New Market Study Published: Russia Shipping Report Q4 2013

Russia's two bellwethers, the port of Novorossiysk, the country's largest port in terms of total throughout, and the port of St Petersburg, Russia's main box facility, are set to hold their respective top positions in Russia's maritime sector in 2013. While we expect Russia's consumer story to remain attractive over the next few years, helping container throughput growth at the country's ports, economic growth will be lacklustre as a result of too much government intervention in key sectors - energy, infrastructure and banking - and volatile global oil prices.

Novorossiysk's growth in terms of containers is also being helped by the 2014 Sochi Winter Olympics. St Petersburg, having fully recovered its total throughput in 2011, is expected to post another year of negative growth in tonnage, while Novorossiysk's growth in total throughput will take a similar break in 2013 after five years of increasing volumes.

Full Report Details at
- http://www.fastmr.com/prod/713462_russia_shipping_report_q4_2013.aspx?afid=301

Over the medium term, we project further growth at both the port of Novorossiysk and the port of St Petersburg in terms of tonnage and box throughput.

Headline Industry Data

* Port of Novorossiysk's 2013 tonnage throughput to decrease 8%; over the medium term (2013-2017), we project a 2% increase.
* Port of St Petersburg 2013 container throughput forecast to grow 6%; over the medium term, we project a 46% increase.
* 2013 total trade growth forecast at 3.5%.

Key Industry Trends

Bronka To Commence Transhipment In 2015: The works continue on the first phase of the Marine Multipurpose Complex Bronka (MMPK Bronka), also known as the port of Bronka or the outer port of Bronka, which is part of the Greater Port of St Petersburg. The port is expected to commence operations in late-2015.

VEB To Finance Rosneftbunker's Expansion At Ust-Luga: Vnesheconombank (VEB) will finance the expansion of Rosneftbunker's petrochemicals terminal at the port of Ust-Luga, RZD-Partner reports. The US$200mn loan was approved by VEB's supervisory board and will be used for the fourth stage construction of the Gunvor Group subsidiary's terminal.

Yong Sheng Takes The Northern Sea Route To Europe: The Chinese Yong Sheng vessel has become the first container ship to travel to the Netherlands through the Bering Strait above north Russia. The vessel departed from the Port of Dalian on August 8 2013, and was expected to reach its destination in Europe after a period of 35 days in transit.

Risks To Outlook

We highlight Russian port privatisation, Russia's entry to the World Trade Organisation (WTO) and the country's hosting of the 2014 Winter Olympic Games as the major developments that offer upside risk to our forecasts.

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