The growth is obvious especially among the grains terminals, but also container shipping agents finished a good 2023. 2024 was still good, even if agriculture fell all over Europe due to the lack of humidity.
According to statista.com, the average EBIT margin of main global container shipping companies rose steeply between 2020 and 2023.
While the average EBIT margin amounted to around 2.6 percent in the first quarter of 2020, its value climbed to 57.4 percent in the first quarter of 2022. The rest of 2022, however, saw a decline of the margin, dropping to 33.3 percent in the fourth quarter of 2022. The margin continued declining in the first half of 2023, to 8.9 percent in the second quarter and reached -3 percent in the final quarter.
With a continuing declining container prices in 2023, it is obvious that most of the shipping operators faced decreases in profits and even turnover. Though, in some cases, the shipping agents operating in Constanța Port managed to increase volumes and EBITDA, too.
The average price for transporting a container from China to Europe was at least 30% lower in 2023 than a year before, because of the lower demand, improved supply-chain efficiencies and to a stabilization of global shipping market.
In Romania, the top of the companies involved in harbour and intermodal terminals operations and shipping agents have recorded increases of the volumes in 2023, as the figures comunicated by the Authority of Constanța Port shows.
We analyzed top 46 companies – categorized under CAEN codes 5224, 5210, and 5229 – in a ranking ordered after EBITDA realized in 2023. We saw that companies operating in the Port of Constanța reported a combined EBITDA of €200 million, marking a significant increase compared to €155 million in the previous year. This growth reflects a convergence of geopolitical, economic, and logistical factors that have elevated the port’s role as a strategic hub for regional and international trade.
The 46 companies achieved a total turnover of €535 million, up €67.5 million year-over-year. Collectively employing 3,773 people, these firms generated a net profit of €133 million, a notable rise from €97 million in 2022. However, certain entities, such as Romportmet SA – the operator of the terminal in Galați owned by ArcelorMittal – saw their losses deepen, with an EBITDA of -€4.6 million compared to -€2.5 million in 2022. Alongside TEU Shipping & Forwarding Romania, Romportmet was among the few companies reporting negative results for both 2022 and 2023.
Top performers in the grain sector, maritime lines faced declines
The largest gains were seen among port operators heavily involved in grain transshipment. Comvex SA recorded an EBITDA of €50.39 million, up €17.4 million from the previous year. ADM Romania Logistics followed with €28.71 million (+€8.7 million), Socep with €27.19 million (+€13.5 million), Chimpex with €26.14 million (+€9.1 million), and Canopus Star with €7.25 million (+€2.3 million).
Despite overall growth in the port, maritime lines suffered due to a 30% average reduction in shipping tariffs. Cosco Shipping Lines Romania experienced a €5.59 million decline in EBITDA, dropping from €9 million. Maersk Romania was reaching 2.205 million euros in 2023, while DP World Logistics Romania reported a €714,000 reduction from €1.8 million the previous year.
Turnover and profit trends: winners and losers
Socep saw the largest increase in turnover, adding €18.11 million to reach €47.32 million. Inland Shipping followed with a €16 million rise to €24.8 million. Chimpex and Comvex also posted significant gains of €14.79 million and €12.83 million, respectively, reaching €90-95 million.
Conversely, maritime operators faced substantial declines. MSC Romania Shipping reported a €10.5 million drop in turnover, ending the year at €15 million. Maersk Romania saw a €10 million decrease to €9 million, while Cosco Shipping Lines fell by €8.12 million to €18.16 million.
In terms of net profit increases, port operators with intense activities with grain are also in the top 5: Comvex (+17 million euros reaching €38.11 million), Socep (+11.6 million euros from 8.33), Chimpex and ADM Romania Logistics, both with an increase of around 8 million euros from 11 and 13 million euros respectively). Two other operators increased by more than €2 million: Frial (up from €1.15m) and Canopus Star (up from €2.81m in 2022).
Cosco Shipping Lines recorded the steepest decline in net profit, losing €4.41 million to end at €2.59 million.
A decline in profit recorded also Umex (-€2.67 million, down from €4.13 million in 2022). Falls of more than €1 milion were recorded by Decirom, Sea Container Services and TTS River Ports ( -€1.6, -€1.5, -€1.5 million and resprectively -€1.05 million). Decreases of more than 500,000 euro were also recorded by Eastship Projects & Logistics, Sisam Shipping & Transportation, Bolero Shipping, Global Shipping & Forwarding, Unicom Oil Terminal and Maersk Romania (with decreases of 947,000, 702,000, 643,000, 579,000, 545,000 and 531,000 euro respectively).
Eight companies recorded losses in 2023, six of which were also loss-making in 2022.
Intermodal terminals: modest performance
Three intermodal terminals made it to the top 45 companies in the sector, albeit with more modest financial outcomes compared to maritime operators. Rail Port Arad reported an EBITDA increase of €212,000 to €1.59 million, while Intermodal Vest (where Transmec is operating) saw a decline of €360,000 (from €798,000 in 2022).
In case of Rail Hub Transylvania EBITDA decreased with €48,000 and the turnover with €2 million, from €7.5 million to €5.5 million.
The financial landscape for intermodal transport is expected to shift significantly in 2024, as EBIT Intermodal completes its first full year of operations with over €2 million turnover and around €400,000 profit. This terminal has handled substantial intermodal volumes, particularly during the summer when disruptions at the Curtici terminal impacted operations.
Additionally, the Oradea Municipality’s intermodal terminal, operated by Routier European Transport, began operations mid-year, further enhancing the region’s logistics capabilities. Rail Hub Transylvania, in partnership with International Alexander, launched a rail line connecting Glogovăț to Ghent, Belgium. The partnership plans to increase weekly traffic from one train to three by 2025, combining grain exports with containerized general cargo imports.
Among intermodal terminals it should be taken into consideration also Afluent Arad South Terminal, which has finished 2023 with an operating revenue of 1.2 million euros and an operating profit of 44,000 euros and 68,000 euros EBITDA and it had several investments projects in 2024 which enables it to increase operating efficiency.
Strategic implications of Constanța Port
As Constanța continues to adapt to geopolitical and market changes, its strategic importance as a logistics hub is expected to grow. With ongoing investments in infrastructure and increasing integration with intermodal transport corridors, the port is well-positioned to capitalize on emerging trade opportunities while navigating the challenges posed by fluctuating maritime rates and regional competition. A more detailed analysis of intermodal transport prospects will be presented at the Tranzit conference in Oradea on April 10, 2025.
It is important to outline that over the past few years, the importance of Port of Constanța has grown significantly – not only due to its role in supporting Ukraine’s import and export activities over the last two years but also because of the new regulations brought by the Covid-19 pandemic, sanctions on Russia, and the evolving dynamics of maritime and general transportation.
Currently, approximately 700 entities operate in the Port of Constanța, which boasts 10 agri-bulk terminals and grain hubs for crops from Romania, Serbia and Hungary. In 2023, the port handled a record-breaking 92.69 million tons of goods (77% via maritime traffic and 23% via river traffic), compared to 75.53 million tons in 2022, 67.48 million in 2021, and 60.37 million in 2020. The highest volumes were recorded in grain (36.22 million tons in 2023, compared to 24.01 in 2022 and 25.17 in 2021), oilseeds (9.27, 3.48, and 2.20, respectively), and crude oil (7.69, 9.51, and 6.7).
In relation to Ukraine, total cargo traffic reached 25 million tons in 2023, with over 14 million tons of Ukrainian grain transiting through Constanța. The port also processed 884,598 containers in 2023 (703,771 full and 180,827 empty), marking a 13.9% increase from the 776,590 containers handled in 2022.
Strategic investments and reconfiguration of transport routes
The National Company for Maritime Ports Administration SA has continuously invested in the Port of Constanța. However, the geopolitical context shaped by the war in Ukraine has underscored the port’s critical role. Transport routes have been reconfigured, necessitating a reassessment of priorities and adaptations to the investment plan.
Historically, Constanța’s routes were shaped by grain exports and shipments from exporters like Dacia to destinations such as Egypt, Jordan, Spain, Morocco, South Korea, Algeria, Tunisia, Saudi Arabia, Turkey, Israel, and France. Following the outbreak of the war in Ukraine, Romania and other ports on the Caspian and Black Seas have been working to expand capacity and accelerate transit on the Middle Corridor, where Constanța is poised to play a pivotal role in ensuring the transit of goods from China to Europe.
The Middle Corridor, stretching 9,400-11,000 kilometers depending on the destination country in Europe, facilitates transit times of 13-23 days from Lianyungang (China). It crosses Aktau/Quryq (Kazakhstan), Azerbaijan, Georgia, Turkey, Ukraine, Poland, Romania, and other EU states. This route is faster than the conventional sea route through Suez and Istanbul (16,400 km / 35-45 days) and significantly quicker than the route circumventing Africa (30,500 km / 60-65 days), which was utilized in 2024 due to conflicts in the Red Sea region.
Focus on the hinterland and Schengen membership
To strengthen connections to the Baltic Sea, Constanța has launched the Three Seas Initiative, promoting three projects that link the port with the Black, Caspian, and Baltic Seas: Via Carpathia (a road corridor), the Fairway Danube project, and Rail2Sea, the most significant of the three. The Rail2Sea project aims to connect the Port of Gdansk in Poland to the Port of Constanța through a rail corridor that traverses Poland, Slovakia, Hungary, and Romania. This corridor links industrial hubs in these countries and connects to Rail Baltica in Warsaw, offering further links to Lithuania, Latvia, and Estonia.
To the east, Constanța seeks stronger ties with Georgian ports along the Black Sea. The line connecting Poti and Constanța has the potential to grow due to increasing traffic flows from the Caspian Sea and ongoing investments in maritime and port infrastructure in Kazakhstan, Azerbaijan, and Georgia, where port capacities are improving annually.
Constanța’s hinterland remains a priority market, encompassing the Danube countries of Bulgaria, Serbia, Hungary, Slovakia, Croatia, Austria, the Czech Republic, Germany, and Moldova. Since 2022, Constanța has also served as a maritime port for Ukrainian goods.
Romania’s accession to the Schengen Area, including open land borders, is expected to enhance transit speeds and reduce delivery costs to the entire EU, further solidifying the strategic importance of the Port of Constanța in regional and global trade networks.