February 19, 2024

Despite the active work of Ukrainian deep-sea ports, Nibulon continues to export significant volumes of grain through the Danube.

Nibulon reported that the total volume of transshipment of grain and oilseeds through its river terminal in Izmail exceeded the mark of 2 million tons.

Nibulon construction of its new terminal almost immediately after the start of the full-scale Russian invasion, with the first barges loaded in September 2022.

On our opinion it was this asset that ensured the company's survival in the very difficult conditions in which Nibulon found itself after the beginning of the invasion and blocking of Ukrainian deep-sea ports.

Nibulon's entire business model, which was built around river terminals on the Dnipro and Pivdenniy Bug, as well as transshipment in Mykolayiv Port (which is currently still non-operational), was destroyed when the invasion began.

Until now, it is the Izmail Port Terminal and the Romanian Constanta that remain the main export route for Nibulon, which, in turn, returned to the list of leading Ukrainian grain exporters in 2023.

We expect Nibulon's financial results to improve significantly in 2023 compared to 2022, but the company's prospects in middle term (in our view) still remain uncertain.