FESCO has acquired Port Haidamak to upgrade for grain cargo
FESCO Transport Group (32.5% of the shares belongs to Ziyavudin Magomedov, 17.4% – to Mikhail Rabinovich, 23.8% – to his partner, FESCO Chairman of the Board Andrei Sevyarylov), which owns the Vladivostok Sea Commercial Port (VSTC), closed a deal to buy Port Haidamak JSC with the expectation of creating a terminal for transshipment of grain cargo from Russia to the ACR countries. According to FESCO, the acquisition of the terminal is the beginning of a project to create a port infrastructure in Primorye for sending grain cargo, “which has no analogues in the region.”
Port Gaidamak provides stevedoring and terminal services and is adjacent to the Russian Railways network. The total area is about 21,000 square meters. The cargo turnover in 2020 amounted to 200,000 tons. In 2020, the company’s profit was 4,400,000 rubles, revenue 60 million rubles.
FESCO noted that after the modernization of the terminal in 2024, capacity will be created for grain handling using elevators in the amount of more than 400,000 tons per year. According to Severilov, quoted by the company’s press service, these facilities will be created on the basis of the joint terminal “Femsta” (a subsidiary of FESCO for processing export, import and cabotage cargo at VMTP – “Vedomosti”) and “Porta Haidamak”. “This will be a fundamentally new service in the Primorsky Krai, which we plan to implement in addition to the transshipment of general cargo at the terminal,” he said.
The press service of FESCO does not comment on the amount of the deal and investment in the development of the terminal.
The company now owns three “dry” terminals in Novosibirsk, Tomsk and Khabarovsk. As FESCO President Arkady Korostelev told reporters at the St. Petersburg International Economic Forum in June, the group planned to develop a network of dry terminals. Investments in capacity acquisition in 2021 were planned at $ 70 million.
Experts believe that despite the fact that the asset is small, it is a successful deal. Alexei Bezbarodov, the managing partner of Infroprojects, says that the asset should be considered not as a port but as land. “FESCO has made a good deal, such assets are in value. It is a small port located near the bridge to the island of Russian. He was always a little engaged in cabotage, a little transshipment. But they bought the territory where new directions will be developed according to their strategy, ”he said.
According to the head of the NRA rating service Sergei Grishunin, the port’s cargo turnover of 200,000 tons with revenue of 60 million rubles corresponds to $ 4 per 1 ton of transshipped cargo, which is much lower than the average transshipment cost of Russian ports. “In this regard, it can be assumed that part of the profits settle on stevedoring companies, which can earn up to $ 5 EBITDA per ton. Thus, the port could cost 350-400 million rubles. “- Summed up the expert. According to him, doubling the capacity will require investments of 200-300 million rubles.
Mikhail Burmistrov, CEO of Infoline-Analytics, estimates investment in new facilities at more than $ 10 million. ” he says. Gryshunin also agrees with the demand for the terminal, as most of the berths for bulk cargo in the Far East are now coal-fired.
According to the Russian Grain Union (RCU), in the 2020-2021 agricultural year (from July 1, 2020 to June 30, 2021) the volume of Russian grain exports amounted to 48 million tons. where it was shipped5, 6 million tons of Turkey in second place with 4.5 million tons, Egypt had 3.7 million tons. Also, a significant increase in shipments of Russian cereals, mainly wheat, is recorded in some countries of Southeast Asia (Philippines, Thailand), East Asia (Mongolia, South Korea), and Africa.
According to the Ministry of Agriculture, from the beginning of the season to November 25, 2021, Russia exported 18 million tons of grain, which is 24.1% lower than the same period last year. The agency forecasts 45-48 million tons of grain exports from Russia in 2021-2022, 42 million tons of agricultural products, 43.8 million tons of Savekan, and 40-41.5 million tons of the Agricultural Market Institute. t.
Leading expert of Fin Management Dmitry Baranov added that the creation of specialized grain handling facilities at the Haidamak Port could be very promising for farmers from Siberia and the Far East, as the distance to it is less than to ports in the European part of Russia. . . “If any consumer reduces the volume of purchases or worsens the market situation in one of the cereals, the port will be able to switch to other customers and other types of grain,” – said the expert.