Tallinn port attributes drop in freight volumes to low price of oil

"The reduction in freight volumes in 2015 directly results from a decline in the volumes of liquid cargoes. The aggregate total for other sorts of freight in tons even surpasses the 2014 volume somewhat. The volumes in November decreased by more than the average for this year, which we hope rather is an exception," Ringmaa told BNS.

The main reasons behind the reduction in liquid cargoes remain the same as before – restrictions on rail freight carriage in the direction of Estonia and, causing the additional reduction in 2015, the lower oil prices, which have affected first and foremost the exports of so-called dark oil products, the biggest category of goods at the Port of Tallinn liquid cargo terminals.

"If we look at the gross tonnage of freight shipped via ports in the eastern part of the Baltic Sea, it hasn't declined. Leaving aside a significant reduction in the number of containers transported to Russia, which reflects a drop in consumption in Russia caused by the weaker ruble and reduction in the price of oil, when it comes to other countries of the region the freight volumes do not directly suggest a decrease in economic activity," the executive said.

Altogether 1.57 million tons of goods passed through the ports of Estonia's state-owned Port of Tallinn during November, 0.7 million tons or 30.8 percent less than in the same month last year. Liquid cargoes handled during the month totaled 725,200 tons, 626,000 tons less than in November 2014.

(Source: http://www.baltic-course.com/eng/transport/?doc=114154)