• 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 August 18

16:51 USCG responds to ferry aground in Boston Harbor
15:09 NOAA awards $2.7 million in grants for marine debris removal and research
13:02 BAE Systems cuts steel for UK Royal Navy's HMS Cardiff
12:46 Kongsberg Digital simulation and software selected to fast-track R&D at new autonomous ship centre in Korea
11:05 NYK sponsors endangered Sea Turtle Research
10:56 Coast Guard cites passenger vessel for operating illegally, terminates voyage

2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities
13:31 Damen Shipyards Cape Town joins Women’s International Shipping & Trading Association
12:28 CMA CGM announces rate restoration for Asia to West Africa trade
11:32 APL informs on voil sailing on Asia-Indian Subcontinent Service in August
10:58 Pre-commissioned USCG's Cutter Midgett makes second cocaine seizure within five days

2019 August 16

18:16 Port of Vyborg volumes in Jan-Jul plummet 29% to 687,700 tons
18:06 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
17:36 Norwegian Encore leaves MEYER WERFT's building dock
17:06 Balltec secures North Sea decommissioning contract from Heerema Marine Contractors Nederland
16:35 Canada Infrastructure Bank signs MoU with the Port of Montreal on Contrecoeur port expansion project
16:05 Vår Energi AS awarded an EPCI contract to Rosenberg Worley AS
16:03 Low-sulphur marine fuel sales by Gazprom Neft in the first half of the year increased by 11% to 121,400 tonnes
15:48 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
15:36 Throughout of oil port Primorsk in Jan-Jul 2019 increased 14% to 35.74 million tonnes
15:14 New mid-year record for container volumes through the Port of Vancouver
15:11 USCG repatriates 25 migrants to the Dominican Republic
14:27 Port of Vysotsk throughput in January-July rose 7% to 11.14 million tonnes
14:10 Austal signs A$126 mln contract to export two Cape Class Patrol Boats
13:14 Seven-month cargo volumes of Port of Ust-Luga increase 10% to 62 million tonnes (update)
13:05 NORDEN signs multiple long-term global contracts
12:05 APM Terminals Poti to implement uninterrupted 24/7 operations
11:39 Port of St. Petersburg seven-month volumes rise 2% to 35 million tonnes (update)
11:05 Steel cutting ceremony for the next AIDA LNG cruise ship at MEYER WERFT
10:48 Tekmar Energy selected for Formosa 1 Phase 2
10:44 Port of Hamburg seaborne cargo throughput up 4.1 percent to 69.4 million tons in H1 2019
09:55 Crude futures prices tend upward again: Brent Crude rises to $ 58,88, WTI – to $ 55,16
09:34 Baltic Dry Index leaps 97pts to 2047 points
09:27 Bunker prices show mixed movements at Port of St. Petersburg
08:41 MABUX: Bunker market this morning, Aug 16

2019 August 15

18:48 Seven-month box throughput of Ukraine’s seaports leaps 20% to 545.800 TEUs
18:05 Huntington Ingalls Industries announces leadership changes at shipyards
17:05 Scandlines installs Norsepower’s Rotor Sail solution on board hybrid ferry
16:43 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel facilities
16:35 Kalmar service expertise to enhance safety, performance and productivity at OPCSA’s Las Palmas terminal
16:33 Global Dredging Forum in London to address all current aspects of capital and maintenance dredging as expansion opportunity
16:05 Wilhelmsen Ship Management awarded two supramaxes from Stove Shipping AS
15:47 Neste introduces a new IMO2020-compliant low-sulphur marine fuel
15:43 Stena Bulk's CEO appeals directly to the Leaders of India, Russia, Latvia & the Philippines
14:33 Rotterdam Polymer Hub construction starts
14:20 A.P. Moller - Maersk reports strong improvements in earnings in Q2
14:01 Tuapse Sea Commercial Port JSC 1H net profit drops 3.3 times to RUB 1bn
13:52 Port of Oslo speaker to join Int'l Baltic Transport Forum, Sept. 11
13:05 RS supports PortNews сonference on icebreaking and service fleet, to be held prior to NEVA-2019 trade fair
13:02 CMA CGM announces FAK rates from Asia to North Africa
12:06 LUGAPORT terminal construction kicks off at Port of Ust-Luga
12:03 MOL transports fire engines to Paraguay
11:03 Jan De Nul bags 600MW Kriegers Flak contract
10:17 CMA CGM announces FAK rates from Asia to the Mediterranean
10:01 Crude futures prices continue to decline: Brent Crude – to $ 59,09, WTI – to $ 54,92
09:57 Latest frigate Admiral Kasatonov enters shipbuilder’s trials final phase
09:12 Baltic Dry Index leaps by 4.61% to hit 1950-pts mark
08:42 MABUX: Bunker market this morning, Aug 15

2019 August 14

23:00 Sergey Mazokhin takes helm at Nordic Engineering JSC
18:09 Icebreaker Novorossiysk escorts Silver Explorer along the Northern Sea Route