By February 22 the Freeport has to come up with a way of choosing the next head of the port.
Riga Vice-mayor and Freeport board chairman Andris Ameriks said that Loginovs has quit as he wants to retire.
The port of Riga plays a crucial role in Latvia's economy and generates huge amounts of cash. However, its internal workings are notoriously opaque and with its board consisting of political appointees, rumors of kickbacks and numerous other forms of graft are a staple of Riga's table-talk gossip.
Despite this Loginovs, one of the country' wealthiest individuals, has batted away all attempts to unseat him since March 1998 when he took the post.
In summer 2016 Loginovs came into the limelight as LTV's De Facto revealed his income declaration as stating he inherited a €700,000-worth luxury car from his father, an old fisherman. In January this year he was acquitted over alleged misuse of power.
With the port seen as a cash cow, the battle for control of this key asset is sure to be significant.