Offering of exchange-traded bonds by DeloPorts
DeloPorts announces the offering of series 001P-04 bonds with a maturity period of 1.5 years for a total amount of RUB 15 billion. DeloPorts LLC (“DeloPorts”), one of Russia's largest stevedoring holding companies, which consolidates the assets of Delo Group in the grain and container segments in Novorossiysk, announces the offering of series 001P-04 bonds for a total amount of RUB 15 billion. The issue does not include any put option. Following the book-building process, the coupon rate was set at 20.75% per annum (equivalent to a yield of 22.84% per annum).
The Moscow Exchange registered the bond issue on 13 March 2025 under the 4B02-04-36485-R-001P number. Expert RA, a rating agency, assigned a ruAA- credit rating to the series 001P-04 bonds issued by DeloPorts.
The bonds were issued under DeloPorts’ programme for exchange-traded bonds registered in August 2016. The programme allows for total issuance of up to RUB 100 billion or its equivalent in a foreign currency. The maximum bond maturity under the programme is 10 years.
“With this new bond issue, DeloPorts sought to refinance its previous issue, which matures on 1 April 2025. Additionally, given the more attractive financing conditions in the bond market compared to traditional loans, we replaced part of our loan portfolio (calculated as the banking margin plus the Bank of Russia’s key rate) with new instruments offering a coupon rate of 20.75%. The fact that DeloPorts was able to offer bonds below the current key rate reflects the Company's strong position as an issuer and the high quality of its assets, which provide best-in-class stevedoring services in the Azov–Black Sea region,” said Elena Svirina, Deputy CEO for Finance and Economics at DeloPorts.
Delo Group terminals in Novorossiysk handled record volumes of grain and containers by the end of 2024
NUTEP Container Terminal and KSK Grain Terminal (both part of DeloPorts, a stevedoring holding company that manages Delo Group’s assets in Novorossiysk) have set records in terms of transshipment volumes by the end of 2024.
KSK handled a record 10.3 million tons of grain for export for Russia, which is 25.6% higher than in 2023. The terminal’s throughput capacity increased to 10.5 million tons. In the fourth quarter of 2024, transshipment at KSK has increased by 44% to 2.7 million tons. A monthly handling record of 1.074 million tons was set in October, which is 4.3% higher than the previous achievement (in April 2024).
Following the results of the last year NUTEP increased container turnover by 1.7% to 613 thousand TEU and took the second place among container terminals of the country. In October-December, the terminal increased handling by 12.3%, to 160,000 TEU.
“In 2024, DeloPorts consolidated its leadership among Russia’s stevedores, ensuring a historic record transshipment volume of both containers and grain. The growth in cargo turnover has been driven by the consistent implementation of investment and operational efficiency projects implemented over the past few years. Moreover, we see the long-term potential of the market and plan to further increase capacity,” said Igor Yakovenko, CEO of DeloPorts.
Delo Group is implementing a project at NUTEP to reconstruct deep-water berth No. 38, which will result in the terminal’s throughput capacity increasing to 1 million TEU by the end of 2027. KSK development projects will enable the terminal to increase its throughput capacity to 15 million tons per year over the next few years, in particular, by installing equipment for unloading low-tonnage grain ships, which will enable cargo to be delivered to the terminal via inland waterways, relieving the load on railways and motor vehicles.
DeloPorts consolidated results:
Rounding adjustments have been made in calculating the operating data included in this release. As a result, the numbers and percentages shown in the table may not correspond to exact arithmetic sums.
| Q4 2024 | Q4 2023 | Change | 12М 2024 | 12М 2023 | Change | |||
| Abs | % | Abs | % | |||||
| Maritime container turnover | ||||||||
| NUTEP (thousand TEU) | 160 | 143 | 17 | 12,3% | 613 | 603 | 10 | 1,7% |
| Marine cargo turnover of non-containerized cargoes | ||||||||
| KSK (grain, mln tons) | 2,7 | 1,9 | 0,8 | 44,0% | 8,2 | 6,3 | 1,3 | 25,6% |
Company background
Delo Group (Delo Group of Companies) is a Russian transportation and logistics holding company founded in 1993. It is a leader in marine transshipment and railway transportation of containers, as well as deep-sea grain transshipment in Russia. Companies of the Group provide cargo delivery across all stages of the multimodal transportation chain in both domestic and cross-border traffic. The Group operates 9 marine terminals and 47 inland terminals. The total capacity of the marine terminals is 3.9 million TEU and 10,5 million tons of grain per year, and 3.7 million TEU per year of the inland terminals. The Group operates a fleet of 42,000 fitting platforms and containers with a total capacity of 230,000 TEU, as well as its own fleet.