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FSUE “Rosmorport” summarizes its activities for the 1st half of 2020

The results of FSUE “Rosmorport” activities for the first half of the year and the forecast of the annual results of 2020 were discussed at a meeting of the senior management and directors of FSUE Rosmorport branches, which took place on August 5, 2020 in Moscow.

The General Director of FSUE “Rosmorport” Andrei Lavrishchev thanked the corporate and branch teams for their work during the difficult period of COVID-19 spread. The head of the enterprise says: “We have preserved the operability of the enterprise and its branches, also I would like to express special thanks to the piloting services and ship traffic management systems. Thank you, I hope that we will also successfully overcome the possible difficulties in future”.

The company’s income in the designated period remained at the level of 2019, while income received from its main activity – port fees – decreased by about 1 billion rubles. The negative trend regarding port fees remained the same in July. Conclusion of additional contracts for fleet commercial services allowed to compensate the income decrease. Besides finding alternative income sources, FSUE “Rosmorport” intends to optimize operating expenses.

Andrei Lavrishchev said: “Our most important task always was and still remains the implementation of the measures included in the Comprehensive Plan for the Trunk Infrastructure Modernization and Expansion until 2024. Besides, in current difficult conditions, the primary task is to ensure the proper navigation safety, navigation parameters and the readiness of icebreakers for navigation in winter period”.

In particular, within the framework of the Comprehensive Plan, FSUE “Rosmorport” is involved in the implementation of 12 measures relating to the construction of port facilities and 9 measures relating to the shipbuilding.

The General Director of FSUE “Rosmorport” reminded that as a result of the adjustment of the Program of Enterprise Activities, its revenue component was reduced due to a revenue decrease from port fees against the lack of rate indexation, high volatility of the general economic situation, decrease in cargo transshipment in seaports and the complete cessation of cruise navigation due to the spread of COVID-2019.

The need for timely implementation of port modernization projects included in Comprehensive Plan and the narrowing of the revenue base lead to the need to increase external borrowings. In order to ensure the timely start of construction works, FSUE “Rosmorport” was forced to expand the borrowing program up to 7.1 billion rubles in 2020. The company plans to include a “pilot” bond issue, the funds from which are planned to be allocated, including for the construction of facilities, which were previously supposed to be financed due to investment port fee.

Also the Director General of FSUE “Rosmorport” presented at the event the badges of honor “Traditions and Standards” of the All-Russian Industrial Association of Employers “Russian Shipping Chamber” to the Director of the Far Eastern Basin Branch Viktor Vanyukov, the Director of the Arkhangelsk Branch Kirill Gaida and the Director of the Murmansk Branch Sergey Mazhirin.
Source: Rosmorpor

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