The increase in diesel imports in Constanta port surged 2.5 times from 1.6 million tons in 2021 before the war in Ukraine to 4.4 million tons in 2024, making the Romanian Black Sea port the largest import destination in the Mediterranean and Black Sea region, according to an S&P Global report.
Looking ahead, there is nothing to suggest that diesel demand into Constanta will not continue growing in coming years, S&P concludes. The trend observed between 2021 and 2025 portrays a picture of sharp growth, while current market fundamentals suggest robust local consumption.
This particularly creates robust fundamentals for Oil Terminal (BVB: OIL) and JT Grup Oil (BVB: JTG), which is building a EUR 25 million diesel terminal at Constanta.
Before the war began in February 2022, Ukraine sourced most of its diesel from Russia. With the outbreak of the war and the imposition of sanctions on Russia, Kyiv had to find new sources of supply.
Poland, in the North-West European market, and Romania, in the Mediterranean/Black Sea market, have become the new main suppliers.
According to recently published S&P Global Commodities at Sea (CAS) data, diesel and fuel oil imports into Constanta totaled 4.4 million tons in 2024, up from 1.6 million tons in 2021. Over the 2021-2024 period, the total volume reached 12.2 million tons.
In comparison, other major ports in the region that receive large quantities of fuels recorded lower volumes in 2024. The imports received by Lavera port in southern France (at Fos-sur-Mer) were 3.9 million tons, followed by the port of Koper in Slovenia (3.4 million tons) and Venice in Italy (3.1 million tons).
The Polish ports of Gdańsk and Gdynia have also seen a significant increase in diesel imports since 2021, following a somewhat similar trajectory to that of imports in Constanta.
In 2021, combined diesel and fuel oil imports in Gdańsk and Gdynia were 2.6 million tons before rising to 3.9 million tons in 2024. While the increase was significant, it is not as steep as in Constanta, which saw an increase of almost 3 million tons over the past four years, S&P Global shows.
iulian@romania-insider.com
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