Global Ports melted its benefits

The Russian ports operator, Global Ports, which is listed in London announced its 2014 results.

Global Ports posted a net loss of USD 193.1 million for 2014 , while the previous year the company had a profit of USD 114 million.

These poor results are to be attributed to a lower volume of containers and bulk traffic, which reflects the economic crisis in Russia . The fall of more than 40% of the value of the Russian currency has led to foreign exchange losses against the dollar.

The Company believes that the ripple effect on imports is expected to continue in 2015. The difficult and volatile market environment is expected to continue for some time.

source : reuters com, the moscow times com