Comvex to Build New Romanian Grain Terminal
Romanian port operator, Comvex will invest €52 million to convert berth 80 at Romania’s Constanta Port into a new grain terminal with storage capacity of 200,000 tons.
To finance the project, the company will use €5 million in retained earnings, however, shareholders have voted their approval for contracting bank loans of up to €52 million to fund the balance of the cost.
Weaker demand for mineral handling, coupled with an increase in grain exports from the region, including Hungary, Serbia, and Bulgaria, have driven Comvex to turn its attention to grain handling. Romania’s total grain exports for the marketing year ending in June increased by 10% year on year to 9.5 million tons, while grain exports through Constanta port are estimated to be 7.5 million tons for the same time period. In addition, Romania’s grain harvest for this year is expected to see a 15% increase year on year to top 24 million tons.
With a water depth of 18.5mn, the new terminal will focus on supplying super-large 120,000-140,000 tdw ships, and will therefore not be competing with existing grain terminals at the port.
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