Novorossiysk Commercial Sea Port

JSC Novorossiysk Commercial Sea Port (NCSP Group) (Новороссийский морской торговый порт) is the third largest port operator in Europe and Russia's largest commercial sea port operator.[4] The company is headquartered in the city of Novorossiysk on the Black Sea coast. The company operates the Port of Novorossiysk and the Baltic ports of Primorsk and Baltiysk. In 2017, the company oversaw a cargo turnover of 143.5 million tons.[4] The company handled about 18% of total cargo turnover in Russia in 2017.[5]

OJSC Novorossiysk Commercial Sea Port
Native name
ОАО Новороссийский морской торговый порт
Public (OAO)
Traded asMCX: NMTP
LSE: NCSP
ISINRU0009084446 
IndustryShipping industry
Founded1957 (1957)
HeadquartersNovorossiysk, Russia
Key people
Aleksandr Anatolievich Ponomarenko, (Chairman)
ProductsSea port services
Revenue₽52.5 billion[1] (2017)
$600 million[2] (2016)
$633 million[2] (2016)
Total assets$2.18 billion[2] (2016)
Total equity$591 million[2] (2016)
OwnerFederal Agency for State Property Management (20%)[3]
Websitewww.nmtp.info

Overview

The company provides stevedoring services, including shipment of oil and oil products, other liquid cargo, dry bulk cargo and general cargo. It provides tug, towing and mooring services for vessels in and around the Novorossiysk seaport, and also provides emergency, hazardous materials response and waste management services at the Port.[6]

Following the financial crisis in 1998, business partners Alexander Ponomarenko and Alexander Skorobogatko started to purchase shares in cargo companies that they eventually combined to form NCSP Group. In 2011, the majority stake in NCSP was sold to Summa Capital and Transneft for $2.5 billion.[7]

In 2017, the company oversaw a cargo turnover of 143.5 million tons.[4] The company handled about 18% of total cargo turnover in Russia in 2017.[8]

Revenue in 2008 was $653 mln, while net profit was $95 mln. In 2017, the net profit of NCSP Group was $439 million. This marked a 31% from $632 million in 2016. Revenue, however, increased 4% to reach $899 million.[4]

In February 2018, Summa Group announced it would sell its shares in NCSP Group to Transneft, who currently hold 30.5% of NCSP through their subsidiaries. After the arrest of the Magomedovs in April, Summa Group and Transneft have stopped negotiating the sale of NCSP stake.[4]

On April 6, 2018, it was announced that the shareholders of NCSP Group will elect a new board of directors on April 13, 2018. This is in response to the arrest of Summa Group co-owners Ziyavudin Magomedov and his brother Magomed Magomedov.[8]

Ownership

Novoport Holding owns 50.1% of the shares of NCSP. Novoport is made up of Transneft Group and Summa Group.[9] The Federal Property Management Agency owns 20% of shares, and Transneft Services holds another 10.5%. 14.4% of shares are shared publicly on the Moscow and London stock exchanges.[9] Transneft owns a 35.5% of NCSP, 25% via shares in Novoport Holding, and the remaining 10.5% of directly via their subsidiary Transneft Services.[10]

Baltic Ports

JSC NCSP also controls the Baltic ports of Primorsk and Baltitysk. In 2017, Primorsk shipping was down 34.1% year-to-year, witnessing a cargo turnover of 3.7 million tons. Baltitysk port, on the other hand, saw an 8% increase in TEU handled, accompanied by a 6% decrease in tonnage.[11]

Summa Group Controversy

In February 2018, Summa Group announced it would sell its shares in NCSP Group to Transneft, who currently hold 30.5% of NCSP through their subsidiaries. After the arrest of the Magomedovs in April, Summa Group and Transneft have stopped negotiating the sale of NCSP stake.[4]

On April 6, 2018, it was announced that the shareholders of NCSP Group will elect a new board of directors on April 13, 2018. This is in response to the arrest of Summa Group co-owners Ziyavudin Magomedov and his brother Magomed Magomedov.[5]

The port of Novorossiysk is host to part of Russian Navy’s Black Sea Fleet. In 2017, it was reported that the port of Novorossiysk would upgrade its naval base facilities.[12] Construction of the naval base will be completed in 2020, according to an Admiral of the Russian Navy.[13]

Upon completion of the naval base, the Black Sea Fleet will officially move its headquarters to the Novorossiysk port.[14]

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References
  1. "Рейтинг крупнейших компаний России по объему реализации продукции". Expert RA. Archived from the original on 28 October 2018. Retrieved 28 October 2018.
  2. http://www.nmtp.info/upload/iblock/f35/ncsp-ifrs-cons-fs-16_e-_usd_.pdf.
  3. "Список аффилированных лиц". E-disclosure.ru. Retrieved 25 August 2017.
  4. "Чистая прибыль Группы НМТП в 2017 году снизилась на 31%" [Net profit of NCSP Group in 2017 decreased by 31%] (in Russian). 4 April 2018. Retrieved 13 January 2019.
  5. "Отрицательная "Сумма". Контроль над Новороссийским портом уплывает от опальной группы" [Negative "Amount". Control of the Novorossiysk port is floating away from the disgraced group] (in Russian). 6 April 2018. Retrieved 13 January 2019.
  6. "Jsc Novorossiysk Commercial Sea Port Company Snapshot". Corporateinformation. Retrieved 2009-06-01.
  7. "Как устроен бизнес покупателя "дворца Путина" в Геленджике и его партнера". Vedomosti. Retrieved 24 April 2018.
  8. "Отрицательная "Сумма". Контроль над Новороссийским портом уплывает от опальной группы". Fedpress. 2007-10-22. Retrieved 24 April 2018.
  9. "Share capital and securities". Novorossiysk Commercial Sea Port. Retrieved 24 April 2018.
  10. "Company Overview of Novoport Holding Limited". Bloomberg. Retrieved 24 April 2018.
  11. "NCSP Throughput Down". 15 March 2018. Retrieved 13 January 2019.
  12. "Russia's Black Sea Fleet Buildup". 29 March 2017. Retrieved 12 January 2019.
  13. "Russia to Finish Construction of Novorossiysk Naval Base by 2020". 28 June 2016. Retrieved 12 January 2019.
  14. "RUSSIA TO UNVEIL NEW $1.4 BILLION BLACK SEA FLEET BASE NEAR CRIMEA". 28 June 2016. Retrieved 12 January 2019.
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