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According to the agreement, three ships will be delivered to Novorossiysk in the 3rd quarter of 2017 with the fourth one to be delivered in 2018. 

Commenting on the signed document, TOS CEO Oleg Nechaev stated:

"We are extremely happy about the signing of the contract. TOS is launching a new profitable business – together with bunkering services, TOS is becoming a center for all auxiliary services at DeloPorts terminals. The new service is expected to be able to serve all vessels calling at DeloPorts' terminals.

Damen Shipyards Group is the largest shipbuilding group which includes shipbuilding and repair yards all over the world.

DeloPorts Annual Report also entered the short-list for "Best Design and Concept of the Annual Report."

This year 139 companies participated in the competition. Annual reports of participants were assessed by the leading financial industry experts, representatives of investment, rating and communications agencies, members of professional associations and public organizations.

This contest is the main platform for presentation of annual reports, and promotes transparency of companies operating in Russia and corporate culture development.

DeloPorts 2014 Annual Report was also included in the top ten reports of the nomination "Best Design and Concept of the Annual Report" competition of the Moscow Stock Exchange and was awarded with the Bronze award in the "Transportation" category in the competition held by the League of American Communications Professionals (LACP Vision Awards).

DeloPorts Annual Reports are published on the corporate website in the section “Investors”.

Commenting on the upgrade, Igor Yakovenko, DeloPorts CEO, stated:

"We are pleased to receive a positive and independent assessment of our achievements. We believe that the rating upgrade reflects the results of our team on development of the stevedoring business of Delo Group. We delivered on our forecasts that were made during initial rating assessment, we demonstrated resilience of our operating model to market volatility of the past several years, our new development programme is aimed at creating and securing competitive advantages for DeloPorts for years to come."

Cargo type	1Q 16	2Q 16	3Q 16		9М 16	9М 15	9М 16/ 9М 15
Containers	622	708	520		1,850	1,479	25%
Grain	829	371	1,077		2,277	1,830	24%
General cargo	51	45	12		108	167	(35%)
Ro-Ro	26	8	27		61	366	(83%)
Total cargo throughput	1,528	1,132	1,636		4,296	3,843	12%
including:
Containers (‘000 TEU)	58	71	46		175	154	14%
Ro-Ro (‘000 units)	3	1	4		9	20	(58%)
Bunkering fuel sales	9	4	2		15	81	(82%)

DeloPorts has completed construction of the connecting area for a deepwater berth on the territory of NUTEP container terminal. Currently development of the new area is in process. It will allow NUTEP to serve vessels up to 172 meters, starting from September 2016. Launch of the berth protection #38 should increase the speed of handling operations and reduce the burden on the current berths.

Construction of a deepwater berth in Novorossiysk is one of the top priority projects aimed at the development of the Group's stevedoring assets.

• Consolidated revenue RUB 3,696 mln (+9%)

• Consolidated EBITDA RUB 2,776 mln (+40%)

• EBITDA margin 75% as against 58% in 1H 2015

• Adjusted net profit RUB 1,889 mln (+47%)

• Operating cash flow RUB 2,261 mln (+37%)

• CAPEX RUB 359 mln (+127%)

• Net debt stayed flat as RUB 4,673 mln 

• Net debt/EBITDA 0.8x versus 1.1x as of 30 June 2015 and 1.0x as of 31 December 2015

Key developments:

In 1H 2016 DeloPorts terminals handled 2.7 million tonnes of cargo, which represents a 10% increase compared to 1H 2015 caused mainly by growth of container traffic and higher volumes of grain exports.

Cargo type	1Q16	2Q16		1H 2016	1H 2015	1H 2016/ 1H 2015 change
Containers	622	708		1,330	1,110	20%
Grain	829	371		1,200	852	41%
General cargo	51	45		96	121	(20%)
Ro-Ro	26	8		34	326	(90%)
Total cargo throughput	1,528	1,132		2,660	2,409	10%
including:
Containers (‘000 TEU)	58	71		129	119	8%
Ro-Ro (‘000 units)	3	1		4	17	(76%)
Bunkering fuel sales	9	4		13	53	(75%)

In 1H 2016 NUTEP container terminal demonstrated growth of volumes due to partial container market recovery. In tonnage terms containerized cargo throughput increased by 20% compared to the same period of 2015 and amounted to 1,330,037 tonnes. In twenty-foot equivalent NUTEP handled 128,848 TEU (+8% compared to 1H 2015). In April the terminal showed record results and handled 25,521 TEU.

The volume of grain transhipped through KSK grain terminal reached 1,200,034 tonnes (+41% compared to the same period of 2015) due to grain exports increase. According to the results of the harvest season 2015-2016 transhipment of grain at KSK increased by 20% compared to the season 2014-2015 and amounted to 3.2 million tonnes.

General cargo handling volumes in 1H 2016 decreased by 20% compared to January-June 2015 due to the growth in container traffic.

Ro-Ro volumes decreased in terms of tonnage (-90%) and units (-76%) versus 1H 2015 and amounted to 33,889 tonnes and 4,104 units respectively.

In 1H 2016 bunkering fuel sales decreased by 75% compared to the previous year and reached 13,235 tonnes.

The inclusion of bonds in the Lombard list allows bond holders to REPO them with the Central Bank of Russia.

DeloPorts completed its debut 3 billion Ruble bond placement in November 2015. The bonds mature in 10 years with a call after year 3. The annual coupon rate was set at 13.80%.

In 1Q16 DeloPorts’ terminals increased total throughput to 1.5 million tonnes of cargo (+19% compared to 1Q15). The growth of volumes is primarily driven by higher volumes of grain exports and containerized exports growth.

Cargo type	1Q16	1Q15	1Q16/1Q15 change
Containers	622	590	5%
Grain	829	479	73%
General cargo	51	41	23%
Ro-Ro	26	172	(85%)
Total cargo throughput	1,528	1,282	19%
including:
Containers (‘000 TEU)	58	67	(13%)
Ro-Ro (‘000 units)	3	10	(73%)
Bunkering fuel sales	9	22	(58%)

In 1Q16 NUTEP container terminal handled 622,250 tonnes of containerized cargo (+5% compared to 1Q15). In twenty-foot equivalent units NUTEP container throughput reached 58,360 TEU, a 13% decline compared to January-March 2015 mainly due to the high base effect since the decrease in NUTEP volumes started only in March 2015. The growth of handling volumes in terms of tonnage reflects the growth in loaded exports.

 

In January – March 2016 KSK grain terminal demonstrated 73% growth of volumes handled compared to the same period of 2015. This was due to the low base effect of 2015 on the back of a slowdown of exports after the introduction of export duty.

General cargo handling in 1Q16 increased by 23% compared to 1Q15 and reached 50,781 tonnes.

Ro-Ro volumes decreased in terms of tonnage (-85%) and units (-73%) versus 1Q16 as a result of general decline of imports.

In 1Q16 bunkering fuel sales decreased by 58% compared to 1Q15 and reached 9,283 tonnes.

Key operating results:
• Total volume of cargo handling 5.5 mln tonnes (-15%)
• Grain handling volume 2.8 mln tonnes (-1%)
• Container throughput 203 ‘000 TEU (-23%)

Key developments:
• Transfer of stevedoring assets and the bunkering company to the Russian holding company OOO “DeloPorts”
• Assignment of corporate credit ratings to DeloPorts: BB- (Fitch) and B+ (S&P)
• Debut ruble bond offering
• Launch of deep-water berth construction at NUTEP container terminal
• Creation of joint technical directorate for more efficient management of investment projects