N-Trans invests in Global Ports to fund acquisition

According to Russian business daily Kommersant (23 October 2012) , N-Trans plans to invest the USD 200 million in proceeds from the recent Globaltrans SPO in Global Ports, which has in turn announced the acquisition of 25 per cent of Vostochnya Stevedoring Company at Vostochny from Dubai port operator DP World for USD 230 million, thereby raising its interest to 100 per cent. Eastern Stevedore Company is the largest container terminal in Russia’s Far East with a throughput capacity of 550,000 TEU.

The relatively high price for the interest is due to the company’s growth potential, in particular the ability to quadruple its throughput capacity, according to claims from Global Ports. While Vostochnaya Stevedoring Company posted an 18 per cent increase in container output in the first half of 2012,  such growth in capacity will be contingent on a significant increase in demand, which is unlikely for the time being owing to the current state of the global economy.

 

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