Container port specialist Global Ports Investments (GPI) plans to shift its domicile from Cyprus to its centre of operations in Russia.

The company, which operates five ports in Russia, saw a 37% year-on-year decline in container traffic last year as trade was slashed following the invasion of Ukraine.

The company said it would hold an extraordinary general meeting on 2 March in Limassol, Cyprus, to vote on re-domiciling the company to Russia.

It said the majority of the group’s terminals and all of its cash-generating operations were in Russia so the move would “simplify its management structure and cash flow management”.

It also has interests in two terminals in Finland.

French Group CMA CGM and AP Moller-Maersk have both struck deals with GPI since August last year to exit the Russian port business.

The Danish company’s APM Terminals unit announced in August 2022 that it was selling its entire 30.75% shareholding in GPI to long-standing Russian partner Delo Group.

CMA CGM said last month that it agreed a cash-free share swap to boost its holding of the Finnish terminals in return for exiting the Russian business.

GPI is the largest container terminal operator in the Russian market.

It operates four container ports in the Baltics: Petrolesport, First Container Terminal and Moby Dik at St Petersburg and Ust-Luga Container Terminal.

It also operates Vostochnaya Stevedoring Company in the Russian Far East.

GPI said it had applied to delist from the London Stock Exchange in April to prepare for the re-domiciling.

GPI trades 20% of its shares in the form of global depositary receipts at the London Stock Exchange.

Global depositary receipts allowed the company to access investors in capital markets outside of Russia.

GPI would have to terminate the programme to comply with Russian law.