This paper aims to make a comparison between the logistics costs of buying Wood Pellets (WP) and Torrefied Biomass Pellets (TBP) produced in Portugal and exported to the major consumer markets of Northern Europe. The starting point was the determination of the value of a shipload of WP and TBP delivered to a North European port and loaded in Aveiro, the main Portuguese WP expeditor port. Torrefaction results in higher energy and bulk density pellets which contribute to increase the logistics costs associated with them. Several studies have shown that the loss of mass is greater than the loss of energy. These changes in bulk and energy densities are an advantage in terms of logistics. More tonnes per unit of volume and more energy per tonne will decrease the transportation cost per energy unit. This analysis determined the energy in gigajoules per tonne and all the comparisons were based on the cost per energy unit. This analysis was supported by data collected in the Argus Biomass Markets report.