“Kernel, one of Ukraine’s largest agricultural groups, has purchased a third vessel for grain exports with a carrying capacity of more than 50,000 tons, the agricultural holding’s press service reports on Facebook.
“We have purchased a new vessel Rotterdam Pearl V, capable of exporting more than 50 thousand tons of grain. Now our fleet already includes three vessels that can export about 100 thousand tons of grain and 20 thousand tons of sunflower oil per month,” the statement said.
The company added that it continues to invest in expanding maritime logistics capabilities for the Ukrainian agricultural industry.
“Our own fleet has been providing Ukrainian exports to the Mediterranean and North-East Atlantic countries for more than a year and allows us to manage costs along the entire logistics chain. The development of our own shipping, in particular, does not force us to fix tonnage from the market, which is unprofitable during the period of inflated freight rates during martial law,” the statement said.
Before the war, Kernel Agro Holding was the world’s leading producer of sunflower oil (about 7% of global production) and its exports (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation and sale of agricultural products.
Kernel’s net profit for FY2023 amounted to $299 million, while the company ended the previous year with a net loss of $41 million. The agricultural holding’s revenue for FY2023 decreased by 35% to $3.455 billion, but EBITDA increased 2.5 times to $544 million.
