Estonia’s state-owned port authority Port of Tallinn (Tallinna Sadam) has reported a 31.8 percent drop in revenue in the second quarter of 2020 (Q2 2020) and losses of €831,000, largely the result of the coronavirus pandemic.
The authority invested nearly three times as much in the first half of this year, than in the same period in 2019. In Q2 2020 Port of Tallinn made a €7.2-million profit.
Estonia’s ERR reports that the port’s revenue for Q2 2020 stood at €22.4 million at a time when passenger ferry services ground to a halt as border controls were put in place from mid-March, and not a single cruise ship called in in Tallinn.
“The effects were mitigated somewhat by cargo, whose revenues remained largely unchanged through the emergency situation declared March to May as essential supplies continued to move to and from Tallinn”, it adds.
Port of Tallinn’s jurisdiction includes the cargo terminals at Muuga, east of Tallinn, the port of Paldiski, to the west, and on the Kopli peninsula. Liquid cargo volumes actually increased in the first half of 2020, the port says, compensating for declines in bulk and container shipments.