Luminor Bank allocates EUR 1.78 million for the purchase of a modern fishing vessel

Luminor bank has granted financing in the amount of EUR 1.78 million to one of Latvia's largest fishing companies, Ltd Bradava, to support the purchase of a new and modern fishing vessel. The investment will allow the company to strengthen its leadership in the Baltic Sea region, improve fishing efficiency and promote responsible management of natural resources.

With the support of the bank, the company's fourth fishing vessel will be purchased, which will fish for sprat, herring and cod in the waters of the Baltic Sea by means of bottom and pelagic trawling. The vessels are able to fish at any season and are some of the few in Latvia equipped with fish pumps, this equipment allows loading fish quickly into the containers for transportation, while maintaining high product quality.

"The fishing industry is one of Latvia's historical sectors and it is important to continue to take it to the next level by restoring equipment and using modern fishing methods. Bradava has proven its expertise and ability to adapt to changing market conditions for decades, thus becoming the largest fishing company in the Baltic Sea, providing a full production cycle – from fishing and processing to logistics. By supporting the modernization of fishing vessels, we stimulate not only the competitiveness of the local company, but also the modernization of the industry as a whole," emphasizes Ilze Zoltnere, Head of the Corporate Department of Luminor Bank in Latvia.

Thanks to the capacity and tonnage of fishing vessel engines, Ltd Bradava is able to exhaust catch quotas within the year, which make up 20 % of the overall catch limits in Latvia, despite the seasonal character of fishery.

"Our goal is to maintain a leading position on the eastern coast of the Baltic Sea, and the purchase of a new and technologically modern vessel allows us to significantly reduce the fuel consumption required for fishing, optimize the work of the crew and plan fishing trips more accurately, which directly affects the cost price and profitability of the company. The bank's financing allows us to act quickly and absorb resources, ensuring the highest quality for our export partners in the European Union, Ukraine, Georgia and elsewhere. There is currently a tendency in the industry to reduce allowable catches for certain species, so the emphasis on efficiency, refrigeration capacity and waste-free processing is critical," says Aleksandrs Blohins, a representative of Ltd Bradava.

In addition to the modernization of the fleet, the company expanded its activities last year by acquiring the fish protein and oil plant "Dīriņi" in Ventspils. Thanks to the technical equipment, the company is able to flexibly respond to market demand, offering both raw materials for canning producers and higher value products for the food industry. Waste-free production is ensured, where products of the second category are processed into high-quality fish oil and flour. This not only brings environmental benefits, but also generates additional revenue streams, ensuring stability in conditions where fishing quotas are strictly regulated.

By Ltd Bradava

Ltd Bradava is one of the four largest fishing companies in Latvia, specializing in sprat and herring fishing in the Baltic Sea and the Gulf of Riga. Since its foundation in 1995, the company has been led by industry experts with more than 30 years of experience. The group provides a full cycle from catch to finished products and their transportation to export markets around the world.

By Luminor    

Luminor is the leading independent bank in the Baltic States and the third largest financial services provider in the region. We provide financial services to individuals, families and businesses. Like the Estonian, Latvian and Lithuanian markets, we are young, dynamic and focused on the future.