Magnit is testing delivery via the Northern Sea Route
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Magnit was the first Russian grocery retailer to start testing the delivery of goods along the Northern Sea Route (NSR). Today, November 1, six containers of goods were sent from China on the Russian Arctic container ship Monchegorsk directly to the port of St. Petersburg.
Travel time will take about 30 days. After delivery to the port of St. Petersburg, the goods will be shipped to the warehouse hub “Magnit” in the central part of Russia, according to press release companies. It is expected that the delivery of goods from China through the NSR will take ten days less than using multimodal logistics. In addition, retailer costs can be reduced by 15%.
“If the pilot route is found to be effective, the company will start regular deliveries through the NSR starting from the spring of 2023 and will carry them out in the spring, summer and autumn. Potentially, Magnit can send a significant amount of non-food products from China and the countries of the Asia-Pacific region along the new corridor and distribute them to its large logistics complexes in central and southern parts of Russia,” the company added.
In the first half of 2022, the net profit of Magnit under IFRS increased up to 32.034 billion rubles. This is 39.6% more than in the same period last year. The company’s revenue reached 1.1 trillion rubles.
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