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VNT contribution to Ventspils Freeport transhipment remains the highest among all port operators

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VNT contribution to Ventspils Freeport transhipment remains the highest among all port operators

february 13, 2017 / Ventspils nafta termināls

““Ventspils nafta” terminals” (VNT) refers to the information published by Ventspils Freeport Authority about transhipment volumes on the official webpage of Ventspils municipality www.ventspils.lv on 7 February 2017 and www.ventasbalss.lv on 8 February 2017 about the transhipment volumes in January 2017. The information as published is not representative, because the comparison of one single month with the same single month in the previous year is a snapshot which does not reflect the trend of the oil market in the Baltics over a longer period.

When analysing the market situation, comparing consecutive months or a longer period is of greater representative meaning. In January 2017, VNT transhipped 681 thousand tons – more than double than the transhipped volume in December 2016 and 25 % more than the combined liquid cargo volume transhipped in the Ventspils Freeport in December 2016. 

VNT reiterates that the assessment of a terminal’s capability only by considering actual transhipment volumes is not only incorrect but also misleading. The amount of transhipment is only one of many criteria in assessing a terminal. In addition, quality of storage services, market conditions, competence of employees, cost-efficient transportation of cargo to the terminal, port performance, legislative framework, and business climate in the operating environment are other key indicators that significantly contribute to efficient terminal operations. Therefore, the statement of Ventspils Freeport Authority that VNT uses only 25 percent of its capacity is factually incorrect. VNT continues to represent the biggest petroleum transhipment and storage terminal in the Baltic States and provides the biggest contribution of all liquid cargo in the Ventspils port.

As a company, VNT has been performing stable over the years in the context of cargo turnover, safety and quality of operations, financial performance, enabling it to make steady tax payments to the state and its institutions. VNT proved its attractiveness as an employer, and its quality operations are recognised among its customers. Furthermore, VNT is constantly seeking for the development opportunities. By investing 5 million EUR to implement a permanent Vapour Recovery Unit, the terminal is not only paying its tribute to the commitment towards environmental protection, but also works to assure the sustainable future transhipment through the port of Ventspils, thus supporting port performance and the Latvian transit sector overall.