Port of Riga increased transshipment of iron and steel products by 39.7% y/y in Q1

In January-March 2024, the Freeport of Riga increased transshipment of mining and metals products by 39.7% compared to the same period in 2023, up to 259.9 thousand tons. This is evidenced by the data on the port’s website.

Transshipment of steel raw materials (scrap, metals, ferroalloys, ore) increased by 37.2% y/y over 3 months to 223.5 thousand tons, and finished steel products – by 57.6% y/y, to 36.4 thousand tons.

In January-March2024, the port of Riga handled 4.71 million tons of cargo, which is 10.8% less than in the same period in 2023. In particular, bulk cargo – 2.47 million tons (-22.4% y/y), general cargo – 2.03 million tons (+11.4% y/y), liquid cargo – 209.3 thousand tons (-24.5% y/y).

The decrease in total transshipment volume was due to a sharp drop in coal and coke handling – by 99.5% y/y, to 4.4 thousand tons, as well as crushed stone – by 81.9% y/y, to 40.3 thousand tons, and oil – by 38.1% y/y, to 165.9 thousand tons.

In 2023, the port of Riga handled 516.7 thousand tons (+0% y/y) of steel raw materials, 498.6 thousand tons (-47.8% y/y) of ore, and 75.7 thousand tons (-14.7% y/y) of finished steel. In general, cargo transshipment decreased by 20.1% compared to 2022 to 18.79 million tons.

As GMK Center reported earlier, since August 2023, Ukraine has exported 45 million tons of cargo to 44 countries through the sea corridor created by the Navy, with almost 1,600 vessels sailing through it. As of May 10, there were 108 more vessels approaching the ports, exporting more than 3 million tons of cargo.