Much is written about the hidden potential of Eastern Europe. It seems to be a long time in the making, but there are signs that things are starting to move in a serious way, and no more so than in the Black Sea region. Mueh economic progress still remains to be made in the neighbouring countries of Bulgaria, Romania, Ukraine, Russia and Georgia, following the collapse of the Russian rouble in 1998. However, the worst appears to be over, if containerised cargo growth is anything to go by. Since the beginning of 2002, all ports there have experienced record growth well ahead of the norm of about 12% for western Europe (including empties), and seem to be going from strength to strength. For example, Novorossiysk, Russia's southern gateway port, expected to finish 2003 with over 54% growth, up to 90,000TEU. The Ukrainian ports of Odessa and Ilyichevst finished the first nine months of 2003 with growth of 38%, up to 217,000TEU, while Constantza's traffic in Romania rose by 33%, up to 136,000TEU. The minor ports of Poti in Georgia, and Varna in Bulgaria, have not been lagging far behind in terms of growth either.
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