Prometey comments on delays in unloading Ukrainian wheat at Egyptian ports

Ukrainian trading company Prometey has confirmed delays in payments for wheat supplied to Egypt under state contracts with Mostakbal Misr, the country’s new state grain purchasing operator that replaced GASC at the end of 2024.

According to company owner Rafael Goroyan, six vessels have already been unloaded in Egyptian ports, while two more are still awaiting discharge. The total value of grain for which payment has not yet been processed is estimated at around $30 million.

Goroyan explained that the complications stem from delays in opening letters of credit, a key financial mechanism used in international grain trade. “A letter of credit is a complex instrument. If a company has no experience with discounting, it’s better not to enter this market,” he said.

He emphasized that Mostakbal Misr is a new operator still building operational capacity: “Egypt is a challenging market. These are not problems — these are working processes. New business always comes with difficulties, and they are handling them with dignity.”

Prometey is working to avoid extra demurrage costs related to vessel downtime and maintains that Egypt remains a strategic destination. “Such challenges are not new. You can’t simply enter Egypt without understanding the risks. We’ve worked there for a long time and know the specifics. Mostakbal Misr is no exception,” Goroyan added.

Earlier reports indicated that about 200,000 tonnes of Ukrainian wheat remained unpaid and delayed offshore due to banking changes and technical issues in Egypt’s updated payment system, with some vessels waiting over a month for clearance.

Tags: Ukraine, Egypt, wheat, Prometey