EUROPE

Riga’s tough stance on defaulters

17 years ago

Riga port authority has reportedly contacted companies leasing port territory to advise of the cancellation of existing lease contracts due to late payments or lack of use.

Approximately 20 stevedoring companies operating at Riga have not achieved expected profits projections as agreed with the port authority and if they do not meet scheduled payments their lease contracts will be terminated.

Meanwhile, Russia’s Uralchem is to build a new box fertiliser terminal at the port. Initial phase capacity in the region of 2m tonnes.