Global Ports to invest US$139 million in Baltic and Far East terminals

RUSSIA's Global Ports Investments intends to spend US$139 million on container terminals in the Baltic and the Far East, involving major upgrades of its Petrolesport (PLP) facilities in St Petersburg.

APM Terminals earlier this year made an $840 million investment for a 37.5 per cent stake in the London-listed company that handles 30 per cent of Russia's maritime box throughput.

Global Ports will spend $120 million in St Petersburg and on the Vostochnay Stevedoring Co (VSC), which owns the Russian Far East Container Terminal after Dubai's DP World sold its 25 per cent stake for $230 million.

"This investment has allowed the company to create sufficient reserve capacity to accommodate expected new container volumes without significant additional investment in 2013," said Global Ports chairman Nikita Mishin, reported Lloyd's Loading List. "Therefore, in the coming year we will be able to focus on investment in other areas of operations while laying foundations for the next phase of container capacity development."

The investment includes groundwork for the next phase of container capacity expansion, including internal road and rail facilities as well as other infrastructure.

There will also be further upgrading in ro-ro at the car handling terminal, driven by "strong client demand", evidenced by a 73 per cent utilisation rate, during the first six months of the year.