Kernel to build Black Sea hub

Ukrainian agricultural company Kernel plans to build a new Black Sea export terminal with a capacity of four million tonnes per annum, according to a report by newsagency Latifundist.

The terminal is due for completion in 2018 and will be built in the southern region of Odessa, Andriy Verevsky, head of Kernel’s board of directors, told Latifundist.

Grain export capacity at Ukraine’s sea ports could jump to around 157 million tonnes by 2020 from 58.5 million currently, Vyacheslav Voronoy, a senior official for logistics at the state-controlled Ukrainian Sea Ports Authority, said last month.

About 36 new port facilities are likely to be constructed in the next four years, Voronoy said.

One of the world’s top three grain exporters, Ukraine plans to increase its exports to around 41 million tonnes in the 2016/17 (July-June) season from around 39 million in 2015/16.

In its latest accounts, published in November, Kernel reported a 2.6-fold rise in annual net profit, of €60m.

Its grain business is up 27% annually, with 1.2 million tons of grain exports, bolstered by accumulated presold stock at year ended June 30, 2016. Grain sales grew 13.3% to $199.7m (€185m).


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