## Company Profile BLACK SEA CROWN LOGISTIC SRL is a Romania-based freight forwarder and logistics services provider (website: http://www.blackseacrown.ro). As a Constanța-area forwarder they likely handle maritime export/import shipments, container and bulk cargo movements, transshipment and multimodal links between the Port of Constanța, the Danube corridor and regional Black Sea trade lanes. Typical customers would be grain/oilseed exporters, food processors, traders and importers/exporters moving cargo across Black Sea–Mediterranean–EU routes. Scale: small-to-mid sized national forwarder (Sales Manager contact) serving regional agricultural and general cargo flows. ## Pain Points 1) Falling transit volumes via Danube/Constanța and under‑utilised port/grain terminal capacity (Constanța cargo down ~24% H1‑2025; national loaded volumes −18.5% in 2025) → fewer spot jobs and downward pressure on freight margins. 2) Rapid route shifts: More Ukrainian grain now sails direct from Ukrainian deep‑sea ports (post‑2024 reopening), reducing demand for Danube transshipment services and creating business uncertainty for forwarders reliant on transit flows. 3) Customer demand for lower war‑risk routing, predictable lead times and secured buyers: shippers and food manufacturers are moving to longer contracts and alternative origins (e.g., Romanian origin, Argentine sunflower oil), so forwarders must offer buyer connections, reliable delivery and commercial certainty beyond pure transport execution. ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. [MARKET EVENTS] – BLACK SEA GRAIN EXPORT ROUTES & IMPACT ON CONSTANȚA (2025–2026) === **Structural shifts in routes** - After Ukraine’s “alternative corridor” from Odesa along the western Black Sea became more reliable in late‑2024, a larger share of Ukrainian grain/oilseed exports moved directly from Ukrainian deep‑sea ports rather than via the Danube–Constanța route. A recent World Bank transport assessment notes that the reopening and stabilization of direct Black Sea routes “relieved pressure on the export routes through [the] Danube,” lowering the need for ship‑to‑ship transfers at Constanța.([documents1.worldbank.org](https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai)) - TTS (a leading Romanian barge/port logistics operator) states in its 2025 annual report that the reopening of direct maritime routes through the Black Sea has already reduced Danube traffic linked to Ukrainian exports and that for 2026 “there is no solid basis” to assume a strong recovery of these transit volumes via Romania.([bvb.ro](https://www.bvb.ro/infocont/infocont26/TTS_20260331202303_Raport-anual-2025---EN---BVB.pdf?utm_source=openai)) **Impact on Constanța transit & total volumes** - A Danube/Constanța traffic snapshot for early‑2025 shows steep declines: - Cargo traffic through the Port of Constanța fell **27% in Q1‑2025 vs Q1‑2024**, while traffic via the Danube–Black Sea Canal dropped **~40%** (3.2 Mt in Q1‑2025, −39.9% y/y).([businessforum.ro](https://www.businessforum.ro/industry/20250630/port-of-constanta-sees-lower-freight-traffic-in-q1-2025-1973?utm_source=openai)) - National 2025 performance confirms the downturn: - Romania’s maritime ports handled **54.57 Mt** of cargo in 2025; loaded volumes were **down 18.5% y/y**, even though total throughput (loaded + unloaded) was roughly stable thanks to a modest **2.1% increase in unloaded cargo**.([portseurope.com](https://www.portseurope.com/romania-ports-handle-54-6-million-tonnes-down-18-5-in-2025/?utm_source=openai)) - Romanian public TV (TVR) reported that in the **first half of 2025**, Constanța operated **24% less cargo** than in H1‑2024, with a specific contribution from reduced grain quantities; Romanian wheat was often held in silos due to weak international prices, and domestic corn output was hit by drought.([tvrinfo.ro](https://tvrinfo.ro/traficul-de-marfuri-scade-dramatic-in-portul-constanta-declinul-a-fost-influentat-si-de-reducerea-cantitatilor-de-cereale/?utm_source=openai)) **Grain & veg‑oil–specific transit via Constanța** - Tridge’s 2024–early‑2025 analysis highlights that: - Danube ports Izmail, Reni and Ust‑Dunaisk were operating at **less than half capacity**, with transshipment volumes dropping **~46% to 17.3 Mt in 2024**. - Grain exports via Constanța from Ukraine fell **six‑fold in the first two months of 2024** versus the same period of the previous year, underscoring how quickly Ukrainian flows shifted away from the Danube–Romanian corridor once a direct maritime route from Odesa became workable.([insights.tridge.com](https://insights.tridge.com/speaker-product-news-reports/KJLyFXpzJzgKuB1Gqsm5QUKHGgR43AVdqLRo1z7PSg9EAD5sYSXSW6xi?utm_source=openai)) - A Black Sea veg‑oil market briefing from late‑2025 notes that Ukrainian grain and veg‑oil flows to Constanța “also fell, significantly reducing the total volume of agricultural commodities,” and estimates current handling at up to **1.5 Mt of grain and 0.5 Mt of vegetable oil per year** for the Danube‑to‑Constanța corridor, with DP World’s investments expected to lift overall cargo transit capacity by around **2 Mt/year**.([ukragroconsult.com](https://ukragroconsult.com/blackseavegoil_45/?utm_source=openai)) **Port capacity & infrastructure for 2026** - **Grain terminals & barge‑to‑sea logistics** - TTS is investing **€22.9 m** to expand its grain terminal in Constanța. Construction starts **January 2025** and should finish by **end‑Q1 2026**, aimed at shortening vessel waiting times and increasing annual grain handling capacity.([world-grain.com](https://www.world-grain.com/articles/20878-romanian-port-grain-terminal-to-be-expanded?utm_source=openai)) - **Container & multimodal capacity** - DP World has added two mobile harbour cranes and completed a **119,000 m²** multimodal platform at Constanța South Container Terminal (CSCT), lifting terminal handling capability to **around 810,000 TEU in 2026–2027** and cutting grain waiting times “by over 66%.”([porttechnology.org](https://www.porttechnology.org/dp-world-expands-operations-at-constanta-south-container-terminal/?utm_source=openai)) - A recent port profile (April 2026) describes Constanța as handling **70+ Mt cargo in 2025** and being among the world’s largest grain export ports, serving both Romanian origin and Ukrainian transit flows. It stresses Constanța’s expanded role as the main alternative Black Sea hub following disruptions at Ukrainian and Russian ports.([blog.turqoa.com](https://blog.turqoa.com/ports/constanta-port-black-sea?utm_source=openai)) **2026 outlook for transit via Constanța** - Market signals from TTS and Danube/Constanța traffic statistics suggest: - **Baseline 2026 scenario**: Ukrainian transit via Danube–Constanța stays structurally lower than 2022–23 peaks, with more volume moving directly from Ukrainian deep‑sea ports as war‑risk conditions allow. - Constanța remains strategically important, but **growth in 2026 is more likely from Romanian and regional grain exports plus general cargo and containers**, not from a renewed surge of Ukrainian grain in transit. - Regulatory/policy environment: - EU “solidarity lanes” via Danube/Romania are being maintained but no major new quota or routing mandates for 2026 have been announced in the last 90 days; rather, current documents frame them as **back‑up routes** relative to Ukraine’s restored Black Sea maritime lane.([documents1.worldbank.org](https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai)) === 2. [COMMODITY TRENDS] – WHEAT, MAIZE & SUNFLOWER OIL EXPORTS FROM BLACK SEA (INTO 2026) === **Regional export weight & structure** - A 2026 outlook briefing estimates that the Black Sea region now supplies roughly **30% of global wheat exports** and **60% of global sunflower oil exports**, with Russian FOB Novorossiysk remaining the key pricing benchmark for world wheat.([worldwidetradex.com](https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai)) **Wheat – supply & price trends into 2026** - Russia: - 2025 wheat harvest estimated around **82 Mt**, down from the record **~92 Mt (2022)** but still sufficient to maintain Russia as the largest single wheat exporter into 2025‑26.([worldwidetradex.com](https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai)) - CVB (Constanța–Varna–Burgas) basin: - Fastmarkets’ 2026 preview notes the CVB wheat market entered 2025/26 on a **firmer price base** than the prior season, but fundamentals are more challenging due to weaker corn and sunflower crops and soft global prices. - Romanian wheat exports show a **modest increase in total volume and a shift in destinations**, with more sales to non‑EU Mediterranean and MENA buyers. Quantitative details are proprietary, but the report highlights increased competition with Russian and Ukrainian origins on FOB Black Sea and FOB Constanța bases.([fastmarkets.com](https://www.fastmarkets.com/insights/cvb-wheat-market-strong-harvests-weak-prices-reshape-export-flows-2026-preview/?utm_source=openai)) - Price level: - 2025‑26 forward curves described by several market‑commentary sources show **Black Sea 12.5% protein wheat FOB** trading at a narrow discount to EU French wheat, but overall wheat prices remain well below 2022 peaks; the 2026 outlook article frames this as a “weak price” environment despite strong export volumes.([worldwidetradex.com](https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai)) **Maize (corn) – Black Sea volumes and constraints** - Ukrainian and Romanian corn exports via Danube & Constanța were an important part of regional trade in 2022–23, but: - Danube‑based exports of Ukrainian grain/oilseeds (including corn) from Izmail/Reni/Ust‑Dunaisk fell to **17.3 Mt in 2024 (−46%)**; Constanța‑bound Ukrainian grain also dropped sharply.([insights.tridge.com](https://insights.tridge.com/speaker-product-news-reports/KJLyFXpzJzgKuB1Gqsm5QUKHGgR43AVdqLRo1z7PSg9EAD5sYSXSW6xi?utm_source=openai)) - Romanian domestic corn production in 2024/25 is described as **one of the lowest in 20 years** due to drought, reducing exportable surplus and corn flows through CVB ports in the 2025/26 marketing year.([fastmarkets.com](https://www.fastmarkets.com/insights/cvb-wheat-market-strong-harvests-weak-prices-reshape-export-flows-2026-preview/?utm_source=openai)) - Net result: - Black Sea corn availability from Romania and Ukraine via southern routes is **tighter** than in 2022–23, partially offset by higher exports from other origins (e.g., Brazil/US). This helps support a **slightly firmer relative basis** for Ukrainian/Romanian corn in Mediterranean tenders, even if flat prices are weighed down by global oversupply.([fastmarkets.com](https://www.fastmarkets.com/insights/cvb-wheat-market-strong-harvests-weak-prices-reshape-export-flows-2026-preview/?utm_source=openai)) **Sunflower oil – supply shifts and 2026 price signal** - Black Sea vs Argentina: - A detailed April 2026 market note highlights that Black Sea sunflower seed/oil supply remains **constrained** by smaller‑than‑expected 2024 harvests, while Argentina is delivering a **strong 2025/26 sunflower crop of ~7 Mt**. - This Argentine crop is reshaping flows: European crushers and refiners are **securing counter‑seasonal seed and oil from Argentina** just as northern hemisphere Black Sea stocks run thin.([commodity-board.com](https://commodity-board.com/argentine-bumper-crop-reshapes-a-still-tight-global-sunflower-oil-market/?utm_source=openai)) - Price level: - From **Sep‑2025 to Mar‑2026**, **sunflower oil export prices averaged about €1,210/t FOB**, compared with roughly **€1,020/t a year earlier** – an increase of **~18% y/y**. - Despite this increase, sunflower oil remains in a more stable range than during the 2022 price spike; spreads to other vegetable oils have **narrowed** according to a December 2025 supply‑chain review.([commodity-board.com](https://commodity-board.com/argentine-bumper-crop-reshapes-a-still-tight-global-sunflower-oil-market/?utm_source=openai)) - Black Sea export logistics: - As Black Sea shipping stabilised in 2024–25, refined sunflower oil supply from the region **rebounded**, and buyers benefitted from **more predictable lead times** and reduced freight/war‑risk disruption. Market commentary going into 2026 speaks of “cautious optimism,” with food manufacturers extending forward coverage.([foodadditivesasia.com](https://www.foodadditivesasia.com/en/market-insights/supply-chain/refined-sunflower-oil-supply-rebounds-black-sea-shipping-corridor-stabilizes?utm_source=openai)) **Overall commodity trend takeaway for 2026** - Wheat: abundant Black Sea supply (especially Russian) plus softer global demand keep prices relatively weak despite firm export volumes; competition in Mediterranean markets intensifies. - Maize: structurally lower Ukrainian/Romanian corn output/transit through Black Sea/Danube tightens regional availability, but global corn oversupply caps price upside. - Sunflower oil: **Black Sea still dominant in global exports**, but constrained seed supply keeps **FOB prices ~15–20% above the prior year**, with **Argentina’s 7 Mt crop** acting as a key balancing origin for EU demand.([worldwidetradex.com](https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai)) === 3. [DEMAND SIGNALS] – FREIGHT RATES, CAPACITY & WAR‑RISK FOR BLACK SEA–EUROPE/MED (2025–2026) === **Freight rate levels & direction** - A World Bank logistics report (early‑2026) states that **by end‑2024, freight rates from Black Sea ports to China were at their lowest levels since the start of the full‑scale war**, as alternative export corridors matured and shipping risk premiums for certain lanes declined.([documents1.worldbank.org](https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai)) - For 2025–early‑2026, industry sources tracking dry bulk and container freight (Baltic indices and regional brokers) generally indicate: - **Handy/Supramax grain freight Black Sea–East Med/Adriatic**: down markedly from 2022–23 peaks but still carrying a **modest war‑risk premium** relative to pre‑war levels. - Container rates out of Constanța to Mediterranean/Western Europe: normalised in 2025, supported by DP World’s capacity expansion and reduced congestion; rate movements are more influenced by global container cycles than by war‑risk at this point.([porttechnology.org](https://www.porttechnology.org/dp-world-expands-operations-at-constanta-south-container-terminal/?utm_source=openai)) **Capacity & infrastructure** - **Port & inland capacity expansions** - DP World’s new cranes and 119,000 m² multimodal platform at CSCT push capacity up to **~810,000 TEU by 2026–27**, improving ship turnaround and grain handling times (reported **>66% reduction in grain waiting times**).([porttechnology.org](https://www.porttechnology.org/dp-world-expands-operations-at-constanta-south-container-terminal/?utm_source=openai)) - Planned/ongoing grain terminal investments (e.g., TTS’s €22.9 m expansion by Q1‑2026) plus DP World’s project‑cargo and Ro‑Ro facilities are positioned to **add several million tonnes/year of effective throughput** for bulk agri and project cargo.([world-grain.com](https://www.world-grain.com/articles/20878-romanian-port-grain-terminal-to-be-expanded?utm_source=openai)) - **Actual utilisation vs capacity** - Despite capacity upgrades, utilisation in 2025 was lower: Romanian maritime ports’ loaded volumes were **down 18.5%** y/y, indicating that bulk capacity is **under‑used** relative to the 2022–23 Ukraine‑transit surge. This under‑utilisation is a bearish signal for freight rates ex‑Romania unless Ukraine flows re‑accelerate.([portseurope.com](https://www.portseurope.com/romania-ports-handle-54-6-million-tonnes-down-18-5-in-2025/?utm_source=openai)) **Insurance & war‑risk environment** - Following Russia’s withdrawal from the original Black Sea Grain Initiative (mid‑2023), Ukraine gradually established a new protected shipping lane along its western Black Sea coast. By late‑2024: - NATO‑backed mine‑sweeping and patrols by Romania and Bulgaria, and Ukraine’s own coastal defence measures, made this lane **sufficiently secure to support a recovery in grain shipments** from Odesa‑region ports.([en.wikipedia.org](https://en.wikipedia.org/wiki/Black_Sea_Grain_Initiative?utm_source=openai)) - Insurance signals: - Specialized risk reports and broker briefings over 2024‑25 (referenced in the World Bank and USDA logistics notes) show: - **War‑risk premia for designated Ukrainian port calls remain materially higher than for Constanța or other EU ports**, but have **narrowed significantly** versus 2022–23 as successful voyages accumulate. - For EU Black Sea ports (Constanța, Varna, Burgas), political/military risk is priced as **elevated but manageable**, often not requiring special war‑risk surcharges beyond standard Black Sea clauses, especially for coastal and intra‑Med voyages. - This differential makes **Romanian and Bulgarian ports attractive for shippers seeking to avoid the highest war‑risk premiums**, but as direct Ukrainian routes normalise, some volume (and associated rate support) shifts back to Ukrainian ports.([documents1.worldbank.org](https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai)) **Demand signals from shippers & buyers** - Veg‑oil and food manufacturers: - The December 2025 sunflower oil supply‑chain report notes that food manufacturers and large buyers are **locking in longer‑term contracts** thanks to more predictable Black Sea shipping and stabilised freight/insurance conditions, signalling **robust underlying demand for freight capacity** on refined oil and soft‑seed lanes into 2026.([foodadditivesasia.com](https://www.foodadditivesasia.com/en/market-insights/supply-chain/refined-sunflower-oil-supply-rebounds-black-sea-shipping-corridor-stabilizes?utm_source=openai)) - Grain traders & barge operators: - TTS’s 2025 annual report explicitly downgrades expectations of a strong Ukrainian‑transit rebound via Danube/Constanța for 2026, implying: - Continued **pressure on barge and short‑sea bulk demand** on the Danube corridor. - Stronger competition among operators for reduced transit flows, likely capping freight rates on these segments despite higher operating costs.([bvb.ro](https://www.bvb.ro/infocont/infocont26/TTS_20260331202303_Raport-anual-2025---EN---BVB.pdf?utm_source=openai)) **Summary of 2026 freight/war‑risk demand picture** - **Freight rates**: well below 2022–23 crisis levels; modest war‑risk premia persist for Ukrainian ports, far less so for Constanța and other EU ports. Under‑utilised capacity in Romania/Bulgaria is mildly bearish for bulk rates absent new demand shocks. - **Capacity**: physical capacity (ports, terminals, canals) is ample and still expanding; the constraint is **cargo availability and routing choices**, not infrastructure. - **Insurance/war‑risk**: gradually normalising, but still a key differentiator between Ukrainian vs EU Black Sea ports; this continues to influence routing decisions and the price buyers are willing to pay for freight from each origin. Sources: • Public Disclosure Authorized https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai • TTS – 2025 https://www.bvb.ro/infocont/infocont26/TTS_20260331202303_Raport-anual-2025---EN---BVB.pdf?utm_source=openai • Port of Constanța sees lower freight traffic in Q1 2025 https://www.businessforum.ro/industry/20250630/port-of-constanta-sees-lower-freight-traffic-in-q1-2025-1973?utm_source=openai • Romania ports handle 54.6 million tonnes down 18.5% in 2025 https://www.portseurope.com/romania-ports-handle-54-6-million-tonnes-down-18-5-in-2025/?utm_source=openai • Traficul de mărfuri scade dramatic în Portul Constanţa. Declinul a fost influențat și de reducerea cantitatilor de cereale | Site-ul de stiri al TVR https://tvrinfo.ro/traficul-de-marfuri-scade-dramatic-in-portul-constanta-declinul-a-fost-influentat-si-de-reducerea-cantitatilor-de-cereale/?utm_source=openai • Significant Decline in Ukrainian Grain Exports via Danube and Romanian Ports in Early 2024 | Tridge Insights https://insights.tridge.com/speaker-product-news-reports/KJLyFXpzJzgKuB1Gqsm5QUKHGgR43AVdqLRo1z7PSg9EAD5sYSXSW6xi?utm_source=openai • October 28-November 4, https://ukragroconsult.com/blackseavegoil_45/?utm_source=openai • Romanian port grain terminal to be expanded | World Grain https://www.world-grain.com/articles/20878-romanian-port-grain-terminal-to-be-expanded?utm_source=openai • DP World expands operations at Constanța - Port Technology International https://www.porttechnology.org/dp-world-expands-operations-at-constanta-south-container-terminal/?utm_source=openai • Constanta Port: Black Sea Trade Hub | Turqoa Blog https://blog.turqoa.com/ports/constanta-port-black-sea?utm_source=openai • Public Disclosure Authorized https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai • Black Sea Grain Trade: 2026 Market Outlook | WorldwideTradeX https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai • Black Sea Grain Trade: 2026 Market Outlook | WorldwideTradeX https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai • CVB wheat market: strong harvests, weak prices reshape export flows: 2026 preview - Fastmarkets https://www.fastmarkets.com/insights/cvb-wheat-market-strong-harvests-weak-prices-reshape-export-flows-2026-preview/?utm_source=openai • Black Sea Grain Trade: 2026 Market Outlook | WorldwideTradeX https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai • Significant Decline in Ukrainian Grain Exports via Danube and Romanian Ports in Early 2024 | Tridge Insights https://insights.tridge.com/speaker-product-news-reports/KJLyFXpzJzgKuB1Gqsm5QUKHGgR43AVdqLRo1z7PSg9EAD5sYSXSW6xi?utm_source=openai • CVB wheat market: strong harvests, weak prices reshape export flows: 2026 preview - Fastmarkets https://www.fastmarkets.com/insights/cvb-wheat-market-strong-harvests-weak-prices-reshape-export-flows-2026-preview/?utm_source=openai • CVB wheat market: strong harvests, weak prices reshape export flows: 2026 preview - Fastmarkets https://www.fastmarkets.com/insights/cvb-wheat-market-strong-harvests-weak-prices-reshape-export-flows-2026-preview/?utm_source=openai • Sunflower market 2026: Argentine bumper crop vs tight Black Sea supply https://commodity-board.com/argentine-bumper-crop-reshapes-a-still-tight-global-sunflower-oil-market/?utm_source=openai • Sunflower market 2026: Argentine bumper crop vs tight Black Sea supply https://commodity-board.com/argentine-bumper-crop-reshapes-a-still-tight-global-sunflower-oil-market/?utm_source=openai • Black Sea Stability Boosts Refined Sunflower Oil Supply https://www.foodadditivesasia.com/en/market-insights/supply-chain/refined-sunflower-oil-supply-rebounds-black-sea-shipping-corridor-stabilizes?utm_source=openai • Black Sea Grain Trade: 2026 Market Outlook | WorldwideTradeX https://www.worldwidetradex.com/insights/black-sea-grain-trade-2026?utm_source=openai • Public Disclosure Authorized https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai • DP World expands operations at Constanța - Port Technology International https://www.porttechnology.org/dp-world-expands-operations-at-constanta-south-container-terminal/?utm_source=openai • DP World expands operations at Constanța - Port Technology International https://www.porttechnology.org/dp-world-expands-operations-at-constanta-south-container-terminal/?utm_source=openai • Romanian port grain terminal to be expanded | World Grain https://www.world-grain.com/articles/20878-romanian-port-grain-terminal-to-be-expanded?utm_source=openai • Romania ports handle 54.6 million tonnes down 18.5% in 2025 https://www.portseurope.com/romania-ports-handle-54-6-million-tonnes-down-18-5-in-2025/?utm_source=openai • Black Sea Grain Initiative https://en.wikipedia.org/wiki/Black_Sea_Grain_Initiative?utm_source=openai • Public Disclosure Authorized https://documents1.worldbank.org/curated/en/099061725033525342/pdf/P502442-346a4fd3-882f-46ca-95c9-ce90c0a71619.pdf?utm_source=openai • Black Sea Stability Boosts Refined Sunflower Oil Supply https://www.foodadditivesasia.com/en/market-insights/supply-chain/refined-sunflower-oil-supply-rebounds-black-sea-shipping-corridor-stabilizes?utm_source=openai • TTS – 2025 https://www.bvb.ro/infocont/infocont26/TTS_20260331202303_Raport-anual-2025---EN---BVB.pdf?utm_source=openai