Kernel acquires two vessels for cargo transportation

In fiscal year 2023, Kernel agricultural holding acquired two vessels for cargo transportation. This is stated in the company’s report for FY 2023 (July 2022 – June 2023).

Now Kernel owns and operates the bulk carrier Eneida with a carrying capacity of 44 thousand tons of grain and the tanker Mavka with a carrying capacity of 12.5 thousand tons of sunflower oil.

“Exercising full control over the entire value chain (from silos to railcars to port terminals and ships) allows us to increase efficiency and reduce export logistics costs,” the report says.

In addition, in the first quarter of fiscal year 2024, the company acquired certain assets of the vegetable oil transshipment terminal in the port of Chornomorsk through bankruptcy proceedings. The facility is currently out of operation and additional investments and preparatory work are required to bring it to full functionality.

“In the first quarter of fiscal year 2024, the Group agreed to acquire the Reni-Oil sunflower oil transshipment terminal in the port of Reni on the Danube River with a transshipment capacity of 700 thousand tons of sunflower oil per year,” the company added.

As a reminder, Kernel plans to build a new transshipment terminal, Reni Terminal Development, in the seaport of Reni by the end of 2023. The company plans to increase cargo exports to 600 thousand tons per year.

Tags: Kernel