OOO “DeloPorts” (hereinafter DeloPorts or the Company), a major Russian stevedoring holding that consolidates the assets of Delo Group in the grain and container segments, publishes its operating results for the third quarter of 2018.
In January-September of 2018, turnover of DeloPorts’ terminals increased by 22% compared to the same period of 2017 and reached 6.3 mln tonnes due to turnover growth in the Company’s key business segments:
Cargo throughput (‘000 t )
Total cargo throughput
Containers (‘000 TEU)
Ro-Ro (‘000 units )
Bunkering fuel sales (‘000 t)
Mooring operations (units)
Agency services (units)
* Minor deviations in the calculation of the percentage changes in this press release are due to rounding.
“The investments in the construction of the unique deep-water berth No 38 at NUTEP Container Terminal will amount to about 3.6 bln run. The commissioning is expected at the beginning of the second quarter 2019. And 3.7 bln rub is set aside to invest in the expansion of KSK Grain Terminal throughput capacities till 2020”, - DeloPorts confirmed.
DeloPorts will invest in KSK development project in Novorossiysk 2.2 bln rub of own funds and 1.5 bln rub borrowed on the line of credit subsidized by the Ministry of Agriculture. Project financing of deep-water berth construction at NUTEP is also conducted with own funds and funds attracted at commercial banks.
The project will allow KSK to increase its throughput capacities by 1.5 mln tonnes to 6.5 mln tonnes per year by 2020. Meanwhile the deep-water berth will allow NUTEP to handle ocean type vessels up to 10 thous. TEUs and double its throughput capacity – to 700 thous. TEUs.
By the end of 2018 DeloPorts plans to expand its tug-boat fleet operated by the Service Company “Delo” with by two tug-boats. Currently the Company operates three own Damen tugboats. The project cost is not disclosed.
“DeloPorts” is a Russian holding company that owns stevedore assets and the service company of Delo Group, owned by Sergey Shishkarev. The assets were incorporated in a holding company in 2012.
In October 2016, FSUE Rosmorport and joint-stock company KCK Grain Terminal signed an agreement for cooperation on the implementation of the project for reconstruction of the grain terminal to boost its throughput capacity from 2.5 mln tonne/year to 4 mln tonne/year.
The document provided for cooperation of the parties on design and construction (reconstruction) of berths No. 40A, 40, 41, 2 and 3 in the Port of Novorossiysk to ensure maritime safety and to boost the throughput capacity of joint-stock company KCK Grain Terminal for 1.5 mln tonne/year.
Joint-stock company KCK Grain Terminal is one the stevedore assets of DeloPorts Ltd., Russian holding company, which owns the stevedore assets of Delo Group. The assets include NUTEP container terminal, KCK grain terminal and TOS bunkering company. In 2015, the total throughput of the terminals amounted to 5.5 mln tonnes.
The deep-water grain terminal handles cargo in the Port of Novorossiysk. Aside from bulk cargo, the terminal handles general and ro-ro cargos.
For the first half-year of 2018, the net profit of DeloPorts Ltd. of Novorossiysk amounted to 2.81 billion roubles and that is 42% more than the year before. The proceeds for the same period grew by 34.2% to 5.41 billion roubles. Consolidated EBITDA grew by 47.1% to 4.01 billion roubles. EBITDA profitability amounted to 74.2% compared with 67.7% in the first half-year of 2017.
In January-June 2018, the amount of cargo handled at the terminal of DeloPorts Ltd. amounted to 4.6 mln tonnes which 30% higher than the same period of the last year.
For more detail go to RBK:
The unveiling of a memorial to sea port workers. Photo by Anatoly Pozdnyakov
It was the initiative of Delo Group to open in Novorossiysk the only commemorative sign to port workers in Russia.
Foreign ships called at our harbour.
The Port of Novorossiysk is a company-town type of enterprise. Since 1845, many Black Sea routes meet here, connecting Russia with Africa, Asia and America. The port workers built the city, defended it during the war and rebuilt it later from the ruins. Perhaps there is not a single family in Novorossiysk where everybody has nothing to do with the port.
Sergey Shishkarev, president of Delo Group, too thinks himself a port worker by birth. As a child, he often happened to be in the port watching his father work, who had been a dispatcher for many years. Thirty years later, he was twice elected to the Board of Directors of NCSP. He knows what makes up people’s lives here and he sincerely respects each of them who has ever worked here. The port and the city is a single organism, their fates are tied inseparably. That’s why both the townsfolk and the city hall were responsive to the idea of creating the commemorative sign To Port Workers of Novorossiysk.
The activity of our company has a wide geography. We have access to all the seas of Russia but we never forget that our “home port” is Novorossiysk. We sincerely love our city and are always ready to invest in its development particularly in its beautification. We believe there will be another nook which people of Novorossiysk will love. Many thanks to the city’s officials who supported our idea.
Delo Group has recently commemorated its 25th anniversary. Throughout this time, probably not a single social project in Novorossiysk has been implemented without the participation of the Group’s companies. The city hospital, the children’s hospital, rehabilitation centre Romashka, the charity fund for support of family, motherhood and childhood Sun in the Palms, the regional division of Russian Children’s Fund and the educational institution for orphans and children without parental custody are among the friends and organizations being sponsored.
With overall assurance
The whole process took about three years from the inception of the idea to its actualization. The action group, which included veterans, port workers and just enthusiasts enamoured of their city, had gone through all the stages: from many verifications by supervisory bodies to approvals of sketches and the placement spot. The financing was provided on a parity basis by Delo Group and Novorossiysk Commercial Sea Port. But also some government and private companies and individuals donated for the installation of the commemorative sign.
A very beautiful place has been chosen – there where the quay comes up to the territory of the port; now there is a young girl-tallyman, two dock-engineers busy with the loading and a stevedore standing in the shade of trees. Konstantin Kubyshkin, sculptor from Moscow, had gone through a multitude of photos and twice had come to the port before he had an image of the commemorative sign.
“The idea was for people to recognize port workers in this group and not just representatives of the industrial workforce, to recognize themselves”, says the author. “I tried to completely follow the truth of life: if the safety measures require hard hats and light reflecting vests then they must be on the sculpture. The inscription “This side up” and the arrows indicating the direction were added on the crate at the last minute. A small concession was made for one nuance – we didn’t take away the rope cables and mooring bollards, which were positioned too close to the people. The safety measures don’t allow this but everybody had taken a liking to these elements symbolising work at sea.”
The height of the sculpture group is 2.5 metres, the width – 4 metres. On the granite slabs on each side of the memorial, there are words from a decree by the Emperor Nikolai I to establish a new Russian port on June 30, 1845 and the words of its significance nowadays.
Dedicated to dockers, tallymen, stevedores
The opening of the new memorial was timed to commemorate three dates at once: 180 years since establishing Novorossiysk, 75 years since the rout of the German fascists at Novorossiysk and 45 years since gaining the title of Hero City. Igor Dyachenko, mayor of Novorossiysk and an honoured guest, remarked that it was a landmark event. “Novorossiysk has always been and will be a city of port workers, seamen and cement plant workers. And this memorial for the port workers perpetuates the work of all the professions of the commercial sea port, of all its epochs. I am very much thankful to all who has financed the creation of the monument: Delo Group, Novorossiysk Commercial Sea Port, entrepreneurs and partial citizens. Thanks to you all, there is such a memorial and I am sure it will be one of favourite sights of the city.”
Igor Terentiev, first Deputy General Director of PJSC NCSP, reminded that among more than 600 memorials of the city up to this day there had been not one dedicated to port workers. Now this injustice has been rectified. The commemorative sign underscores the significance and prestigiousness of port professions, glorifies the work of the port workers of Novorossiysk and their input in the development of the region and the country.
Hundreds of townspeople have come to the opening ceremony including those whose life has inseparable ties with the port. Valentina Vlasenko can be proud to say that she belongs to two port dynasties at once – the father Nikolai Leontievich has worked as a docker for 20 years; the husband’s family worked here too and she as well can’t imagine her life without the port. Once retired, she became an active member of Veterans’ Council. And, of course, she just couldn’t miss out on this historic event – an opening of the memorial.
“One can say that this is a memorial to my parents who right after the war were rebuilding Novorossiysk”, says Valentina Nikolaevna. “The port developed on my watch and the city developed along. Sergey Shishkarev is ours, local; therefore, he understands how much the port workers have done for the city. I bow down to him for this remarkable idea!
And the new commemorative sign has already been living its life. The townspeople came up with a tradition right away: if you rub the bronze sculpture, it will bring sure luck. The same way the port workers bring luck throughout many years to the home town.
The company’s adjusted net profit for the reported period of 2018 is 2,916 mln roubles, which is by 49.4% higher than in the 6 months of 2017.
The proceeds grew by 34.2% to 5,416 mln roubles.
The EBITDA indicator grew by 47.1% to 4,019 mln roubles, whereat the profitability according to EBITDA grew by 74.2% vs. 67.7% of the first half-year of 2017.
The operational cash flow in the reported year of 2018 grew by 55.6% to 2,943 mln roubles.
The capital costs over 2017 grew by 2.9 times to 1,542 mln roubles.
The net debt over the 6 months of this year has amounted to 16,047 mln roubles, which is 3 times more when compared with December 31, 2017. The significant increase in the net debt was stipulated by a new dollar bonded loan, the company states.
Just a reminder, DeloPorts incorporates the assets of NUTEP container terminal, KCK grain terminal and Delo Service Company. The total amount of cargo put through over the 6 months of 2018 amounted to 4.6 mln tonnes of grain which is by 30.3% higher than over the same period of 2017.
The amount of cargo handled by DeloPorts Ltd., i.e. incorporates the stevedore assets of Delo Group (NUTEP container terminal, KCK grain terminal and the service company Delo) in the first six months of this year grew to 4.6. mln tonnes. That is 30% higher than the same period of the last year.
When broken into segments, grain takes up more than half of the cargo (KCK grain terminal). When compared with the 6 months of 2017, the amount of grain handled has grown by 40 % to about 2.4 mln tonnes.
The containers also take up a significant share of the cargo handled. During January-June 2018, the amount of containers put through grew by 28% to 2.2 mln tonnes.
During the 6 months of this year, the container terminal NUTEP handled 186 thousands TEU which is 12% higher than the same period of the year 2017.
Regarding the other cargo segments, the growth is negative. The amount of general cargo handled amounted to 1 thousand tonnes only, i.e. 99% below the same period of the last year. The volume of the ro-ro cargo went down by 65% (to 7 thousand tonnes).
During the first half-year of 2018, Delo Service Company which specializes in the bunkering of all kinds of ships in the Port of Novorossiysk sold 14% (to 27 thousand tonnes) less bunker fuel.
Since June 2017, Delo Service Company has begun providing ship’s agency services in the Port of Novorossiysk. The number of ships serviced during the 6 months of 2018 grew 5.4 times to 113 units. During January-June, there were 457 mooring operations.
The holding company accounts for the increase by the growth in the numbers of containers put through NUTEP terminal, owned by DepoPorts Ltd., both in tonnes and twenty foot containers – 12% and 28% respectively, the growth being the result of the continuing recovery of the Russian container market.
Besides, the growth in the amount of grain, being a result of good wheat harvest, handled by KCK terminal (+40) also counted.
The proceeds of DeloPorts in 2017 amounted to 8.79 billions of roubles, as RBK Krasnodar reported. They grew by 12.7% as compared with 2016. The net profit of the company, allowing for the exchange rate due to re-evaluation of the obligations denominated in foreign currency, grew by 4.1% to 4.24 billion roubles.
In April 2018 the rating agency Standard & Poor’s lowered the long-term corporate credit rating of DeloPorts Ltd. from BB- to B+ with stable outlook. The lower rating is caused by the close of the deal to buy out 30.75% stake in Global Port Investment PLC. by the parent company Service Company Delo Ltd. To finance the deal, DeloPorts issued bonds for 140 mln dollars. Besides, Delo Group took out a loan.
In May, RAEX agency (Expert PA) lowered the company’s ratings to ruA level for the same reason. Besides, “under monitoring” status was removed from the company.
DeloPorts Ltd. was registered in Novorossiysk in 2015. The company is one of the Russian largest stevedore holding companies that incorporates assets of Delo Group in the grain and container segments. The holding company includes NUTEP container terminal, KCK grain terminal and TOS bunkering company.
For more details go to:
Containers (‘000 TEU)
Ro-Ro (‘000 units)
Bunkering fuel sales(‘000 t)
The company announced the issuance of bonds of 001P-01 series for 3.5 billion roubles. There is no offer on the bonds. The coupon interest rate at the close of the entry book is set at 9.4% annually (which corresponds to profitability of 9.62% annually), the statement reads.
The total demand for the 9.4% coupon was 9.5 billion roubles. Raiffeisenbank, Sovcombank and GPB (Gazprombank) organized the issuance. The bonds have been issued under the programme for exchange bonds of DeloPorts registered in August 2016. The amount of the programme is 50 billion roubles or an equivalent to this amount in foreign currency. The maturity of the bond issue under the programme is up to 10 years.
At the same time, the company offered to take the bonds of the first series out which it issued in November 2015 for the amount of 3 billion roubles with the 13.8% annual rate for the half-year coupons till the offer in November 2018.
“The new issuance for 3.5 billion roubles for a 5 year period allows extending the maturity date for the current obligations of DeloPorts and lowering the borrowing costs from 13.8% to 9.4%. The specificity of the deal is that the profitability for the redemption of the old stock is based on the profitability for the new issuance with a small premium. As a result, investors used the offer for the total amount of 2.1 billion roubles,” said Andrei Bubnov, General Director of Delo Service Company.
DeloPorts is a holding company, which owns stevedore assets of Delo Group. The assets include NUTEP container terminal, KCK grain terminal and TOS bunkering company. The both terminals are located in Novorossiysk.
The lower rating is caused by the parent company Service Company Delo Ltd. closing the deal on the buy-out of 30.75% stake in Global Port Investment PLC. To finance the deal, DeloPorts issued bonds for 140 mln dollars. Besides, Delo Group took out a loan.
“Since DeloPorts is the principal source of income for Delo Group, it’s this company that will be liable for the debt repayment”, Standart & Poor’s analysts state.
Global Ports is the largest operator of container terminals. There are five such terminals in Russia and two in Finland under its management. The company’s assets are in the Baltic and the Far East.
The agency also expects that the proportion of funds from operations (FFO) to the company’s debt may amount to 23% in 2018 and to 25% by 2019. For comparison: this proportion was 46% in 2017. If FFO to the debt drops below 15%, the company’s rating may be lowered again, the analysts say.
Yet in December 2017, S&P predicted the deal would entail the lowering of the ratings of DeloPorts Ltd.
The proceeds of DeloPorts (corporate affiliate of Delo Group) in 2017 amounted to 8.79 billions of roubles, as RBK Krasnodar reported. They grew by 12.7% as compared with 2016. The net profit of the company, allowing for the exchange rate due to re-evaluation of the obligations denominated in foreign currency, grew by 4.1% to 4.24 billion roubles.
DeloPorts Ltd. was registered in Novorossiysk in 2015. The company is one of the Russian largest stevedore holding companies that incorporates assets of Delo Group (under control of businessman Sergey Shishkarev) in the grain and container segments. The holding company includes NUTEP container terminal, KCK grain terminal and TOS bunkering company.
Cargo throughput (‘000 t)
* Minor deviations in the calculation of the percentage changes in this press release are due to rounding.
Newspaper "Коммерсантъ" №64 of 13.04.2018, page 8
Delo Group has sealed the deal to acquire 30.75% of Global Ports port holding company from N-Trans of Nikita Mishin, Konstantin Nikolaev and Andrei Filatov for about $250 mln. The deal terms read that Global Ports and DeloPorts, stevedore asset of Delo, will be managed separately and keep the competition in the market. To do this, the assets had to be isolated one from the other at the Board of Directors level. The sellers will spend the proceeds on their own projects.
On Thursday, Delo Group of Sergey Shishkarev and N-Trans of Nikita Mishin, Konstantin Nikolaev and Andrei Filatov closed the deal to acquire by Delo 30.75% of Global Ports, a large Russian stevedore company. The company announced about the deal at the end on 2017 (see “Ъ” of December 21, 2017) and the FAS approved the deal on 16th February.
As Sergey Shishkarev explained to “Ъ”, the value of the transaction was “slightly below a quarter of a billion dollars”. He didn’t disclose the exact amount saying that “the deal is closed under the market conditions”. The financing was provided from the own funds of Delo, an issue of exchange bonds by DeloPorts (stevedore asset of the group) and a credit line from Sovcombank.
There are five container terminals under the Global Ports management in the Russian Federation and two in Finland. According to IFRS, the earnings for the first half-year of 2017 are $162 mln, EBITDA — $97,3 mln, the net loss - $11.9 (versus $113.4 mln profit a year earlier). The net debt is $1.03 billions. Dutch A.P. Moeller-Maersk through Netherland APM Terminals B.V. owns 30.75% of the shares and Cypriote Ilibrinio Establishment Limited и Polozio Enterprises Limited own 9% each. N-Trans owned the share of Global Ports through Transportation Investments Holding Ltd (TIHL). DeloPorts, the main asset of Delo, includes NUTEP container terminal, TOS bunkering company and KCK grain terminal. The consolidated earnings of DeloPorts for 2016 are 7.8 billions of roubles. Also, Delo owns ship repairing, railroad and grain assets.
The terms of the transaction have no provision about making an offer to other shareholders. The relationships with strategic partners of Global Ports are not to be changed: Delo Service Company has joined the shareholding agreement with APM, replacing TIHL therein. The partners will draw up a new development strategy for Global Ports “in the upcoming autumn of 2018”. As Delo Group explained, the first steps towards this end are expected to be made by the end of May. The strategy may provide for diversification in the cargo nomenclature, “for example, Ust-Luga develops as an industrial cluster with a clear-cut export orientation”.
Delo Service Company will operate DeloPorts and Global Ports separately. There will be a “Chinese wall” between the assets which will prevent the overflow of sensitive information, as Anton Chertkov, member of the Board of Directors of Delo explains. This explains the reshuffles among the management positions: the members of the Board of Directors of DeloPorts will not be on the Board of Global Ports and vice versa. But the agreement provides for Sergey Shishkarev to be on the both boards and participate in management of the companies.
According to information “Ъ” has obtained from N-Trans, the shareholders intend to spend the funds on personal projects in various industrial branches. Andrei Filatov has plans to invest in SRP-project of the “25 years of independence” gas field in Uzbekistan. Nikita Mishin will continue supporting Russian education under Dar fund, as the company stated.
The FAS approved the acquisition under a number of conditions, particularly requiring Global Ports to set within 30 days after the deal is closed rouble tariffs at an economically justified level or lower. They mustn’t be above the prices of 2013-2014, allowing for the inflations. As the Group explained to “Ъ”, Global Ports and Delo interact with the FAS on this issue on the basis of the settlement agreement signed between the FAS and Global Ports in December 2017.
As Michael Burmistrov, head of Infoline-Analitiki, comments, under the market volatility induced by the sanctions, a deal without a discount for foreign currency risks is more beneficial for the seller than in December. He explains that appearingly the period for rouble stability has ended and the FAS, while insisting on changing the port tariffs to roubles, this way will decrees the marginality of the stevedore companies and their steadiness against foreign currency risks when servicing the debt.
According to the company, the total number of the bonds will be 140 thousands with the nominal value of $ 1,000. Thus the total amount of the bonds to be placed will be $ 140 mln. The company also states that the coupon for 14 coupon periods from April 10, 2014 till April 1, 2025 will be 6.75% annually.
DeloPort Ltd., i.e. part of Delo Group, is one of the Russia’s largest private transport-logistic holding companies. The Group’s companies provide services in cargo handling and ship bunkering in the Port of Novorossiysk, railroad and multimodal container transportation, forwarding, customs clearance of exports-imports in Russia and the CIS, supply of crude oil and petroleum products. According to «SPARK-Interfax», Sergey Shishkarev is the beneficiary. According to „Ъ“, Delo incorporates the container terminal NUTEP, the bunkering company TOS and the grain terminal KCK. The consolidated proceeds of DeloPorts Ltd. in 2016 are 7.8 billions of roubles. The group also owns ship repairing, railroad and grain assets.
As „Ъ“ said before, in March 2018, the FAS granted the petition by Sergey Shishkarev to acquire 30.75% of Global Ports. „Ъ“ reported on the forthcoming deal in December 2017 when Global Ports itself reported that Transportation Investments Holding Ltd. (group N-Trans of Nikita Mishin, Konstantin Nikalaev and Andrey Filatov) had made a deal with Delo Group to sell this block of stock (see „Ъ“ of December 21, 2017). As per timeline given in the report, the deal was to be closed in April. The value of the transaction wasn’t disclosed; however, based on the capitalization, it had to be around $238 mln.
There are five container terminals in the north-west and the Far East of the Russian Federation under the management of Global Ports with 670 thousand TEU containers put through in the first half-year and two in Finland. The proceeds, according to IFRS, for the first half-year are $162.5 mln, EBITDA — $97,3 mln, the net loss – $11.9 mln (versus %113.4 mln profit a year earlier). The net debt is $ 1.03 billions. Dutch A.P. Moeller-Maersk A/S through APM Terminals B.V. owns 30,75% of the shares and Ilibrinio Establishment Limited and Polozio Enterprises Limited own 9% each.
The rating’s outlook – “stable”, the agency’s release reads.
“DeloPorts will continue profiting this year due to the improved situation in the Russian container market, which is especially noticeable in the Black Sea, where the company operates, the statement says. – it also has good conditions for exporting grain.”
The agency’s analysts predict growth in the container segment by 18-20% in 2017, in the grain business – by 15%.
S&P GR expects the proceeds of the company grow by 2% next year, profitability EBITDA – by about 70-72%.
DeloPorts is a holding company owning stevedore assets in the south-eastern district of the sea port of Novorossiysk. The company is one of the Russian largest sea stevedores in the south, holding leading positions in the amount of grain and containers handled in the region. The key assets of DeloPorts: NUTEP container terminal, KCK grain terminal and TOS bunkering company.
The cargo throughput at DeloPorts terminals in 2016 amounted to 6 mln tonnes, which is 10% over the last year, whereat the amount of grain handled grew by 18.2% to 3.3 mln tonnes, containers – by 18.2% to 233 thousand TEU.
Bunkering fuel sales
1H 17/1H 16
OOO “DeloPorts” (hereinafter DeloPorts), a major Russian stevedoring holding company, consolidating the assets of Delo Group in the grain and container segments, publishes its operating results for the full year of 2016.
In the reporting period DeloPorts terminals handled 6.0 million tonnes of cargo, which represents a 10% increase compared to 2015 mainly due to growth of volumes in its core operating segments.
Cargo throughput (‘000 tonnes)
In 2016 NUTEP handled 233,479 TEU (+15% compared to the previous year) caused by partial container market recovery. The increase in container turnover of Novorossiysk is estimated at 5%*. Containerized cargo tonnage reached 2.4 million tonnes, or a 22% growth, driven by the increase in the share of loaded containers. Throughout the year the terminal showed record April results and handled 25,521 TEU.
KSK grain terminal demonstrated a 18% increase of volumes in 2016 compared to 2015 resulting from the Russian grain export increase. In the reporting period KSK loaded 3.3 million tonnes with the absolute monthly record of 422,506 tonnes set in October.
General cargo volumes in 2016 decreased by 27% compared to the previous year and amounted to 189,009 tonnes.
Ro-Ro operations of DeloPorts saw lower throughput volumes in 2016 and reached 79,397 tonnes in the period due to decrease in rolling cargo imports and cancellation of cabotage services in 2015. In unit equivalent Ro-Ro volumes decreased by 50% in 2016 compared to 2015 and amounted to 11,989 units.
Bunkering fuel sales showed a 69% decline compared to the previous year and reached 30,775 tonnes.
Ro-Ro (‘000 units)
Bunkering fuel sales
It was 8.5% growth in the amount of cargo handled at the ports of Russia over 2015, and 4.6% growth for the first quarter of 2016. Russia’s active investment since the early 2000s in crude oil facilities, which resulted in their stable expansion, has already had tangible geopolitical results, such as cargo traffic being diverted from the ports of the Baltics. Further development of the ports requires developed infrastructure to handle other types of cargo, export of which is growing, including grain and bulk cargo.
The Russian port industry, unlike the tendencies in the economy, keeps on building up cargo handling capabilities. It doesn’t quite correlate with the incomes of the port workers, but the quantities are growing. In 2015, the amount of cargo handled in the Russian ports grew by 8.5 %, from 623.4 mln to 676.7 mln tonnes; however, this number has been steadily growing since the late 1990s. Average growth for the last 15 years was 9.6%, two-digit growth rates in 2000-2005 and their sharp decline since 2006. The least growth in the amount of cargo handled was in the year of crisis 2008 (by 0.8%); nevertheless, the dynamics was positive.
Currently, there are 67 sea ports with port complexes in the Russian Federation. Three quarters of the amount of the Russian export cargo are transported to the ports via railroad. The capability of the port infrastructure is constantly growing. In 2015, “the entire sea port infrastructure grew by 19.5 mln tonnes”, says Vladimir Putin at a press-conference in December, positively evaluating the growth in the quantity of cargo handled in the ports.
In 2015, the large basins such as Azov-Black Sea, Baltic and Far East demonstrated the highest growth both in percentage and real numbers. The Azov-Black Sea basin became the absolute leader in the growth in the amount of cargo handled, which went up by 38.4% as compared with the last year’s result. And for the first time, it has become the leader in the amount of cargo handed, taking over the Baltic basin in aggregate tonnage (232.9 mln tonnes versus 230.7 mln tonnes).
The first quarter demonstrates different dynamics. While the common growth in cargo handling throughout Russia is 4.6% (to 167.3 mln tonnes), the Arctic basin demonstrated the highest growth in percentage (+18.3% to 10 mln tonnes), growth in real numbers - the Far East basin (4.22 mln tonnes or 9.3%). Crude oil accounts for the noticeable growth in the quantities in the Arctic basin (41.2%) with the ports of Murmansk and Varandey being the leaders, who increased their cargo handling quantities by 24,7% and 21,6% respectively. Among all the ports of the Far East, only the Port of Prigorodnoye demonstrated an insignificant negative dynamics. The others grew, while some of them like Vanino, Nakhodka, de-Kastri and Posiet demonstrated a two-digit growth (Posiet +40.9%).
The Azov-Black Sea basin: the grain future
Today the Azov-Black Sea basin accounts for 34% of the total cargo amount handled at the ports of Russia (232.9 mln tonnes), 58% of which is bulk (liquid) cargos. However, the analysis of the market situation and the tendencies in the export-oriented Russian industries indicate that in the mid-term run the handling of bulk cargo, grain and general cargo will grow. It’s expected that by 2020 384 mln tonnes will be handled at the Azov and Black sea ports as compared with today’s 320 mln tonnes whereat the ports are expected to be incapable to handled 21 mln tonnes more of coal, 19.5 mln tonnes more of mineral fertilizers, 9.1 mln tonnes more of grain, 9 mln tonnes more of general cargo, 3 mln tonnes more of soy and rape and 2.4 mln tonnes more of ore.
The grain export is a significant impetus for developing the regional port capabilities. Overall, throughout Russia, in the four months of 2016 the grain shipment grew by 40% to 7.2 mln tonnes, and there is a noticeable growth in the shipment at the Black Sea. Thus, in the four months NCSP shipped 2.2 mln tonnes of grain (+29.6%), the grain terminal Taman doubled the shipment to 735.5 thousand tonnes, DeloPorts in the first half-year shipped 79% more grain than the year before (829 thousand tonnes). The forecast of the grain industry indicates that by the end of the agricultural year of 2016 Russia will reach the number of 224.5 mln tonnes (export of wheat with flour when converted into grain will amount to 24.7 mln tonnes), beating the USA for the first time and taking the lead in export among single countries. Moreover, as grain from Russia is expected to be sent to the Black sea ports so is grain from Kazakhstan, which has the only way out through the “closed” Caspian Sea (for more detail see an interview with Sergei Gubineetz).
Despite the fact that among the Black Sea ports the Crimean ports have become available, the government deems the latter of little significant use. Nevertheless, the Crimea contributed significantly to the growth in the amount of cargo being handled in the basin: large Crimean construction projects accounted for the growing numbers of the amount of cargo handled by some Russian ports, first of all, the Port of Kavkaz, which handled in 2015 three times the amount of 2014 (30.5 mln tonnes vs. 10.2 mln).
As the Black and Azov sea port development programme reads, by 2020 the capabilities of the terminals to handle dry cargo are to grow by 61% to 169 mln tonnes a year. And it is within the scope of the updated sea port development programme to create in the region by 2020 a dry cargo zone at the Port of Taman with capabilities during the first stage of operation of 37.8 mln tonnes of coal, mineral fertilizers, general cargo, grain and rice, and during the second stage, with the freight traffic confirmed, they can reach 95 mln tonnes. In February 2018, OTEKO Group is planning to make the first shipment of bulk cargo from Taman terminal, the overall amount being 35 mln tonnes a year. At the end of this and the beginning of the next year, OTEKO Group will commence construction of a grain terminal for 14.5 mln tonnes.
Also, part of the NCSP terminals will be redesigned to boost their capabilities to 24.5 mln tonnes a year to handle more mineral fertilizers, grain, bulk cargo and containers, a berth with 350 thousand TEU capacity to handled containerized cargo and a 1.5 mln tonnes grain terminal at Delo Group will be built. There is a plan to build in Taman a 5 mln tonne capacity ammonium terminal for Togliattiazot.
The Far East basin: the export hub and potential transitter
The Far East constantly strengthens its positions in the Russian port industry. It’s dry and fluid cargos that were driving the growth of the regional ports in 2015, the amount handled of which grew by 6.1% and 10.1% respectively.
At the same time, the port industry development strategy of the Far East is dependent on coal export expansion. In the Far East basin in the Port of Vanino, the projects to develop the coal terminal Daltransugl to build up the capacity to 24 mln tonnes a year, which will require reconstructing the railroad, and construction of Sahatrans coal terminal (24 mln tonnes) will be a priority, Andrei Lavrishev, head of Rosmorport said. Also, there are plans to build both the third stage of the coal terminal to increase the capacity from 22 mln to 39 mln tonnes and Sever coal terminal of UPTC (Universal Production Transshipment Complex) (20 mln tonnes) in the Port of Vostochny. The capacities of the Port of Sakhalin will be increased, particularly the coal terminal in the Port of Shakhtersk coupled with the development of Solntzevskoye deposit will be reconstructed. Its capacity will be increased from 3.5 mln to 12 mln tonnes. Reconstruction of the ferry crossing Vanino-Kholmsk along with construction of a passenger terminal in Korsakov is planned. A terminal to receive cruise liners and handle containers (600 thousand tonnes TEU) will be built on the cape of Signalny in the Port of Petropavlovsk-Kamchatsky.
However, it’s not just the development of direct export that caused the “turn-around towards the East”. The Ministry of Russia for the Development of the Far East actively promotes the idea for the Far East to be a transitter, focussing on increasing the amount of cargo put through the Russian ports by intercepting part of the cargo traffic between north-east of China and its southern and central parts as well as between other countries. For this, there are plans to develop international transport corridors (ITC) Promorie-1 (Suifenhe – Nakhodka) and Primorie-2 (Hunchun—Zarubino). As per McKinsey evaluation and given the successful implementation of the projects, the cargo traffic through the ports of Primorye will grow by 3% annually and will have increased to 45 mln tonnes by 2030 (22 mln tonnes in containers and 23 mln tonnes in grain). The Chinese consignors will be able to save about $700 mln a year on this and Russia will have a 29 billion rouble increment to the GDP. According to Alexander Isurin, President of FESCO, the potential economy when using these corridors equals $10 per tonne. However, the relative attractiveness of the Chinese tariff conditions and the underdevelopment of ITC infrastructure are the stumbling blocks for the successful project implementation. In particular, Leonid Bershansky, head of Rosgranstroy Federal Government Institution (Rosgranstroy FGI) accentuated the necessity for building and reconstructing the railroad border crossings under concessional conditions citing Makhalino border crossing, which had no modern infrastructure to handle cargo traffic, as an example. Railroads and automobile access roads to the ports are underdeveloped. According to McKinsey, it will cost about 315 billion roubles (145 billion roubles for Promorie-1 and 170 billion roubles for Primorie-2) to develop all the infrastructure of ITC; as per updated figures from the federal authorities, which are to be the basis for the time schedule for these projects’ implementation, the overall costs are nearing 430 billion roubles. Although, Summa Group’s estimate for them is somewhat lower. It plans to build a terminal complex in Zarubino. The first stage of which, when completed, will allow to handle 10 mln tonnes of grain and 700 thousands TEU of containers, the second stage - 23 mln tonnes and 1.8 mln TEU respectively. As per Summa’s estimate, out of 204 billion roubles needed for Primorie-2 85 billion roubles will be invested by the government and the rest will come out of private investors’ pockets. Part of the government investment can be shared among potential Chinese concessioners. Summa has already signed with the Chinese railroads a Letter of Intent to build access railroads to the Port of Zarubino.
The Baltic: pour but know where to stop
The Baltic basin is the pillar for the Russian export of crude oil and petroleum products. The proportion of crude oil here is the highest in the total amount of shipments: in 2015 the oil shipments made up 62% of the total cargo handled, the first quarter of 2016 - 64.3%. Such proportion is stipulated by the necessity to replace the ports of the adjoining Baltic republics, which during the Soviet times took the lead over the ports of the Russian republic as they were newer and with better infrastructure quality. As the first stage of BPS -1 (Baltic Piping System) with its terminal at the Port of Primorsk was commissioned in 2001, Russia gradually started to redirect the bulk (fluid) cargos from the ports of foreign Baltic countries to its own. BPS – 2 with its terminal at Ust-Luga in 2002 clinched the deal. The share of transportation and storage services in the Baltics’ GDP is quite high and the loss of the Russian transit is rather painful.
Overall, the Baltic ended 2015 with the growth rates not high (+3.2%) and for the first time lost the lead in the amount handled to the Azov-Black Sea basin. The crisis in the container industry and lower volumes of ro-ro cargos accounted for the decreased growth rates. In the first quarter the Russian Baltic ports put through 0.6% more cargo than the previous year, while the Russian ports in general gained 4.6% growth. Primorsk demonstrated the highest growth (+5,6%) among the Russian Baltic; Ust-Luga was just behind (+4,1%); the other ports demonstrated a decrease with the Port of Petersburg being the lowest (8,2%). Thus, despite the drop in the crude oil price, the oil ports demonstrated the most positive dynamics, indicating there was a growth in demand.
The neighbours are not doing so great either: they, as the Russian ports, have been influenced by the crisis in the container market and the predicaments in relationships of the Russian consignors with the foreign counterparts. While in 2014 the amount of cargo put through the Port of Riga grew by 15.8% to 41.8 mln tonnes, but then in 2015 decreased by 2.5% and, in the first quarter of this year when compared with the same period of the last year, dropped by 13.8% to 9.1 mln tonnes. In 2015, crude oil shipments were higher (3.3%) while the amount of coal handled decreased (-2.7%), so did the amount of containers transshipped (-8.3%). The amount of cargo handled in the Port of Ventspils since 2013 drops: the sanctions dealt it the biggest damage in 2014, due to which the port lost a significant portion of Russian coal transit and ended the year with a 9% loss in the amount of cargo handled. In 2015, the transshipment dropped by another 14% to 22.5 mln tonnes. And the Port of Tallinn in 2015 showed a significant sag in the amount of bulk (fluid) cargos handled (-32.2%) and lost by 19.8% in the number of containers put through. All in all, the port’s throughput amounts lowered by 20.8%. However, there are Baltic ports which are doing not bad. For instance, the amounts of cargo put through the Port of Klaipeda are growing. In percentage, in the first quarter, the growth was higher than all the ports of the eastern Baltic coast, exceeding the results of the last year by 9.1% (to 13.3 mln tonnes). In 2015, the Port of Klaipeda, allowing for Būtingė crude oil terminal, handled 38.5 mln tonnes (+5.8% vs. 2014), whereat the share of crude oil, as in the first quarter of 2016, was the highest and amounted to 28.2%.
Russia continues intercepting the cargo traffic from the neighbours. Yet in 2008, Sergei Ivanov, Vice-Premier, stated that by 2015 Russia would completely stop exporting not only petroleum products but coal via the ports of the Baltics and promised to have created sufficient amount of own throughput capabilities. And the president in his last year’s address to the Federal Assembly emphasized the necessity to develop logistic centres including “modern ports in the Baltic”.
However, it’s not the crude oil that is the basis for developing the Russian Baltic ports. The updated sea port development strategy for the period of up to 2030 provides for the completion of construction of Bronka Maritime Transshipment Complex (MTC) of 1.9 mln TEU (the first stage - 1.45 mln TEU) and 260 thousand units of ro-ro cargo, construction of Eurochem Ust-Luga terminal in the Port of Ust-Luga (7 mln tonnes) and a Baltic fertilizer terminal (5.2 mln tonnes), the expansion of throughput capability of the container terminal in Baltiysk from 150 thousands to 300 thousands TEU and construction of a passenger terminal in the Port of Pionersky in the Kaliningrad region (250 thousand people and 3 million tonnes of ferry cargo a year).
In January – March 2016 KSK grain terminal demonstrated 73% growth of volumes handled compared to the same period of 2015. This was due to the low base effect of 2015 on the back of a slowdown of exports after the introduction of export duty.
General cargo handling in 1Q16 increased by 23% compared to 1Q15 and reached 50,781 tonnes.
Ro-Ro volumes decreased in terms of tonnage (-85%) and units (-73%) versus 1Q16 as a result of general decline of imports.
In 1Q16 bunkering fuel sales decreased by 58% compared to 1Q15 and reached 9,283 tonnes.
DeloPorts announces that Standard & Poor’s rating agency (S&P) confirmed DeloPorts B+ long-term credit rating with a “stable” outlook.
Full report is available on the S&P’s website at www.standardandpoors.com
DeloPorts reports its operating results for the full year of 2015.
In 2015 DeloPorts terminals handled 5.5 million tonnes of cargo, which is a 15% decrease compared to 2014 caused by a decrease of import cargo flow.
NUTEP container terminal handled 1,994 thousand tonnes of containerized cargo showing a decrease (-18% vs. 2014) on the back of a general decline of imports. In twenty-foot equivalent units (TEU) throughput amounted to 203 thousand TEU, or a 23% decline compared to 2014.
KSK throughput remained flat for 2015 and amounted to 2,811 thousand tonnes (-1% vs. 2014).
General cargo handling decreased by 4% compared to 2014 and amounted to 260 thousand tonnes.
Ro-Ro volumes at DeloPorts terminals decreased in terms of tonnage (-55%) and units (-59%) versus last year amounting to 407 thousand tonnes and 24 thousand cars respectively due to lower imports in 2015.
Bunkering fuel sales decreased by 33% compared to 2014 and reached 98 thousand tonnes.
Fitch Ratings has assigned DeloPorts Rouble bond BB- final rating with a ‘stable’ outlook.
On 27 November 2015 DeloPorts placed its debut 3 billion Ruble bond with the annual coupon rate set at 13.80% and a yield of 14.28%.
On 11 November 2015 Fitch affirmed DeloPorts Issuer Default Rating (IDR) at BB- with a ‘stable’ outlook.
Necessary construction equipment is already on site, first piles for the foundation of the junction have been driven into the seabed. Completion of the works and introduction of berth #38 is scheduled for 2018. The new berth is expected to serve direct Novorossiysk calls for ocean vessels of up to 10,000 TEU. Introduction of the new berth will increase NUTEP’s throughput capacity from the current 350,000 TEU to 700,000 TEU and will help change existing supply chains in the region with reduction of costs for clients of the terminal.
The project is an integral part of the DeloPorts strategy for development of the stevedoring assets of the Group.
General and liquid cargo
In 1Q15 DeloPorts terminals handled 1.3 million tonnes of cargo, which is a 12% decrease compared to 1Q14. The decline in volumes is primarily driven by lower exports of grain.
In 1Q15 NUTEP container terminal handled 67,148 TEU of containerized cargo showing a 4% decrease in twenty-foot equivalent units (TEU) compared to 2014 due to general decrease of container turnover in Russia. Containerized cargo tonnage reached 590,519 tonnes, or a 13% decline compared to 1Q14.
KSK grain terminal decreased handling volumes to 479,020 tonnes (-28% vs.1Q14) resulting from record volumes transshipped in the 1st half of the harvest season 2014-2015.
General and liquid cargo handling decreased by 45% compared to the previous year reflecting a negative trend of the domestic demand for imported goods.
Ro-Ro volumes increased in terms of tonnage (+263%) and units (+43%) versus 1Q14 as a result of growing cabotage services.
In 1Q15 bunkering fuel sales decreased by 27% compared to 1Q14 and reached 21,854 tonnes.
In the reporting period DeloPorts terminals handled 4.8 million tons of cargo, which is a 42% increase compared to 9M13. The key growth driver was the increase of grain throughput by KSK grain terminal, which was launched in the middle of 2013 after complex reconstruction.
Cargo throughput, thousand tons
General and liquid cargo
Containers (thousand TEUs)
* Excluding NNK
NUTEP container terminal handled 1,870 thousand tons of containerized cargo, which is 1% ahead of last year’s schedule. In twenty-foot equivalent units (TEU) throughput amounted to 200 thousand TEU, or a 5% decline compared to the previous year.
KSK grain terminal demonstrated record results with grain handling exceeding 1 million tons in the third quarter to reach 2,075 thousand tons in 9M14 (+224% vs. 9M13).
General and liquid cargo handling decreased by 10% compared to last year due to the shift of KSK away from general cargoes towards Ro-Ro handling.
Throughput of Ro-Ro cargoes in volume decreased by 2% in 9M14 versus last year. In terms of units however Ro-Ro throughput increased by 58% to 43 thousand reflecting growth of handling of autocars by the new Ro-Ro complex of KSK grain terminal.
Bunkering fuel sales demonstrated a 56% increase compared to 9M13 amounting to 131 thousand tons.
In the first half of 2014 DeloPorts terminals handled 2,899 thous. tons, representing a 41% increase compared to 1H 2013.
In 1H 2014 DeloPorts container terminal NUTEP handled 1,396 thous. tons of containerized cargo, which is 6% ahead of last year’s schedule. In TEU equivalent throughput amounted to 144 thous. TEU, or a 4% decline compared to the previous year.
Grain handling at KSK grain terminal in 1H 2014 increased 10 times compared to 1H 2013. Grain throughput reached 1,063 thous. tons.
Bunkering sales increased by 20% compared to 1H 2013, reaching 72 thous. tons.
General and liquid cargo handling amounted to 159 thous. tons, a 21% decrease to the last year result.
Ro-Ro segment demonstrated a 34% decline in terms of cargo turnover, but a 46% increase of units handled, due to growth of less heavy but more marginal auto car transshipment. In 1H 2014 DeloPorts terminals handled 282 thous. tons of Ro-Ro cargo or 23 thous. units.
On 27.05.14 DeloPorts announces publication of Annual Reports for 2012 and 2013, which ended on December, 31st 2012 and December, 31st 2013 respectively.
Materials are available for reading and downloading in the “Annual reports” section at the Group’s web-site.
After completion of the terminal construction in 2013, the name was brought in accordance with the company’s profile.
In the first quarter of 2014 DeloPorts terminals handled 1 460 thous. tons, representing a 39% increase compared to 1Q 2013.
In 1Q 2014 DeloPorts container terminal NUTEP handled 676 thous. tons of cargo, which almost matches last year’s schedule. In TEU equivalent throughput amounted to 70 thous. TEU, or a 9% decline relative to the previous year.
Grain handling at KSK grain terminal in 1Q 2014 increased 6.5 times compared to 1Q 2013. Grain throughput reached 661 thous. tons – a quarterly record for the terminal. Moreover, KSK demonstrated third consecutive quarterly throughput growth.
Bunkering sales increased by 50% compared to 1Q 2013, reaching 30 thous. tons.
General and liquid cargo handling reached 75 thous. tons, an 8% increase quarter-on-quarter.
In the 9 months of 2013 DeloPorts terminals handled 3.589 million tons of cargo, generally in-line with the same period of 2012.
Due to the capacity increase of NUTEP, in the 9 months of 2013 DeloPorts container turnover growth rate reached 31% in TEUs (14% in tons), substantially outpacing Russian overall container turnover growth rates and the Southern Basin.
DeloPorts used the decline of Russian grain exports in the 2012-2013 season to complete expansion of KSK (grain terminal) throughput capacity to 3.5 million tons per year. The terminal was inaccessible for grain handling from 15th of March to 31st of May, 2013, as a result of the conveyor belt disassembly, its installation and arrangements for rail cargo reception. The works were successfully completed; the terminal is currently fully operational. In the current grain season which commenced on 1st of July, 2013, KSK handled 524.8 thous. tons, a 35% increase compared to the 3rd quarter of 2012.
The decline in Ro-Ro trucks handling occurred as a result of a general decrease of cargoes headed for Sochi, as the end of preparations for the Olympic Games is approaching. However, the declining volumes of trucks were partially offset by the launch of Ro-Ro handling by KSK in September, 2013.
A substantial increase in oil products handling was reached as NNK (oil products terminal) reached its project capacity – the terminal was launched in May, 2012.
We are pleased to announce that on September 2nd, Andrei Bubnov was appointed as DELO-GROUP Chief Financial Officer.
In the first 6 moths 2013 DeloPorts handled 2.196 million tons of cargo, a 1% decline compared to 6 months 2012.
* in actual throughput
Due to the completed increase of container throughput capacity increase, DeloPorts container throughput growth substantially outpaced Russian and South Basin container throughput growth rates.
The Company used the decline of Russian grain exports in the II quarter 2013 - to complete expansion of the grain terminal KSK throughput capacities to 3.5 million tons per year. The terminal was inaccessible for grain handling from 15th March 2013 to 31st May 2013 as a result of the conveyor gallery disassembly, its installation and arrangement of cargo railway reception. The works were successfully completed; the terminal is currently fully operational.
The decline in Ro-Ro cargo handling occurred because of the general freight flow decrease due to the finalization of preparations for the Sochi Olympic Games.
A substantial increase in oil products handling was reached as the oil products terminal NNK reached its project capacity – the terminal was put into operation in May 2012.
The Company also increased bunkering throughput volumes as a result of Novorossiysk total bunkering volumes increase and DeloPorts technical facilities expansion on the market.
On 19th June 2013 “Novorossiysk Petrotransshipment Complex” LLC (NNK) successfully completed a complex of upgrade measures and the new equipment was demonstrated to the supervising authorities.
The unique technology, designed with taking into account specifications of the mooring line, was implemented in the port of Novorossiysk for the first time. Due to the speed and automatization of the process, the new equipment, apart from improving the terminal’s environmental security, will substantially reduce positioning time for floating booms and increase terminal’s oil products handling capacity.
The Captain of the sea port “Novorossiysk”, Vladimir Yerygin, who participated in the tests suggested to implement this technology in other areas of the port.
In the 1st quarter 2013 DeloPorts handled 1,114.6 thous. tons exceeding the last year 1Q turnover figures by 12%.
Growth was registered for every cargo type except for grain and Ro-Ro cargo.
Container turnover (NUTEP terminal) reached 675.6 thous. tons or 76.9 thous. TEUs, an increase of 40% and 52% (respectively). DeloPorts container turnover growth rate substantially exceeds the overall of Novorossiysk transport hub. Thus NUTEP maintains its leading position on the Russian South stevedore market.
A decrease of grain cargo turnover in 1st quarter 2013 year on year occurred due to the general decline in gain exports, caused by poor grain harvest. In given conditions our grain terminal (“Kombinat Stroykomplekt”, KSK) demonstrated “stress resistance”: the terminal handled 102.4 thous. tons of grain cargo. According to Company’s data such performance allows KSK to establish its leading positions among Russian sea port grain terminals. Under conditions of substantial grain exports decrease the company’s management opportunely attracted additional general and liquid bulk cargo volumes. Thus KSK general cargo turnover was 35.2 thous. tons (fourfold increase) and DeloPorts total general corgo turnover reached 64 thous. tons (52% increase). In the 1st quarter 2013 KSK terminal handled 8 thous. tons of bulk cargo, surpassing 4th quarter 2012 (the start of bulk cargo handling) figures by 60%.
A new berthing container loader ship-to-shore crane has been put into operation. It is the second high-tech Postpanamaks type crane by Liebherr that will serve container ships at NUTEP berths. New crane, due to its high efficiency, will considerably reduce the time necessary to handle vessels and will allow to increase speed and quality of client services at the container terminal.
3 December 2012 NUTEP hosted a reception dedicated to a new bunkering tanker coming onstream.
“Trans Oil Service” LLC. (TOS) has expanded the Company’s fleet, it acquired a new modern bunkering tanker “Tsemes” (year of construction – 2012) for providing bunkering services in Azov-Black seas basin of Russia.
According to Oleg Nechaev, TOS CEO, acquision of the new tanker will increase oil products transshipment: “We consistently pursued this goal. We hope that it will help us to provide services not only in Novorossiysk sea port but also in other ports of Azov-Black sea basin of Russia”.
“Tsemes” is a modern, manoeuvrable, technically equipped tanker that meets requirements of all international marine conventions. It was constructed in the beginning of 2012, has double hull, unlimited navigation region and can provide simultaneous bunkering fuel handling (up to 3 000 tons) and diesel fuel (300 tons).
Technical specifications (“Tsemes”):
DeloPorts Limited transferred all interests in its subsidiaries into the capital of OOO DeloPorts (Russia) in July 2015