The Port of Tallinn strategy 2023-2027 focuses on fulfilling the company’s vision to become the most innovative port in the Baltic Sea region along with meeting the expectations of the owners, keeping the dividend promises, and ensuring high corporate culture and sustainable development.
For 2027, Port of Tallinn has planned moderate growth opportunities in all its business sectors – transport of goods and passengers as well as real estate and shipping business.
In cargo segment during the next five years we shall continue to increase the competitiveness of the freight corridors passing through Estonia together with all the participants of the logistics chain. Exponential growth in offshore wind provides unique opportunity for becoming construction and maintenance port and replacement of fossil fuels with renewables, biofuels and alternative energy creates new opportunities for handling new cargo groups. Due to the changing global supply chains, our cargo ports grow their importance as multimodal HUBs, North-South corridor movements increase and related to the nearshoring trend we aim to exploit more widely the industrial park areas in Muuga Harbour and Paldiski South Harbour.
In passenger transport, which is the sector that has been affected the most by the corona pandemic, the clear target is on restoring the volume of passengers both on regular lines as well as the volume of serviced cruise ships. We have a clear focus on establishing green corridors on Tallinn-Helsinki and Tallinn-Stockholm routes and the investments of this field are directed in improving the passenger service infrastructure and establishing environmentally sustainable solutions for ships, buildings, and passengers.
In real estate segment we shall also continue creating attractive urban environment and carrying out the development plan of the Old City Harbour, i.e., Masterplan 2030. During 2023-2027 the focus is on starting developments in the North sector and creating a state-of-the-art area opened to the sea.
In the shipping sector, the focus in 2023–2027 is targeted at securing the core business for TS Laevad in the domestic ferry transportation, offering year-round service with multifunctional icebreaker Botnica and implementing new, environmentally friendly and smart solutions to the vessels. A new business opportunity of offering maintenance vessels to the offshore wind value chain is being evaluated.
When implementing the corporate strategy, the cargo segment is most influenced by the unstable global economy, sanctions against Russia, the sustainability of raifreight in Estonia and tightening of environmental requirements and the related increase in the cost of transport services. Passenger transport is also most influenced by the changing travel behaviours due to the global pandemic and Russian war against Ukraine. The field of real estate is most influenced by the potential delays in the planning processes of local governments and potentially declining interest of foreign investors due to the unstable economy. In the shipping sector, our business activities may be influenced by the potential changes in domestic ferry market and finding continuous utilisation for icebreaker Botnica for summer periods.
In its business and development activities, Port of Tallinn has continuously contributed to minimise its negative impact on the environment. When ensuring the sustainable development of the company, the emphasis is on environmental priorities and the pursuit of climate neutrality by 2050. We proceed from the knowledge that our home sea – the Baltic Sea – has one of the most sensitive ecological systems in the whole world and that clean air is an important indicator of the quality of life, ensuring the continuity of business and development activities in the near proximity of residential areas. Additionally, we have aimed to deal with increasing the circular economy and energy efficiency, and we are also keeping an eye on the sustainable use of natural resources with an aim to consume more sustainably.
Similarly to environmental priorities, the company is also focused on its targets related to economic and social impact. As an innovative corporation, we use science-based and state-of-the-art digital solutions for increasing competitiveness. When selecting our partners, we also value those who follow the principles of sustainability. We ensure the profitability of the company and the stable property income for our shareholders by executing the dividend policy and follow contemporary management principles through the core values of the company.
As the largest gate to the sea in Estonia, we are responsible as the image of Estonia as a maritime country. Therefore, our priority is to create a high-quality public space for both the guests of Estonia as well as for all the residents of Tallinn. Contributing to regional development through ferry traffic and providing vital and high-quality service for the residents and visitors of larger islands is equally important. The health, safety and security remain to be our top priorities.
Human resources strategy – dedicated employees in right roles
We wish to work and develop in a sustainable manner – both now and in the future, and we wish to be a reliable partner for our customers, current and future employees, and investors. This assumes ethical and value-based management and the development and cooperation of employees.
The human resources strategy of the corporation is focused on four cornerstones which are a sense of unity and good cooperation, smart work processes and efficient work arrangement, learning and development, and innovation.
To implement the strategy, we set annual goals and action plans, whereas all the employees of the company can contribute to the implementation of these plans. The key to the future success of Port of Tallinn is the way of operating and thinking that our daily business decisions and investments shall equally support the broader development of the company, the environment, and the society.