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Dec 22, 2022 15:01 EEST
December 22 (SeeNews) - Romanian freight forwarder Trade Transport Services [BSE:TTS] said on Thursday that its board of directors approved the signing of two contracts worth an estimated 64.5 million euro ($68.5 million) for the provision of integrated logistics services.
The first contract has an estimated value of 38.8 million euro, while the second is projected at 25.7 million euro, based on the assumption that the entire quantity contracted by the beneficiaries will be fulfilled, TTS said in a statement filed with the Bucharest Stock Exchange, BVB.
Both contracts span from the beginning of 2023 until the end of 2023 and consist of the provision of forwarding services, river transport and port operation to undisclosed beneficiaries.
The implementation of the first contract involves subcontracting both river transport and port operation services mostly within the TTS group.
The execution of the second contract only involves subcontracting river transport services within the group, while port operation services are to be subcontracted to third parties.
In November, TTS announced that it has opened a second logistics line dedicated to Ukrainian grain exports, in cooperation with the Ukrainian Danube Shipping Company – UDP. The line followed TTS’s inauguration of a logistics project aimed at Ukrainian exports in July, with the aim of increasing Ukrainian freight flows from Reni and Ismail ports via the Danube-Black Sea Canal to Constanta port.
Founded in 1997, TTS is the parent company of TTS Group, a provider of integrated logistics services on the Danube. The group operates in nine countries across services such as freight forwarding, inland waterway transport, port operations, as well as other related activities, covering over 100 ports and port terminals.
In 2021, TTS booked a net profit of 32.6 million lei ($7 million/6.7 million euro) and turned over 395.6 million lei while employing 44 people, data from the finance ministry shows.
TTS shares traded 1.42% higher at 11.46 lei as at 1058 CET on Thursday on the BVB.
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