The acquisition of the ferry and RoRo port operations in Vetspils is still subject to authority approval for competition compliance. Commercial details of the agreement will not be disclosed, the company said.
Stena Line has operated a route between Ventspils and Nynäshamn, Sweden since 2012 and the company said its latest announcement was proof of its "long-term commitment to Ventspils – one of Stena Line’s strategic sites in the Baltic Sea."
"Direct ownership of the operations in Ventspils will give Stena Line the initiative in future expansion opportunities as Latvia continues to grow its importance as a maritime nation with increasing trade volumes," the company said.
“The Baltic Sea is a major growth region for Stena Line and our investment in Ventspils shows how committed we are to develop our business with Latvia”, said Niclas Mårtensson, CEO Stena Line. “With this strategic move we have secured a long-term position in an essential part in our European network and I am looking forward to working with our customers and partners to continue expanding in the region”.
The growing customer demand on the route connecting Latvia and Sweden recently called for a capacity boost through two ferries – Stena Baltica and Stena Scandica. These extended ferries added 30 per cent of freight capacity on the route as well as offering space for a maximum of 970 passengers in each vessel.
A similar expansion was made to the route Liepaja, Latvia – Travemünde, Germany in 2021 and 2022, adding 40 per cent freight capacity through the introduction of Stena Livia and Stena Flavia, also shortening the crossing time substantially.
The company’s Baltic Sea expansion also includes the opening of a new route between Nynäshamn, Sweden and Hanko, Finland in February 2022.
The Norvik Port in Nynäshamn, just south of Stockholm, Sweden has recently expanded, adding capacity and infrastructure which supports Stena Line’s operations to both Latvia and Finland.
