Kernel has sold the bulk carrier Rotterdam Pearl V, which it acquired in late 2023 amid a shortage of vessels and record-high freight rates, and is considering a full exit from operating its own cargo fleet as the maritime grain corridor stabilizes. The company disclosed the move in a statement.
The 55,000 dwt bulk carrier was part of the agribusiness group’s crisis-response logistics strategy in 2023–2024. At a time of limited access to tonnage and high sea freight costs, owning its own vessel enabled the company to secure uninterrupted product exports and reduce dependence on third-party carriers.
The company said that following the stabilization of export logistics and the increase in the number of vessels available on the market, the need for its own bulk carrier fleet has declined significantly. Kernel now intends to focus on its core operating segments, while retaining the option to return to shipping should market conditions change.
Kernel Logistics Director Mykola Myroshnychenko said the company entered the shipping business during a period of peak freight rates and limited vessel availability, and that owning its own fleet allowed it to gain control over the export chain and build expertise in the maritime transport market.
Following the sale of Rotterdam Pearl V, the company retains one vessel — the 13,500 dwt tanker Mavka, which is used to transport vegetable oil. The value of the bulk carrier sale has not been disclosed.
Kernel is one of Ukraine’s largest agribusiness groups and exporters of sunflower oil. After the start of the full-scale war, the company actively restructured its logistics chains amid the blockade of Ukrainian seaports and the unstable operation of the grain corridor.
Despite challenging operating conditions and forced stoppages due to air raid alerts, in the third quarter of fiscal year 2026 (January–March), the company increased oilseed processing volumes and throughput at its seaport terminals. Processing rose 17% year-on-year to 986,000 tons, which the company attributed to stable sunflower seed supply on the domestic market. Quarterly oil sales increased 7% to 373,000 tons.
At the same time, Kernel’s financial indicators for the first half of fiscal year 2026 (July–December 2025) deteriorated. The company’s net profit declined 33% compared with the same period of the previous year, to $119 million. Consolidated revenue fell 1% to $1.924 billion, while EBITDA decreased 14% to $247 million.
