June 27, 2008

 

Russia's Novorossiisk port launches new grain terminal

    
  

Russia's Novorossiisk Commercial Sea Port recently launched a new grains terminal on the Black Sea with capacity to ship 4 million tonnes per year of grain and oilseeds, the company said Thursday (June 26, 2008).

 

Novorossiisk chief Eexecutive Igor Vilinov said the terminal, which costs US$82.6 million to build, would allow the deep-water port to increase transshipments of grain, which would result in a significant reduction in freight expenses for cargo owners.

 

Vilinov said the Novorossiisk grain terminal will become the fastest shipment complex in Russia, equipped with cutting-edge grain shipment technology.

 

The loading of a Panamax class vessel would now take 72 hours instead of an average 120 hours, he said.

 

Russia, among the world's largest grain exporters, estimates to ship about 15 million tonnes of grain in the 2008-09 crop year starting on July 1.

 

Novorossiisk Commercial Sea Port is the largest stevedore company in the Black Sea port and handles imports and exports of grain and other commodities.

 

The London-listed company more than doubled its net profit to US$93.7 million last year.

 

Amongst the largest grain traders operating at the port are the International Grain Co, a Russian unit of commodities trader Glencore; Bunge Ltd and Valars.

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