In December 2022, the Kernel Group successfully completed the process of acquiring 100% of the shares of the edible oil transshipment terminal in the port of Pivdennyi. This is stated in the company's report for the second quarter of 2022/23 MY.
"The evaluation of the transaction provided for the value of the enterprise at 19.8 mln USD. The terminal can store up to 49.4 thsd tonnes of sunflower oil", – the report specifies.
In the reporting period, the total volume of transshipment of grain, sunflower oil and meal through Kernel export terminals in Ukraine amounted to 1.7 mln tonnes, down by 42% y/y.
As explained, this was due to the fact that the flow of vessels to Ukrainian deep-sea Black Sea ports was significantly reduced because of slow inspections of ships. Uncertainty regarding the extension of the "grain agreement" in November 2022 affected the shipments as well.
"Now the Group is facing a similar problem related to the uncertainty caused by the possibility of the termination of the "grain agreement" in March 2023, due to which counterparties are reluctant to actively enter into new export contracts", – the company explained.