Ukrainian iron ore miner Ferrexpo aims to restart exports via the Black Sea amid risks posed by Russian attacks on ships leaving the port of Odesa. Since Moscow terminated a pact ensuring the safe transport of Ukrainian grain, Kyiv has established a provisional passage for vessels to enter and exit. However, Russia considers all cargo ships headed for Ukraine as potential targets.
Ferrexpo, producing iron ore pellets, has utilized only half of its four pellet lines due to decreased export capacity. Chairman Lucio Genovese intends to restore exports via the route, acknowledging the challenging circumstances brought about by Russia’s invasion of Ukraine. This predicament has significantly limited shipping opportunities to the Middle East and Asia.
In related articles, Ferrexpo ranks among the FTSE 350’s poorest performers of 2023, grappling with declining profits and revenue due to the impact of the war on its operations. Additionally, 34 employees have lost their lives in the conflict, while 754 others serve in Ukraine’s military.
Despite these challenges, Ferrexpo shares experienced a 6.6 percent surge, gaining 5.55p to close at 90.25p. Meanwhile, the London stock market witnessed a premature closure on the final trading day of the year, with the FTSE 100 increasing slightly by 0.1 percent and the FTSE 250 dropping 0.2 percent.
