The business court of appeals in Odesa on March 4, 2015 upheld the ruling of the business court in Odesa region which terminated the joint operation agreement signed by Illichivsk Maritime Merchandise Port and Container Terminal Illichivsk (CTI) on June 22, 2005.

The port’s press service has reported that the ruling has taken effect.

The port said that the court terminated the agreement in 2009 due to infringements committed by CTI and the 70% fall in the port’s revenue which resulted from joint operation with CTI.

"In two years, after the reshuffling of political power, the court reinstated the agreement which is unprofitable for the port. On January 27, [2015,] the court issued a new ruling on the termination of the agreement. According to the financial report, the possible sum of profit fallen short by the port from the agreement with CTI exceeds UAH 800 million," the port said.

The port said that when the port directly managed the terminal its profit amounted to some UAH 370 million in 2.5 years, while profit from joint operation with CTI over seven years was only UAH 270 million.

"Thus, Illichivsk port earned UAH 179 million a year when the port managed the terminal and after the signing of the agreement on joint operation with CTI the port earned only UAH 60 million a year," reads the report.

The press service also said that the port’s senior managers are ready to give jobs to every employee of the container terminal who will return to the port, and that the port will fulfill all its social guarantees under the collective employment agreement.