Spanish Boluda Towage may gain control of Ukrainian towing operator LBSh
12.10.2026 - 12:50
The Antimonopoly Committee of Ukraine has allowed BT Black Sea S.a.r.l., owned by the Spanish Boluda Towage, to acquire control over the Ukrainian towing operator LLC LBSh.
This became known from the decision of the Antimonopoly Committee of Ukraine.
The Committee also allowed BT Black Sea and the Cypriot Cornlex Impex Limited to conduct concerted actions in the form of a non-compete agreement for a period of five years. This condition is provided for in the agreement of the participants regarding LBSh, concluded on July 1, 2026.
BT Black Sea was registered in Luxembourg in June 2026 under the name ConTerm UKR SARL. In the same month, Boluda Towage became its owner, and in September the company received its current name.
LLC LBSh is registered in the Odessa region and provides towing services in Ukrainian seaports. According to YouControl, the ultimate beneficiaries of the company through LLC “BPSH” are the co-owners of TIS Yegor Grebennikov, Andriy Stavnitser and Oleg Kutateladze. It should be noted that this towing business previously operated under the P&O Maritime Ukraine brand. In March 2026, DP World sold its stake back to TIS together with the related marine services business, after which the Ukrainian group regained control over the towing business.
In the first half of 2026, LBSh’s revenue increased by 15.9% to UAH 460.3 million, and net profit by 58.9% to UAH 106.8 million.
Boluda Towage is one of the largest international port tug operators. In 2025, 49% of the company was acquired by Mediterranean Shipping Company (MSC). At the same time, in June 2026, according to preliminary information, MSC acquired 51% of the TIS container terminal in the port of Pivdenny. Thus, after the approval of the deal, Boluda may gain control over a towing operator associated with the same port cluster where MSC already controls the container terminal. It should also be noted that the AMCU’s permission means approval of the concentration, but does not in itself confirm the completion of the deal.
