17 January 2023 (Lloyd's List) - THE impact of embargoes against Russia imposed following its invasion of Ukraine have been reflected in throughput at the country’s largest container terminal operator. Consolidated container volumes at Global Ports Investments’ box terminals fell 53.6% year on year in the fourth quarter to 179,000 teu. Full year figures saw a decline of 37.1% to 992,000 teu. “On the back of significant reduction of vessel calls of key container shipping lines to the ports of Russia, both the Russian container market in the Baltic basin and the group’s terminals located therein experienced severe decline in container, cars and ro-ro throughput in the fourth quarter and full-year 2022,'' GPI said. “At the same time, container throughput in the far eastern basin and at Vostochnaya Stevedoring Co, the Group’s terminal in Far East, increased driven by a rebuilding of supply chains from European to Asian routes.” Container throughput at the company’s VSC facility in Russia’s far east increased in 2022 by 20.1% to 624,000 teu, a full-year record for the terminal as demand moved from the Baltic but not enough to make up for losses at Petrolesport, First Container Terminal, Ust-Luga Container Terminal and Moby Dik in the Russian Baltic. The only other positive news for the company was a 13.7% increase in bulk cargoes driven by a boost in the fourth quarter. Ro-ro and vehicle imports both crashed to zero in the fourth quarter, however. “The market outlook for 2023 remains uncertain,” it said. “Although we see our customers’ growing interest in container vessel calls in the Baltic basin, we do not see ground to expect market recovery to 2021 volumes in the region in 2023.” Demand in the far eastern market may exceed the capacity of container terminals and the supporting infrastructure in the region. GPI said it wanted to further develop VSC, but this would require investment. Figures for the first half of 2022 show revenues of just $271m. GPI recently announced it was exiting its stake in Finland’s Multi-Link Terminals in a share swap that would see CMA Ports give up its own stake in the Yanino Logistics Park and Moby Dik terminal.