By Anthony O. Goriainoff

World Ports Investments PLC mentioned Friday that it swung to a pretax loss for the primary half of 2022 after reserving larger prices, and that the market outlook within the Baltic basin remained nicely beneath 2021.

The Russia-focused, U.Okay.-listed port operator mentioned that the outlook for 2022 remained unsure. The corporate mentioned the Russian container market within the Baltic basin and its terminals within the area skilled a extreme decline in containers, vehicles and roll on-roll off throughput as a consequence of impact of the struggle in Ukraine.
The corporate mentioned container throughput remained extra persistent in East Asia and at its Vostochnaya Stevedoring Co. terminal, however that it had been harm by China’s pandemic-related restrictions and the termination of vessel calls by a number of container delivery strains.
GPI mentioned that regardless of the decline in volumes, its market share elevated in each basins the place it was current. The corporate added that there have been no indicators of restoration within the vehicles and high-and-heavy roll on-roll off enterprise.
“Regardless of decline in volumes the market share of the group elevated in each basins of presence,” the corporate mentioned.
The corporate mentioned that pretax loss was $423.eight million in contrast with a pretax revenue of $61.9 million for the primary half of 2021.
Income rose to $271.6 million from $229.eight million within the year-prior interval.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com