VSC container terminal obtains status of Free Port of Vladivostok resident
FPV residents are entitled for income tax and insurance payment privileges
Vostochnaya Stevedoring Company (VSC container terminal, an asset of Global Ports) operating in Vostochny Port in the Primorsky Territory, and Russian Far East and Arctic Development Corporation (FEADC) have signed an agreement on VSC activities within the Free Port of Vladivostok. The terminal is included into the list of FPV residents since 9 January 2023, says Global Ports.
The document has been signed in the framework of the long-term project on infrastructure expansion at VSC, the second busiest container terminal of in the Far East basin of Russia.
As part of its investment programme, Global Ports is going to conduct deep modernization of the existing facilities: capital repair of railway, berth and storage facilities, purchase of highly efficient equipment. There is a plan to build a container terminal in the 47-hectare territory adjacent to VSC which was purchased in October 2022. Provided that the market situation is favorable, the first three years of VSC activities as a FPV resident can see at least RUB 31 billion of capital investments.
The capacity expansion will support the long-term growth of Russia’s container market and its foreign trade via the Far East ports. The project implementation will let increase the terminal capacity 2.5 tomes to 1.7 million TEU in the first half of 2030s, generate 1,400 new jobs and increase budget revenues.
Under the newly signed agreement, FEADC will assist Global Ports in its interaction with the authorities of all levels and public organizations in respect of issues related to the project implementation and raising funds. As a FPV resident, the group is entitled for income tax and insurance payment privileges.
Global Ports Investments PLC is the leading operator of container terminals in the Russian market by capacity and container throughput. Global Ports’ terminals are located in the Baltic and Far East Basins, key regions for foreign Russian trade and transit cargo flows. Global Ports operates five container terminals in Russia (Petrolesport, First Container Terminal, Ust-Luga Container Terminal and Moby Dik in the Russian Baltics, and Vostochnaya Stevedoring Company in the Russian Far East) and two container terminals in Finland (Multi-Link Terminals in Helsinki and Kotka). Global Ports also owns inland container terminal Yanino Logistics Park located in the vicinity of St. Petersburg. In 2021, consolidated marine container throughput of Global Ports Investments PLC was 1.576 million TEUs, in H1’2022 - 611 thousand TEUs.
Global Ports’ major shareholder is Delo Group, the largest intermodal container and port operator in Russia (61.5%).
Vostochnaya Stevedoring Company is one of the largest container terminals in the Far East of Russia. Its annual capacity is 700 thousand TEU.
The regime of Free Port of Vladivostok (FPV) extends to 22 municipalities in 5 regions. FPV numbers over 2,100 residents. Private investments into the region economy totaled RUB 326 billion. 38,500 jobs have been generated and 378 projects have been launched.
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VSC terminal’s capacity to grow 2.5 times to 1.8 million TEUs by 2031 >>>>
