UDP reports over EUR 5 million in profit for the first five months of 2026 amid debate on corporate governance

The Ukrainian Danube Shipping Company reported that it had earned more than EUR 5 million in profit during the first five months of 2026. This information was published by the company on the occasion of Fleet Day.

Volodymyr Tostohan, Chairman of the Management Board of PJSC “UDP”, noted that the company’s main cargoes remain grain, iron ore raw materials, metal, coke, coal and fertilizers. The total deadweight of the company’s fleet exceeds 550,000 tonnes.

Among UDP’s key areas of activity are grain shipments from Ukrainian Danube ports to Constanța, Romania, as well as the transportation of iron ore raw materials to Serbia with return loading of grain bound for Constanța. The company’s management also reports ongoing work to attract additional cargo owners in order to expand the cargo base and bring the enterprise to a sustainably profitable level.

UDP expects that in 2026 the volume of cargo transported by the company may almost double compared with 2025 and reach approximately 1–1.2 million tonnes.

Comment by the Institute of Danube Research

The Ukrainian Danube Shipping Company remains a strategic asset for the state, especially in wartime, when the Danube transport corridor plays a critically important role for exports, logistics and Ukraine’s integration with European markets.

The reported profit for the first five months of 2026 and the expected growth in cargo transportation are positive signals for the sector. At the same time, such indicators should be assessed not only through the current financial result, but also in the context of long-term competitiveness, the condition of the fleet, the quality of corporate governance, transparency in decision-making and the effective use of state assets.

At the same time, the Institute of Danube Research notes that the activities of the Ukrainian Danube Shipping Company have become the subject of a broader public debate on corporate governance, management efficiency and the protection of assets of state-owned companies.

On 8 July, the Kyiv Independent published an article by economic reporter Luca Léry Moffat referring to a letter sent by Benoît Pleska, Chairman of UDP’s Supervisory Board, to the Verkhovna Rada of Ukraine. According to the outlet, Pleska stated in the letter that the company had experienced a sharp decline in activity, management problems and risks related to corruption which, in his assessment, had affected the company’s assets for decades. The outlet also noted that the Chairman of the Supervisory Board referred to resistance against the board’s efforts to strengthen oversight and reform the company’s governance.

This material is published in the “Articles, Interviews” section, as it provides an important perspective on the state of corporate governance in one of the key enterprises of Ukraine’s Danube region.

The public debate around UDP demonstrates the need for an open and institutional approach to the management of enterprises that are of strategic importance to the country. For Ukraine’s Danube region, it is important that UDP not only demonstrates operational profit, but also develops as a modern, transparent and competitive shipping company of European standard.

The Institute of Danube Research believes that the further development of UDP should be based on three key principles: effective corporate governance, protection of the fleet and property assets, and the integration of the company into the long-term development strategy of Ukraine’s Danube cluster.