Payment issues for Ukrainian wheat shipments in Egyptian ports resolved — Qortia AG

The payment issue for several shipments of Ukrainian wheat that had been delayed at Egyptian ports has now been resolved, according to Qortia AG co-owner Kostiantyn Kuflik, who commented to Latifundist.com.

Earlier, on October 23, it was reported that eight vessels carrying Ukrainian wheat were stranded at Egyptian ports due to delays in opening letters of credit for the state buyer Mostakbal. Market participants estimated that around 200,000 tons of grain remained unpaid at that time.

“As of Thursday, two vessels had already been unloaded, one was being discharged, and another has since been completed — with one more planned for today. We’ve now received SWIFT confirmations for all shipments,” Kuflik said.

He explained that the delays were caused by new regulations introduced by Egypt’s Central Bank, which tightened verification procedures for letters of credit and product origin. “They introduced several additional checks — verifying where exactly the grain comes from and reviewing submitted documents. This required us to provide extra paperwork, which slowed the process. But these things happen. Even our bank initially tracked the full route of the vessels. I’d like to thank Mostakbal Misr for their professional cooperation,” Kuflik noted.

He added that Qortia AG is now addressing demurrage compensation for vessel delays. “We’re following the standard procedure — submitting claims for demurrage. Of course, we’ll seek compensation, as vessel downtime brings extra costs no one anticipated. Still, we’re confident this issue will also be resolved, as communication between companies has been constructive,” he concluded.

Tags: Ukraine, Egypt, wheat, Qortia AG