The Port of Riga set a new record in 2023 by handling more than 5 million tonnes, equivalent to 465,4000 TEUs, for the first time in the port’s history.
Containerized cargo emerged as the largest cargo group for the first time, constituting 27% of the port’s overall cargo portfolio. In comparison to the previous year, container cargo volumes witnessed a significant 9.8% increase.
Also, the Port of Riga successfully maintained a steady cargo turnover, managing 18.8 million tonnes of diverse cargo, securing the second position among all Baltic States’ ports.
Notably, the Latvian port achieved a significant milestone by handling over 5 million tonnes of containerized cargo for the first time in its history, marking a nearly 10% increase in the total volume of containerised cargo.
The overall decrease in total cargo volumes can be attributed to a decline in energy transit cargo, specifically coal and oil products, driven by geopolitical processes. Unfortunately, this decrease was not entirely compensated by growth in other cargo segments.
“Given the difficult and unpredictable situation within the sector, I believe that the port has performed well. The energy transit cargo (coal and oil products) have practically gone, but all other segments are developing successfully, and new cargo volume records have been achieved in several of them,” stated Ansis Zeltiņš, CEO of Freeport of Riga.
Based on the aggregated data for 2023, the Port of Riga recorded a total cargo turnover of 18.8 million tonnes, standing as the highest among Latvian ports and the second highest in the Baltic States. The observed 20% decline in cargo volumes compared to the previous year was primarily attributed to a substantial reduction in the handling of coal transit cargo. Notably, coal transit in the Port of Riga ceased entirely, with its volume decreasing by 62% compared to 2022.
The second-largest handled cargo segment, timber, remained at a relatively modest level, with a total of 4.62 million tonnes transhipped in 2023, reflecting a 15.3% decrease from the previous year, likely influenced by the economic slowdown and reduced demand in traditional export markets.
In contrast, agricultural cargo emerged as the third-largest cargo segment in the Port of Riga, witnessing a transhipment volume of 3.47 million tonnes in 2023, marking an 18.8% increase compared to the previous year.
This marked the highest performance indicator in the port’s history within this segment. Wheat stood out as the most transhipped agricultural product, followed by rapeseed. Vessels were also loaded with leguminous crops and various types of animal feed for subsequent transhipment.
Noteworthy developments in 2023 included the introduction of new cargo groups, with stone rubble playing a significant role, constituting 4% of the port’s total cargo turnover.
Stone chips, primarily used in construction in Latvia and the Baltic States, experienced a 23% increase in handling compared to the previous year. Anticipating a rise in demand due to major construction projects in the Baltic States in the coming years, the Port of Riga expects growth in the turnover of this cargo segment.
“The transport, logistics and port industry will continue to face uncertainty in the coming year. Still, it is assumed that as the economy stabilises, market activity will increase, which will also affect the flow of goods through the Port of Riga. At the same time, it should be borne in mind that the transport sector may also face significant shocks in the coming year as war continues, and sanctions, trade bans and boycotts may apply to new commodity groups, modes of transport and logistics destinations. Logistics supply chains that are currently in place may again be completely disrupted and it is unpredictable what impact this might have on the Port of Riga” emphasised Ansis Zeltiņš, forecasting the development of the port this year.