Latvia, Port, Transport

International Internet Magazine. Baltic States news & analytics Wednesday, 24.04.2024, 03:34

Turnover of Riga Freeport Fleet declined by 18.4% in 2019

BC, Riga, 30.06.2020.Print version
Riga Freeport Fleet, a company providing port services in the Freeport of Riga, closed 2019 with EUR 7.596 million in turnover, down 18.4% from a year before, while its loss grew nearly sixfold to EUR 2.033 million, writes LETA, according to information available at Firmas.lv.

ommenting on the turnover decrease, the company's management said that Riga Freeport Fleet was not providing tugboat services between May 6 and September 20, 2019 and the type of tugboat service was changed from time charter to bareboat charter. Furthermore, ice breaking was not needed in the Freeport of Riga during the 2018/2019 winter season which meant no income from this service. 


In 2019, Riga Freeport Fleet incurred a EUR 760,000 million loss due to the break in the provision of tugboat services and EUR 568,000 were lost due to the recognition of a Foros-type tugboat's reduced value. 


Riga Freeport Fleet plans to close 2020 with profit. 


In 2018, Riga Freeport Fleet turned over EUR 9.315 million and sustained a loss of EUR 355,200.


Riga Freeport Fleet, established in 2010, is wholly owned by the Freeport of Riga Authority. 




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