Key Market Indicators
RIGA, Latvia — The Latvian vessel fleet is projected to expand to approximately 7,930 units by 2028, up from around 6,310 units in 2023, marking an average annual growth rate of 3.6%. This growth comes despite a 1.1% annual decline in supply since 2009. In 2023, Latvia ranked 19th globally in terms of fleet size, with Ireland narrowly ahead at 6,310 units. Italy, Denmark, and Croatia secured the second, third, and fourth positions, respectively. Latvian maritime transport sales also showed significant improvement. In 2018, total sales reached €104 million, an 8.7% increase from the €95.7 million recorded in 2017.
