Stena Line acquires Latvian port operator Terrabalt

PASSENGER ferry and ro-ro cargo vessel operator Stena Line will acquire all shares of the Latvian port operator Terrabalt, which owns the ro-ro, bulk and general cargo terminal at the country’s third-largest port, Liepaja.

Stena Line chief executive Niclas Mårtensson said that its investment in Liepaja meant the company would continue to be a long-term partner to Latvia, pledging to develop the port and its infrastructure “for safe and high-quality operations”.

“Trade and supply chain resilience requires a long-term perspective, and in close partnership with the Latvian state, Liepaja Special Economic Zone, and not least our customers, we continue to build for the future,” added Carl-Johan Hellner, Stena Line’s chief executive for ports and terminals.

Stena Line already operates the Liepaja-Travemünde route between Latvia and Germany, and the Ventspils–Nynäshamn route between Latvia and Sweden in the Baltic Sea, with two vessels serving each route.

Stena Line, which operates approximately 40 vessels and 20 routes in northern Europe and the Mediterranean Sea, also operates the port of Ventspils, Latvia’s second-largest port. It also holds a majority stake in Swedish port operator Karlskrona.

The Terrabalt acquisition is awaiting approval by the Latvian competition authority and other institutions.

Financial details of the acquisition have not been disclosed.