Currently idle, planned for relaunch in autumn — Argentem Creek Partners on Odesa terminal restart

The Lavanda Spectrum terminal (formerly Olimpex) in the Port of Odesa has been idle since June 2025, John Patton, partner at investment fund Argentem Creek Partners, told Liga.net.

According to him, the asset’s previous owners had used it for exporting “gray grain,” evading taxes and lease payments.

Patton recalled that the asset is now managed by Lavanda Spectrum. “The company is consolidating assets, conducting audits, investing in repairs, paying taxes, and providing jobs. It will focus on improving efficiency and growing sales, leveraging Karl Sturen’s experience in the agricultural sector,” he noted.

He added that operations at the terminal are expected to resume in autumn.

“We very much hope so. However, the process may take longer due to the workload following the asset’s withdrawal from Groza, Naumenko, and their affiliate Sunolta. The schedule is being updated weekly,” Patton stressed.

Despite surplus capacity at Ukrainian ports, the company plans to attract cargo through cooperation with farmers and agribusinesses. According to him, Lavanda Spectrum’s task is to identify the optimal business profile for profitability, whether through exports, imports, or transit.

In December 2022, a public legal dispute erupted between GNT Group and its creditors — Argentem Creek Partners (ACP) and Innovatus Capital Partners. The conflict also involved the Olimpex Coupe International grain terminal. Innovatus Capital Partners accused GNT of fraud over the alleged loss of $25 million worth of grain.

GNT rejected the accusations and said the creditors’ actions were an attempt to seize the business. After the arrest in May of one of the businessmen, Volodymyr Naumenko, on fraud charges brought by the creditors, Ukraine’s Supreme Court signed an agreement on Wednesday to transfer the terminal to the American investors.