Cargo volumes at Tallinna Sadam decline 22% in Q3

posted on 11th October 2019 by Eddie Saunders
Cargo volumes at Tallinna Sadam decline 22% in Q3

In the third quarter of the year, 4.3 mln tons of cargo and 3.6 mln passengers passed through the harbors of listed Estonian port company Tallinna Sadam with the cargo volume down by 22.1% compared to the same period of the previous year mainly due to liquid bulk and the passenger volume increasing 3.5% on year.

The number of ship calls grew by 7.3% to 2,290 calls. Cumulative cargo volume for the first nine months decreased by 8.3% and the number of passengers remained at the previous year’s level, Tallinna Sadam told the stock exchange.

According to Valdo Kalm, chairman of the management board of Tallinna Sadam, the decline in liquid bulk is not extraordinary, as it is caused by the general decline in market demand for dark oil products due to increasingly strict requirements for reducing the sulfur content in marine fuels.

“The competition in liquid cargo handling continues to be very intense and the business is project-based, therefore quarterly volumes are volatile. The 30 % strong growth in dry bulk will partially compensate for the decline in liquid bulk,” Kalm added.

The number of passengers increased in the third quarter mainly due to the Tallinn-Helsinki and Muuga-Vuosaari routes. In total, passenger traffic between Estonia and Finland increased by 96,000 passengers or 3.5%.

Passengers between Estonia and Finland traveling to destinations further from the city center appreciate the opportunity of cheaper travel while avoiding congestion in Tallinn and Helsinki, the company said.

“We are pleased that the number of Finnish travelers has recovered and cruise passengers’ interest in visiting Estonia is once again high,” Kalm said.

The company said it reached a new record in the cruise business already in the first nine months — 641,000 passengers, which is 3,000 passengers more than last year’s total result. At the same time, the number of passengers on Stockholm and St. Petersburg routes declined slightly.