Agricultural holding Kernel, Ukraine’s largest exporter of agricultural products, has sold the Rotterdam Pearl V bulker, which has a carrying capacity of 55,000 tons, and is considering a complete exit from the shipping business, the holding’s press service reported on Thursday.
According to the report, the vessel, purchased in December 2023, was part of an anti-crisis strategy to ensure exports during a period of charter rate shortages. The stabilization of the maritime corridor allowed the company to shift its strategy toward operational flexibility rather than owning its own fleet. Currently, the holding retains only the MAVKA tanker with a carrying capacity of 13,500 tons for transporting oil.
“We entered the shipping business when freight rates were at their peak and access to vessels was limited. Our own fleet fulfilled its mission: we gained control over the export chain and deep market expertise. Today, the situation has changed, and we are adapting to remain effective,” the agricultural holding’s press service quoted Kernel’s Director of Logistics, Mykola Miroshnychenko, as saying.
The logistics optimization comes amid a recent attack by Russian drones on the port infrastructure in Chornomorsk on the night of May 3. At that time, Kernel’s vegetable oil transshipment terminal sustained significant damage: the destruction of tanks led to a spill of over 1,100 tons of product. The spill was quickly contained, but the company temporarily suspended operations, redirecting flows to partner terminals in Odesa and on the Danube.
As reported, Kernel exported 5.4 million tons of grain during the 2025 fiscal year (FY, July 2024–June 2025). At the same time, the company’s own harvest amounted to 2.3 million tons, while the agricultural holding purchased over 3 million tons of grain (about 60% of the segment’s exports) from third-party producers. Overall, transshipment volumes through the company’s own terminals during this period increased by 36%—to 9.1 million tons.
Before the war, Kernel ranked first in the world in sunflower oil production (about 7% of global production). In 2025, the company accounted for about 10% of Ukraine’s total export revenue. The holding’s share of global sunflower oil exports currently stands at 10%.
