Maritime shipping in the Baltic Sea: challenges and opportunities for Latvian businesses

Throughout history states located on the coast of the Baltic Sea have been dependent on maritime shipping volume as its very location stipulates marine transportation being a major industry. Latvia has been famous for its marine ports since its active development phase; hence it attracted the attention of the researcher.This research is aimed at highlighting the most influential challenges can industry operators face in the course of their daily practice. The research illustrates enriched data related to the representation of legal norms required for compliance, financial calculations and applications for forecasts and hedging, taxation details in the Baltic region, and subsequent analysis. The research is believed to be of practical value for the maritime industry players and academic community interested in the Latvian maritime shipping business operations and in the Baltic region.