Market overview and industry position

Global economy and container logistics

In 2025, global economy was affected by changes in customs tariffs, which led to higher production costs and shifts in supply chains, while also creating new growth drivers such as government support, trade agreements and reliable logistics routes. Global real GDP rose by an average of 3.2% in 2025.

India was the fastest‑growing economy in South Asia, with real GDP increasing by 6.6% in 2025. The country benefitted from changes in global supply chains for technology products, as manufacturers shifted production from China after costs rose due to restrictions imposed by the US. In Southeast Asia, Vietnam played a similar role, recording real GDP growth of 6.5% in 2025.

The world has entered a period of deglobalisation, and countries seeking to maintain economic growth are increasingly turning to regionalisation through joint infrastructure projects, trade agreements, and establishment of various sorts of trade clubs.

India launched an industrial subsidy programme to support the relocation of manufacturing capacities from China. It also signed a trade agreement with the European Union and sector‑specific mini‑agreements on industrial cooperation with Malaysia.

With new tariff barriers in place, China successfully redirected exports to Southeast Asian countries. Vietnam and Indonesia became the main beneficiaries, as they were less affected by US tariffs and thus were able to secure favourable trade conditions with China. China also intensified economic ties with African nations by eliminating import tariffs for them under a comprehensive trade agreement.

Central Asian countries strengthened cooperation as part of the Belt and Road Initiative and signed an economic agreement with Japan to support comprehensive territorial development and economic growth.

European countries recorded the slowest growth rates amid global restructuring of trade flows. In the context of US trade restrictions and economic disputes with China, trade flows are shifting towards India and Brazil. The European Union signed two comprehensive trade agreements: EU–MERCOSUR and EU–India. According to preliminary estimates, these agreements could increase agricultural exports to South American countries by at least 50% over the next three years and enable Europeans to take part in setting up hi‑tech manufacturing facilities in India.

Container flows are following economic shifts. In 2025, the global container market saw record high container transportation volumes, with sea lines transporting 192.9 thousand TEU, up 5% YoY. The key driver was rapid fleet capacity expansion amid moderate demand. In 2025, the global container fleet expanded by 7–8%. As supply outpaced demand, competition intensified across major trade lanes, leading to lower freight rates on key routes.

2025 once again demonstrated strong exposure of the container transportation market to geopolitical risks, including:

• attacks on commercial vessels in the Red Sea and rerouting around Africa;
• tariff wars;
• regional conflicts affecting supply chain stability and insurance costs.

Key trends in the global container market in 2025:

• supply‑demand imbalance;
• regionalisation (a shift from global to regional supply chains);
• decarbonisation and the transition to alternative fuels.

Russian economy

In 2025, Russian economy grew by 0.6%, with final consumption of households as the key contributor and the consumer price index rising by 7.7% YoY.

International trade declined moderately. Import values decreased slightly due to weaker economic activity and intensifying competition in external markets, with export volumes declining on the back of stronger rouble.

Russia continued to maintain a trade balance surplus, with exports consistently exceeding imports throughout the year.

Export volumes have stabilised, whilst import flows remain more stable and predictable due to well‑established transport and payment routes.

Total merchandise trade reached USD 697 billion. Against a backdrop of declining commodity exports, imports showed 3% growth. Export geography is shifting, as the share of Europe shrank to USD 71 billion and businesses partially refocus on Asia.

China remains Russia’s key trading partner in Asia, accounting for 39% of exports and 56% of imports in the region. The decreasing share of China reflects the development and growth of alternative markets in Southeast Asia.

Merchandise flow with China declined to USD 228 billion due to lower commodity exports and the strengthening of the Russian rouble in the import segment.

Russian container market and industry position

Key trends affecting the container market in 2025:

• a high key interest rate leading to reduced availability of business lending and, as a result, suspension of investment projects focusing on modernisation of existing production facilities and construction of new ones;
• weaker consumer activity and the continued accumulation of deferred demand among households;
• introduction of a vehicle recycling fee, which led to a significant increase in car prices and a subsequent decline in vehicle imports;
• infrastructure constraints at the border with Kazakhstan hindering cross‑border overland cargo flows;
• growing popularity of marketplaces as an alternative to offline retail space, with marketplaces using grey cargo arrangements;
• intensified sanctions pressure.

Imports

After two years of growth, imports became the main driver behind the decline of the Russian container market, as it shrank by 10% YoY to 2.6 million TEU in 2025. The decline was primarily attributable to lower import volumes through the ports of the Far East, while imports through the Baltic Basin increased by 2% YoY.

FESCO’s share of imports rose to 21% in 2025. The increase was driven by expansion of the Company’s presence in the markets of Southeast Asia and continued development of regular routes.

Exports

In 2025, container exports increased by 9%. The strongest growth came from exports via land border crossings, which added 22% YoY. Exports through Far Eastern ports began to recover following the decline in 2024 due to the eastern railway congestion.

FESCO’s share in exports through Baltic ports reached 11% by year‑end, driven by the development of new routes through this corridor. Amid growing market, FESCO’s share of maritime exports in the Far East reached 29%, representing an increase of 4 pp YoY.

Domestic shipments

Domestic transportation volumes declined by 12% in 2025 after two years of growth, totalling 1.2 million TEU. The main drivers were weaker domestic business activity and cooling consumer demand.

FESCO remains the leader in the market for scheduled domestic maritime transportation through Far Eastern ports with a 37% market share, operating its own fleet on regular services.

Transit

Transit shipments decreased by 7% YoY. The main reason behind the decline was the reduced flow of fertilisers from Belarus to China through the Far Eastern ports.

Container handling

The share of the Far East Basin in container handling declined to 44% (equivalent of 2.3 million TEU). Despite that, the Far East remained the leader by container handling volumes. The Baltic Basin maintained its growth trend, with its share rising to 32% of total container handling in Russia primarily driven by imports.

After a period of decline, the Azov–Black Sea Basin grew to 1.1 million TEU in 2025, accounting for 21% of total container handling volumes.

In 2025, VMTP’s container handling reached 806 thousand TEU, securing its position as the leading container terminal in Russia by container handling volumes.