Crimea: Ports of peninsula continue to incur losses

24.05.2017

Crimea: Ports of peninsula continue to incur losses
Portnews (in Russian), 24 May 2017, online:-
After the annexation of Crimea to Russia, foreign vessels have virtually ceased calling at ports of the peninsula. The cargo turnover of the ports decreased as well as their revenue. In 2015, the loss of the state enterprise Crimean Sea Ports, which includes the ports of Kerch, Feodosia, Yalta and Evpatoria, increased almost 18-fold to RUB 248mn (EUR 3.90mn USD 4.37mn). Figures for 2016 are not yet published, but according to EurasiaNet.org the loss of the port of Yalta reached RUB 155.90mn, other ports also remain unprofitable. The port of Sevastopol in 2015 received a net loss of RUB 115.60mn in 2015 and RUB 39.20mn in 2016.
The increase in passenger traffic is a partial solution to the problem. After reconstruction of berths by 2020, the port of Yalta expects to increase passenger traffic up to 300,000 people, Evpatoria - to 50,000 people (from 47,100 and 18,500 respectively in 2016). Investments in the development of the ports of the Crimea before 2020 should amount to RUB 6.30bn.
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