Energy, Latvia, Oil, Transport

The Freeport of Ventspils faced a challenging second half of the year. The port's 2015 forecasts are also wary.

The port explained that ferry traffic and several terminals have shown positive development, however, last year, and especially the second half of it, was dominated by the influence of sanctions. As a result, coal traffic dropped by 21%, and the port suffered monthly losses in the amount of EUR 500,000. The volume of oil product and iron ore cargoes handled at the Freeport of Ventspils reduced as well. Thus, the port failed to achieve its 2014 resolution.

Regardless of the expected budget reduction for 2015, the Freeport of Ventspils board does not plan to increase the port fees, at the same time investing in the port's infrastructure and development.

Three out of ten terminals of the Freeport of Ventspils managed to increase its cargo turnover in 2014, as compared to the previous year. An increase in cargo turnover was registered at Ventspils Nafta terminals – 15%, Ventamonjaks serviss – 32%, and Noord Natie Ventspils Terminals – 0.3%.

Other terminals registered a reduction in cargo turnover – Ventbunkers – 36%, Ventspils tirdzniecibas osta – 29%, Ventall Terminals – 35%, Baltic Coal Terminal – 23%, Ventplac – 15%, Ventspils Grain Terminal – 8%, and Kalija parks – 3%.