Latvia: Freeport of Riga Moves in Right Direction

Freeport of Riga Moves in Right Direction

Assessing the last year’s results, it can be concluded that the transshipped cargo indicators at the Freeport of Riga are positive, and the implemented as well as ongoing port infrastructure development projects provide optimistic outlook in regards of 2014.

In 2013, about 35.5 million tons of various goods were transshipped at the Port of Riga, which is 1.6% less than in the previous year.

The year began with a major drop in turnover of bulk cargo segment, according to the experts it might be attributed to global trends and their impact on the price of coal in the world. At the same time, the experts predict that the Russian coal, that is being transshipped via the Port of Riga to Europe as well as to China and India, will regain competitiveness in global markets within a foreseeable period and transportation via the Port of Riga will continue to grow.

In 2013, Nordea Bank Finland Plc Latvian branch together with Pohjola Bank Plc entered into a loan agreement with the aim to ensure financing for the Freeport of Riga Authority in the amount of 80,2 million EUR. Funding is provided for the development of infrastructure for implementation of the project on relocation of the port activities from Riga city center to the northern part of Krievu Island.

In the framework of the said project 5 berths with a total length of 1430 m will be constructed. Originally the projected depth at berths was 15 m, but in future it will be increased to 17 m, that is the maximum depth necessary for accommodating vessels, coming from the Baltic Sea.

The construction works related to Krievu Island infrastructure development is scheduled for completion in September 2014. The project is implemented with the Cohesion Fund co-financing in the amount of 54 million Lats.

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Press Release, February 24, 2014