The Romanian state, through the Ministry of Transport led by Ciprian Şerban, is analysing the possibility of taking over the 20% stake that Fondul Proprietatea (BVB: FP) holds in Porturi Maritime Constanţa (CNAPMC). The move would make the state the sole shareholder of Romania's most important logistics hub, responsible for import-export, transit, storage, and operation of goods on the Black Sea. 

Besides the planned takeover of the 20% stake in Bucharest Airports Company (CNAMB), also from Fondul Proprietatea, the state's investments would reach EUR 270 million plus some EUR 86 million needed for CNAPMC's planned investments in Moldova's port Giurgiulesti - a financial effort that would require subsequent listing of the two companies' shares.

"From my point of view, CNAPMC is a high-performance and profitable company [...]. The port has a strategic importance for Romania, so yes, it is appropriate to purchase the shares from Fondul Proprietatea. In the coming period, I will discuss with the company's management to determine the next steps," minister Şerban told Ziarul Financiar.

Fondul Proprietatea evaluates its 20% stake in CNAPMC at RON 350 million (EUR 70 million), which values the entire port management company at EUR 350 million - the second most valuable in the fund's portfolio after Bucharest Airports.

The Ministry of Transport plans to buy out Proprietatea Fund's stake in CNAPMC at a time when the port operator is adjusting its operations and financials downwards with the shrinking Ukraine-related traffic.

Adjusted for one-off effects, the company's operating profit dropped by 22% to RON 118 million (EUR 23 million) in the first nine months of 2025.  In terms of net profit, CNAPMC reported RON 154.6 million (EUR 30 million) in the first nine months of 2025.

CNAPMC is currently in the process of taking over Moldova's sole seaport, Giurgiulesti (PILG), from the European Bank for Reconstruction and Development (EBRD), in a move challenged by Fondul Proprietatea. EBRD has asked for EUR 62 million for Danube Logistics – the company that holds the concession on PILG, which operates the largest part of Giurgiulesti port. CNAPMC also plans to invest EUR 24 million in the Moldovan port operator, but not before extending the "international port" regime enjoyed by PILG.

Danube Logistics, fully owned by the EBRD, operates Giurgiulesti under a 99-year concession granted in 2004. The special "international free port" regime, however, expires in 2030.

The Transport Ministry, as a shareholder, on May 15 this year, proposed that CNAPMC increase its capital by USD 99 million, which would be used for the Giurgiulesti port takeover and subsequent investments. 

"During the shareholder meeting on June 19, 2025, the Ministry of Transport approved the submission of a binding offer for the potential acquisition of Danube Logistic. To date, no other shareholder decisions have been adopted regarding the completion of the acquisition of Danube Logistic or its financing through a share capital increase," the quarterly report issued by Fondul Proprietatea reads.

iulian@romania-insider.com

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