Cargo transshipment in Ukrainian ports in 2024 increased by 57% at once

Iron & steel complex cargoes account for almost 25% of all port transshipment of export cargoes

In 2024, Ukrainian seaports increased cargo transshipment by 57% y/y – to 97.2 million tons. The main transshipment products were grain and ore cargoes – 60.3 million tons and 18.5 million tons respectively. Despite the impressive growth, port cargo turnover in 2024 is still 36.8% lower compared to pre-war 2021. As a reminder, in 2023 transshipment in Ukrainian ports amounted to 62 million tons, in 2022 – 59 million tons, and in 2021 – 157.3 million tons.

At the end of last year, iron and steel cargoes accounted for 24.7% of all port transshipment of export cargoes, including 20.7% – ore and 4% – ferrous metals. Taking into account the volumes of iron and steel export products, which Ukrainian Railways transported in the direction of ports, port exports of ore at the end of 2024 can be tentatively estimated at 18.3 million tons, ferrous metals – at 3.5 million tons. In total, in 2024, export transshipment of cargo in Ukrainian ports amounted to 88.1 million tons.

The key factor for the increase in transshipment in Ukrainian ports last year was the successful functioning of the maritime corridor. Last year, the total cargo turnover of the corridor amounted to 79.9 million tons, of which export shipments were at the level of 76.4 million tons. Last year, 3,138 vessels used the sea route. During the entire period of operation of the corridor from August 2023 to the end of 2024, export cargo transportation amounted to 93.3 million tons.

The dynamics of transshipment in Ukrainian ports last year compared to 2023 is multidirectional. The opening of the sea corridor allowed the ports of Great Odesa to show an impressive growth in cargo turnover:

• Pivdennyi – by 3.5 times, up to 35.5 million tons;
• Chernomorsk – 2.3 times, up to 26 million tons;
• Odesa – 2.2 times, up to 18.3 million tons.

At the same time, the same operation of the corridor led to the strongest outflow of cargo from ports on the Danube – by 45.9%, to 17.3 million tons. In particular, the transshipment in Izmail in 2024 dropped by 33.9% – to 13.4 million tons, and in Reni – by 66%, to 3.4 million tons.

At the same time, if Ukrainian Railways follows through with its intentions to index freight tariffs by 37%, we can expect a reduction in rail freight transportation in export traffic in 2025 and, consequently, a decrease in port transshipment.