Freeport of Ventspils сargo volume down 20.9% to 3.14 million tonnes in Q1 2023
In the first three months of 2023, the terminals operating in the Freeport of Ventspils have handled a total of 3.14 million tonnes. The first quarter was completed according to the expectations regarding the impact of sanctions and the geopolitical situation on transit cargo turnover, according to the company's release.
European Union sanctions banning the transport, including transshipment, of crude oil and petroleum products originating in Russia and exported by Russia came into force in February this year. As predicted, this regulation has a major impact on the cargo turnover in the Freeport of Ventspils, where historically, oil products originating in Russia have represented the largest proportion of cargo volumes. The budget of the Freeport of Ventspils Authority for 2023 was planned on the basis of the decrease in cargo volume, therefore this situation is not surprising, and the Freeport Authority has prepared for it.
In the first three months of 2023, the 12 private terminals operating in the Freeport of Ventspils handled a total of 3.14 million tonnes, which is 20.9% less than in the first quarter of last year. Oil products still account for the largest share of cargo, leaving Kazakh coal behind in terms of volume. The third largest cargo group by volume in Ventspils was ferry cargo (Ro-Ro). This year, the Freeport of Ventspils has seen an increase in the transshipment of various agricultural products, grain and timber products, as well as various metals.
Freeport of Ventspils Authority has launched several new initiatives that are expected to have a positive impact on the region's future economic development.
BLNC Ltd is carrying out preparations to invest up to €25 million in Ventspils and to build a drinking water storage terminal and export infrastructure. As part of the project, up to 3-6 million tonnes of bulk drinking water will be exported by tanker to geographical destinations where drinking water is a scarce product.
Ventspils is a deep-water port with a suitable infrastructure for handling various types of cargo. In 2022, Freeport of Ventspils Authority concluded agreements to grant building rights for the construction of four solar parks. The development of solar energy production is not only an important step towards strengthening energy independence, but also an important investment in future development, as it will be an additional advantage not only for the development of industrial parks and production facilities in Ventspils, but also for the port. This year, Freeport of Ventspils Authority plans to develop a study on the best solution for servicing offshore wind farms and related infrastructure in the Freeport of Ventspils, which will also include modelling of a new terminal in the Northern Port of Ventspils.
