Romanian port operator Comvex and freight logistics group TTS reported a surge in 2022 net profit, boosted by a rise in Ukrainian exports of grain and other cargo through Romania’s Black Sea port of Constanta.
Romania became one of the main transit routes for Ukraine’s grain and cargo such as iron ore that could not be exported through the country’s own Black Sea ports after Russia’s invasion.
European Union member Romania shares borders on the Black Sea, a major shipping artery for grain and oil, with Bulgaria, Turkey, Georgia, Ukraine and Russia.
Exporters last year shipped 8.6 million tonnes of Ukrainian grain through Constanta, which arrived at the port by train, truck and barges down the river Danube. The port, which has a storage capacity of around 2 millions tonnes, handled a total of 24 million tonnes of grain exports.
Comvex, which operates Europe’s fastest-loading grain terminal processing up to 70,000 tonnes per day, said on Friday its net profit more than tripled to 104.36 million lei ($23.24 million) last year, on a 121% jump in net turnover.
Turnover at its Constanta grain terminal rose 50% on the year, giving it a roughly 22% share of the port’s total grain handling. Its mineral handling terminal reached a share of 80%, it said.
“Given the rise in demand for port operation services, tariffs in the port of Constanta recorded rises, generating important revenue,” Comvex said in a statement.
TTS Group, which handles agricultural products, minerals and chemicals on the Danube river and at Constanta, reported a 169% surge in net profit to a record 178.9 million lei. Turnover rose 56% to 934.4 million lei.
The group operates the largest fleet of barges on the Danube, with a transport capacity of 800,000 tonnes, and last year implemented changes to fast-track loading grain from barges to ships by using two offshore buoy terminals at Constanta.
On Friday, it said its main objective in 2023 was to finalise the acquisition of Constanta port solid bulk cargo operator Decirom S.A. for 21.8 million euros ($24.07 million).
