The port of Riga, Latvia's top port in terms of both total tonnage and box throughput, is set to post growth in 2015, following a strong increases in tonnage and continued growth in container throughput over the past year.
Riga's total tonnage continues to be supported by high transit volumes of oil products, while strong position in terms of box throughput is further enhanced by a robust increase in volumes over the last five years.
Over the medium-term, we project further throughput growth at the port of Riga and tonnage throughput increases at Ventspils, the country's second largest port in terms of the total throughput, which will try to resume growth following declines in freight volumes seen over the past two years.
Headline Industry Data
2015 port of Riga tonnage throughput forecast to grow 1.5%, over the medium-term (2015-2019) we project an annual average increase of 1.6%.
2015 port of Riga container throughput forecast to grow 2.2%, over the medium-term we project an annual average increase of 3.2%.
2015 total trade growth forecast at 1.5%.
Key Industry Trends
Riga Raises Fees: Changes in port fees were confirmed in which cargo or canal fees for incoming vessels has risen 6.85%. The previous increase in the Freeport of Riga's fees was back in 2016.
Port Throughput To Drop If Russian Transit Stops : Latvian Economy Minister Vjaceslavs Dombrovskis has warned that the country's ports and railway transport may very well decline if Russian transit is to halt given the current political situation between it and the West.
Key Risks To Outlook
The base for container throughput growth at Latvia's ports stems in part from BMI's positive outlook for the country's economy, with real GDP growth of 2.2% anticipated for 2015. Our positive medium-term forecast for Latvia's ports' box throughput also holds upside risks with Latvia getting better connected, displaying a solid domestic demand outlook and developing its role as a gateway for cargo to and from...