment of grain and oilseeds with an annual capacity of 4 mln tons.
Trial cargo shipments at the terminal began in August 2007. At present, NZT (subsidiary of NCSP) received ownership certificates, operation permit from the Novorossiysk municipal architectural board, and findings of the Federal Service for Ecological, Technological and Atomic Inspection (Rostechnadzor) under the final checking procedure act.
Total volume of project investments amounted to $82.6 mln. General contractor appointed for construction of the terminal was the East Point Holding constructing company.
Novorossiysk grain terminal conforms to the high standards of environmental safety, material and software rates, which secures full automation of technological processes.
Igor Vilinov, CEO of NCSP, said: "The Novorossiysk grain terminal will become the fastest shipment complex in Russia, equipped with cutting-edge grain shipment technology. The launch of a modern complex that conforms to international standards will allow port to increase transshipment amounts and secure NCSP`s leading positions in the transshipment of this cargo. It will also allow cargo owners that carry out their export transactions through NCSP to significantly cut down their freight expenses. For instance, the loading of a PANAMAX-class vessel will now take 72 hours instead of an average 120 hours".
Amongst the largest grain traders operating at NCSP are Russian and European companies like International grain company, AGRIKO TRADE & FINANCE S.A., Rosinteragroservice, BUNGE and VALARS. The launch of the Novorossiysk grain terminal is part of NCSP's investment program aimed at enhancement of shipment capacity with a focus on highly remunerative cargoes.
NCSP Novorossiysk Commercial Sea Port (NCSP) is Russia's largest sea port operator by cargo turnover, according to Association of Sea Ports. NCSP`s total cargo turnover in 2007 amounted to 79,4 mln. tons, according to consolidated results. NCSP is listed on London Stock Exchange and Russian stock exchanges RTS and MICEX. In 2007 NCSP had revenues of $483,4 mln. with EBITDA of $227,9 mln. and net profit of $93,7 mln. (consolidated results).
NCSP is the largest stevedore company of port Novorossiysk, a multi-purpose deep-water port complex located on the Black Sea, which provides year-round navigation. The port is a key Southern gateway for import and export of a wide range of cargoes (including oil, oil products, timber, grain, fertilizers, ferrous metals, containers, automobiles and general cargo). In 2007 NCSP has transshipped about 96% of all port Novorossiysk cargo.
NCSP owns the following stevedore companies: NZT Grain Terminal, NSRZ Ship Repair Yard, NCSP Fleet, NLE Timber & Container Terminal, IPP, Baltic Stevedore Co.
For further information:
Tel.: + 7 (495) 783-5434
IR@nmtp.info
PR@nmtp.info
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