Industry news

«The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy,» Balta chairman of the board Bogdans Bencaks told BNN in an interview.

In spite of slow non-life insurance market growth in Latvia, which had reached a mere 6% in the first three quarters, BALTA insurance association concluded the first nine months of 2016 with profits of EUR 3.2 million.

Representatives from Brazilian port and logistics companies have a positive opinion of Latvia's cargo transit offers, pointing out that Brazil's trade with Russia and other CIS countries is increasing, therefore new cargo transportation routes have to be considered, the Transport Ministry informed the business information portal Nozare.lv, cites LETA.

Latvian ports see 7.3% reduction in cargo turnover in 10 months

Cargo turnover at Latvian ports reached 58.8 million tons in the first ten months of 2013, 7.3% less than in the same period in 2012, the Transport Ministry's Transit Policy Department informed LETA/Nozare.lv.

Liepaja Port cargo turnover decreased by 34.1% in January-October

Liepaja Port handled 3,965,499 tons of cargo in January-October 2013, a 34.1% decrease on the respective period in 2012, Liepaja Special Economic Zone public relations specialist Liga Ratniece-Kadege informed LETA.

Uralchem Trading largest company in transport and logistics industry in Latvia in 2012

Agricultural chemistry and fertilizer producer Uralchem Trading was the leader in Latvia's transport and logistics industry last year, when the company's turnover amounted to LVL 855.92 million, according to the Latvian Business Report 2013 collated by Latvijas Talrunis, Firmas.lv and Nozare.lv, writes LETA.

Latvian large ports will have to make payments into state budget for using infrastructure

Saeima approved amendments to the Law on Ports in the final reading yesterday, which stipulate that the authorities of the Freeport of Riga, Ventspils Freeport and Liepaja Special Economic Zone would have to make payments into the state master budget for using strategic state infrastructure, informs LETA.

New cargo turnover record set at Riga Airport in October

In October 2013, Riga International Airport reached a new cargo handling record – 7809 tonnes, or 215 per cent up year on year, and 290 tonnes more than in April 2012 when for the first time in its history the airport attained an unprecedented record – 7519 tonnes, informs head of communications at Riga International Airport Elina Krastina.

In October 2013, Riga International Airport reached a new cargo handling record – 7809 tonnes, or 215 per cent up year on year, and 290 tonnes more than in April 2012 when for the first time in its history the airport attained an unprecedented record – 7519 tonnes. It should be noted that the biggest part of the cargo handled at the airport (~ 70%) are cargo shipments to the international forces in Afghanistan, which shows Latvia’s important role as a reliable partner.

Matiss notes great potential for Latvian-Uzbek transport cooperation

The cooperation between Latvia and Uzbekistan in the field of transport has been developing successfully, but it has not yet achieved full potential, Transport Minister Anrijs Matiss said during a meeting with Uzbek Minister of Foreign Economic Relations, Investment and Trade Elyor Ganiyev, informs LETA/Nozare.lv.

Cargo turnover at Latvian ports reached 48.17 million tons in the first eight months of 2013, 7.6% less than in the same period in 2012, the Transport Ministry's Transit Policy Department informed LETA/Nozare.lv.

In the first half of 2013 the total volume of freights carried in main transport sectors has remained at the level of previous year (decrease of 0.3%) as compared to the first half of 2012.

LDz plans to increase cargo transportation volumes between Latvia and Kazakhstan

It is planned to intensify work on increasing cargo transportation volumes between Kazakhstan and Latvia, as well as attracting cargo from China, the state-owned joint-stock railroad company Latvijas Dzelzcels informed the business information portal Nozare.lv, cites LETA.

Latvian road transport associations have drawn up a letter objecting to the pending introduction of road tax in Latvia, demanding that the road tax be put off until 2016, and warning that if the associations' demands are ignored, massive protests may follow, writes LETA.

From now on Latvijas Valsts ceļi (Latvia’s State Roads) will have the right to rent out large parking lots near roads to entrepreneurs by means of auction. This is provided by the government’s August 20 amendments to the Law on Roads, which the legal base for European Council’s resolution regarding the creation of secure cargo vehicles parking lots.

U.S. ambassador confirms high potential of Latvia's freight transport and logistics

Latvia's logistics and freight transport between Europe and the East have great potential, U.S. Ambassador to Latvia Mark Pekala said during a visit to the state-owned railroad company Latvijas Dzelzcels (LDz) Friday.

Export of goods has increased more rapidly than import in Latvia's foreign trade

In the first half of this year, the volume of goods exported at current prices increased by LVL 233.9 million or by 7.5 percent, while the volume of imports – only by LVL 4.1 million or by 0.1 percent when compared to the first half of the previous year, the Central Statistical Bureau informs.

Liepaja Port handled 2.77 million tons of cargo in January-July 2013, 31.5 percent less than in the same period in 2012, the Liepaja Special Economic Zone's public relations specialist Liga Ratniece-Kadege informed LETA.

In July this year, 2.3 million tonnes of cargo passed through the ports of Estonian state-owned port operator company Tallinna Sadam (Port of Tallinn), i.e. 9.7 percent more than a year ago, the company announced, reported LETA.