• 2019 January 18 10:47

    Free zone status is a crucial advantage for the future development of the Freeport of Riga

    One of the crucial features of the investment climate at the Freeport of Riga is an opportunity for merchants to operate under the Free Economic Zone Regime, the port says in a press release. The new Freeport of Riga Development Programme 2019-2028 provides for active promotion of the advantages ensured by the free economic zone in order to use the port territory more effectively and attract new development projects to vacant port territories.

    There is an opinion that a free economic zone is an invention of the 20th century. However, in the case of ports, the introduction of special tax arrangements as an approach to facilitating trade has existed for many centuries. The concept of the freeport itself has long implied special conditions which mostly apply to the customs clearance of goods. The significance of the freeport regime in facilitating trade is suggested by the fact that during the times of the first Free State of Latvia, the law on the Freeport of Riga was adopted before the development of the Constitution was finished.

    Today, the Free Zone involves many different activities — from significant tax discounts to facilitated customs and goods flow procedures. The total direct tax discounts for a merchant may reach up to 55% of the investment amount made in the port territory. The activity of entrepreneurs operating in the Port of Riga, using advantages offered by the Free Zone, suggests that the Free Zone Regime facilitates the attraction of investment and cargo turnover. The number of merchants which signed operation agreements under a special regime at the Port of Riga has significantly increased over the last decade. In 2009, licensed business activities were carried out by 16 companies, while in 2018 permits for licensed business activities have already been received by 23 companies.

    “More than half of the total investment made by port companies in port infrastructure over the last decade has been made precisely by merchants that operate under a special regime and can use tax discounts. All of them are new, large companies which have constructed the infrastructure for terminals over the last decade: SIA “Riga Fertilizer Terminal”, SIA “Riga Bulk Terminal”, SIA “TFS Trans” and others”, said Edgars Sūna, Deputy CEO of the Freeport of Riga for Port Development Matters.

    In turn, Atis Šulte, Business Development Director of SIA “Rīgas Universālais termināls” (RUT), explained: “Operation under the Free Zone Regime provides both direct advantages to our company and favourable conditions which we can offer our clients. Tax breaks eventually mean more funds for the company, which remain at our disposal and which we can further invest in the development of the terminal and improvement of competitiveness”.

    The free economic zone plays a role in attracting new clients and cargo to the Port of Riga. Šulte continued: “For our clients, the status of a free economic zone primarily means advantages in the fulfilment of customs formalities when exporting or storing cargo in our terminal. This, in turn, enables us to be a step ahead in terms of market competition. Benefits provided by Free Zone status definitely played a role in the decision of our strategic partner, the company Portekfrom Singapore, to invest in the company five years ago”.

2019 April 21

15:38 WheelHouse names Ian Morris as Vice President of Operations
14:34 CMA CGM to implement FAK rates from West Med, Adriatic, Black Sea and East Med to Far East, Middle East Gulf and Red Sea
12:37 USCG offloads 970 pounds of cocaine and 550 pounds of marijuana
11:31 CMA CGM hikes rates on Asia to Kenya, Tanzania service
11:07 Kinder Morgan raises dividend by 25%, announces Q1 2019 results

2019 April 20

16:31 CMA CGM announces FAK rates for Asia - the Middle East Gulf trade
15:02 MOL pledges support for Mozambique in wake of devastating cyclone
14:42 USCG Cutter Waesche crew returns home after 95-day counter-narcotics patrol
13:27 CMA CGM announces FAK rates for Asia to Pakistan / India / Sri Lanka trade
13:12 Carnival Cruise Line, CFVI unveil revitalized Griffith Park in St. Thomas for local children
12:26 BC Ferries celebrates Earth Day with the return of the Spirit of Vancouver Island
11:04 Certification of Arkona offshore wind farm by DNV GL confirms safe and reliable power supply
10:49 Navios Maritime Acquisition Corporation announces $103.2 million sale and leaseback transaction
10:38 Boskalis acquires EUR 75M dredging contracts in Indonesia

2019 April 19

18:07 Keppel posts net profit of S$203M in 1Q 2019
17:28 Passenger Port of Saint-Petersburg to complete Phase 1 of Berth No7 reconstruction in summer 2019
17:04 Saudi Aramco partners with the Saudi Contractors Authority fostering collaboration at ‘Future Projects Forum’
16:57 BAE Systems Jacksonville secures Navy's conntract mod for DDG 117
15:04 Hyundai LNG Shipping announces order for one VLGC at HHI
14:55 Marina for 100 yachts to be built in Feodosia by Firm “TES” LLC
14:10 C-Fenna successfully completes Fugro 1200 jackup towing operations
13:32 ESPO congratulates Port of Huelva for renewing EcoPorts’ environmental management standard
13:07 Spirit of Vancouver Island vessel returns to service after mid-life upgrade including conversion to natural gas
12:44 New High Bay Container Storage system launched as “BOXBAY”
12:10 ABS teams with industry leaders to improve container vessel safety
11:39 Port Arthur LNG receives FERC authorization for export project in Texas
11:08 Dual-fuel AET tankers conduct maiden LNG bunkering
10:43 Largest barge of Azerbaijan Caspian Shipping Company undergone overhaul
10:19 Brent Crude futures price is down 0.04% to $71.95, Light Sweet Crude – up 0.38% to $64
09:56 Bunker prices are sable at the port of Saint-Petersburg, Russia (graph)
09:35 TransContainer’s transportation volumes in Q1’2019 increased by 7.7% Y-o-Y to 492,000 TEUs
09:17 Baltic Dry Index is up to 790 points
07:42 GTT receives an order from DSME for the tank design of a new LNG carrier

2019 April 18

18:36 South Stream Transport B.V. and Saipem announce the amicable settlement of mutual differences
18:06 Seaway 7 selected as partner to develop Hollandse Kust Zuid Offshore Wind Farm
17:36 WinGD reports strong first quarter 2019
17:11 Launching ceremony held for eighth shallow-draft barge of Project ROB20
17:05 SOFEC completes engineering, supply and delivery of mooring system
16:26 Port of Murmansk to welcome eight cruise liners in summer season of 2019
16:05 Cooperation agreement between Eimskip and Royal Arctic line approved by the Icelandic Competition Authority
15:44 Navios Acquisition announces $103.2 million sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers
15:12 Nefteflot laid down two barges of Project RDB12 ordered by STLC
15:10 MOL to acquire strategic stake in six group companies, each owning a Very Large Ethane Carrier
14:40 Port of Rotterdam freight throughput grows by 5.1% in first quarter of 2019
13:44 Bunker prices are slightly up at the Far East ports of Russia (graph)
13:03 Biggest European shipbuilders collaborate on vessel connectivity in project Code Kilo
12:49 NOVATEK reports preliminary operating data for the first quarter 2019
12:13 Frontex, EMSA and EFCA open second annual European Coast Guard Event
11:51 RF Navy’s Northern Fleet takes part in combat training missions as part of final check for winter training season
11:27 ASCO took part in TransRussia-2019
11:00 ZIM joins to blockchain shipping solution TradeLens
10:44 Shareholders agreement on construction of Lavna terminal signed under Murmansk Transport Hub project
10:28 Brent Crude futures price is up 0.1% to $71.69, Light Sweet Crude – up 0.09% to $63.82
10:09 ABS teams with industry leaders to improve container vessel safety
09:53 Keppel secures integration and upgrading contracts worth around S$160 million
09:37 Tri-City ports take part in Seatrade Cruise Global
09:36 Bunker Market this morning, April 18
09:15 Baltic Dry Index is up to 767 points

2019 April 17

19:00 SMS Towage’s Humber fleet adds new tug
18:36 CMA CGM has announced FAK rates from Asia to North Africa