Lose track of exceptionally fine port (6)

I believe the answer is:

venice

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'port' is the definition.
(I have seen 'Italian port ' mean 'venice' so perhaps 'port' could also mean 'venice')

I cannot understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for venice that I've seen before include "Italian city port" , "It used to be known as the Queen of the Adriatic" , "City and former republic in NE Italy" , "City of gondolas on Adriatic" , "City of canals instead of streets" .)

I've seen this clue in The Times.

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