Port of Riga defies economic slowdown in 2022

Port of Riga operates with solid financial performance in 2022

The Port of Riga managed to exceed its revenue by an impressive €1.9 million ($2.1 million) in 2022.

Despite last year’s worldwide economic troubles, which had a direct influence on port operations, the Freeport of Riga continues to produce a healthy financial result according to its latest release.

Last year, the Freeport of Riga’s revenue was €39.22 million ($43.33 million), a 14.5 per cent increase over the previous year.

According to Freeport of Riga, port dues and levies received by ships accounted for 79 per cent of the port’s earnings.

2022 was a difficult year for all sectors: unprecedented increases in energy prices, concerns about the availability of energy resources, rising inflation rates throughout the year, and uncertainty about future developments all hampered economic activity and growth opportunities.

At the same time, all elements associated to cargo flow at the port, such as resource availability, demand for raw materials and manufactured goods, and individual consumption, were significantly impacted according to the port authority.

READ: Freeport of Riga to invest €19.8 million in infrastructure

Ansis Zeltiņš, the Freeport of Riga CEO, said: “Despite the challenges facing the industry, we have kept the Port of Riga financially stable. I think this shows our sound fiscal management and economic planning.

“It ensures the smooth operation of the port and gives us some confidence for the future. During the past year, the Freeport of Riga Authority continued to invest in infrastructure projects that are important to the clients of the port.

“We have been able to allocate €7.5 million ($8.2 million) for the further development of the port. Investments have been made in the maintenance and modernisation of the port infrastructure, digitisation of processes, as well as in the improvement of the port and environmental protection.

“Large-scale investment projects have been launched with co-financing from both European funds and foreign capital.”

READ: Freeport of Riga to develop digital platform for multimodal cargo

According to the Law on Ports, an annual contribution of €2.6 million ($2.8 million) has been made to the budget of the Riga City Municipality.

The funds should be used by Riga’s municipal government to improve infrastructure connected to port operations.

In February 2023, the Port of Riga saw an increased container volume in 2022, having recorded a throughput of 460,700 TEU surpassing the previous year’s figure by 16 per cent.

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