Riga port increased transshipment of iron and steel products by 2.5 times y/y in January-February

In January-February 2024, the Freeport of Riga increased transshipment of iron and steel products by 2.5 times compared to the same period in 2022, to 178.8 thousand tons. This is evidenced by data on the port’s website.

Transshipment of steel raw materials (scrap, metals, ferroalloys) increased by 2.5 times y/y over 2 months to 147.5 thousand tons, and finished steel products – by 2.6 times y/y – to 31.3 thousand tons.

In January-February 2024, the port of Riga handled 3.16 million tons of cargo, which is 12.1% less than in the same period of 2022. In particular, bulk cargo – 1.72 million tons (-22.5% y/y), general cargo – 1.27 million tons (+12.4% y/y), liquid cargo – 160.8 thousand tons (-31.8% y/y).

The decrease in total transshipment volume was due to the absence of coal and coke handling during this period, as well as a significant decrease in crushed stone transshipment by 78.4% y/y – to 24 thousand tons, peat by – 26% y/y, to 35.9 thousand tons, and oil – by 42% y/y, to 133.3 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 iron ore, and 75.7 thousand tons (-14.7% y/y) of finished steel. Overall, cargo transshipment decreased by 20.1% compared to 2022 – to 18.79 million tons.

As GMK Center reported earlier, a temporary corridor to and from the ports of Greater Odesa was launched in August 2023. As of March 7, about 30 million tons of cargo were transshipped through this route. Domestic products are now being exported to at least 38 countries after a long blockade.