May 16, 2019

2019 To Be A Transition Year for Fjord1

Fjord1’s Q1 results have taken a dive. The company says it has to do with the loss of two important routes, and the preparations for the new routes.
“Nothing to worry about,” is what the company says to the Norwegian media. The company has a contract portfolio within the ferry segment of NOK 22 billion. The contracts last for 2033, and during 2019 the company will receive 14 new vessels.

Some highlights of Fjord1’s first quarter:

  • Fjord1 started new contracts on 1 January 2019, for the following routes: Hareid-Sulesund, Brekstad-Valset and Arsvågen-Mortavika, Daløy-Haldorneset.
  • The new connections involved start-up costs.
  • The company lost the Halhjem-Sandvikvåg and Flakk-Rørvik routes.
  • Newbuilds SULØY and GISKØY entered service.

Key figures (in million NOK)
-11% Revenue 640 (218)
-28% EBITDA 158 (218)
-62% EBIT 57 (147)
-86% Result 14 (107)