Profits of Odesa Region ports: who is leading and who is losing

Ukrainian seaports show different financial results in the first three quarters of 2024: "Pivdennyi and Chornomorsk are increasing their profits, while the Danube ports are reducing their volumes.

This is reported by Forbes.

According to analysts, Pivdennyi port has significantly improved its performance, increasing revenue by more than 11 times to UAH 2.34 billion compared to the same period in 2023. Net profit amounted to UAH 921.56 million, while last year the port had a loss of UAH 314.64 million.

The port of Chornomorsk also showed significant growth: revenue tripled to UAH 1.48 billion, and net profit increased more than 17 times to UAH 668.89 million.

The Odesa Commercial Sea Port improved its financial results by 13%, reaching UAH 253 million in revenue. Profit increased 2.5 times to UAH 135.74 million.

In contrast, the Danube ports recorded a decline. The port of Izmail reduced its revenue by 35% to UAH 1.32 billion, and its profit halved to UAH 389.99 million. The Port of Reni reduced its revenue by 4.5 times to UAH 175 million, and its net profit decreased by 51 times, reaching only UAH 10.74 million.

The Ukrainian Sea Ports Authority reported that Odesa seaports showed a significant increase in cargo turnover. From January to September 2024, 74 million tons of cargo passed through the ports. This is a significant progress compared to the same period last year, when only 41.1 million tons were handled.

At the same time, cargo turnover through the Danube ports in 2023 was a record and amounted to more than 29 million tons.

Earlier, the military reported an increase in the capacity of the Ukrainian sea corridor over the past six months. Navy spokesman Dmytro Pletenchuk noted that there is currently no danger of remote mining.

According to him, one of the main achievements of Ukraine is the withdrawal of the Russian fleet to Novorossiysk. At the same time, the change of the Russian commander of the Azov-Black Sea region is significant.

Instead, Turkey, Romania, and Bulgaria have begun to jointly search for mines in the Black Sea to improve the safety of shipping, including the export of Ukrainian grain from the ports of the Greater Odesa region. Despite Turkey, Romania, and Bulgaria's membership in NATO, their naval forces are outside of NATO, in part to avoid escalating tensions with Russia.