Global Ports revenues fall

Global Ports Investments' revenues fell by 18.3% to $331.5m in 2016 while adjusted earnings before interest, tax, depreciation and amortisation fell by 22.9% to $224.3m.

Revenue from container handling declined 21.0%, or $71.5m, from $341.3m in 2015 to $269.8m in 2016.

This decline was driven by a 19.0% decline in consolidated container throughput as well as a 2.4% decline in revenue per TEU.

Global Ports also announced that Mikhail Loganov has been appointed as chief executive with effect from 22 March.

Loganov, who has been the chief financial officer of Global Ports since October 2013, will take over as CEO from Vladislav Baumgertner who has accepted a role outside the port industry.