Strong profit for Tallink Grupp in 2023

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Tallink Grupp reports a strong profit of EUR 78.9 million for the year (EUR 13.9 million in 2022). During the year, Tallink Grupp managed to continue the steady path of recovery from the last four years of crises.

  • +4.5% Passengers 5 705 600
  • +2.6% Passenger vehicles 840 881
  • -20.0% Cargo units 323 990
  • +8.3% unaudited consolidated revenue EUR 835.3 million
  • EBITDA also saw a significant increase to EUR 214.5 million (EUR 135.8 million in 2022).
  • Tallink Grupp’s total investments in 2023 amounted to EUR 28.1 million (EUR 203.3 million in 2022, mainly relating to the new shuttle vessel MyStar).
  • At the end of the 2023 financial year, the group’s total liquidity buffer (cash, cash equivalents and unused credit facilities) remained strong and amounted to EUR 116.9 million (EUR 249.9 million 31 December 2022).
  • During the financial year 2023, Tallink Grupp repaid loans in the total amount of EUR 487.6 million, which includes refinancing of loans in the amount of EUR 298.0 million.
  • Tallink Grupp and its subsidiaries contributed a total of EUR 76 million in various taxes to the state  of Estonia budget.
  • Tallink Grupp’s Management Board, with the approval of Tallink Grupp’s Supervisory Board, will propose paying a dividend of EUR 0.06 per share based on the 2023 financial results.
  • As at 31 December 2023 Tallink Grupp had 38 894 shareholders and FDR-holders, of which 30 563 on Tallinn Stock Exchange and 8 331 on Helsinki Stock Exchange.

Outlook by Tallink Grupp’s CEO Paavo Nõgene

“In 2024 we will continue to focus on maintaining profitability while balancing the high and increasing costs of fuels and other products and services and the addition of new costs for the business, such as the emissions costs arising from shipping being included in the ETS scheme from 1 January 2024. As the climate crisis intensifies alongside the economic and geopolitical tensions, we are also increasing our efforts of searching for new technologies and solutions to play our part in tackling climate change. In 2023 we trialled a number of new technologies on board our vessels, all aimed at increasing energy efficiencies and reducing fuel consumption and thus also our emissions, but even greater collaboration and innovation is urgently needed to make a bigger difference. This is also one of our priorities for 2024.

Full details here.

Photo: MyStar, Tallink Grupp. Photo by Raul Mee.

FRS to acquire French Caribbean company L’Express des Îles

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Flensburg-based FRS acquires L’Express des Îles, a company operating in the Caribbean Sea. This move is part of FRS’s strategic realignment, following the successful sale of FRS Iberia, with a focus on diversifying the range of offered routes.

For the past 37 years, Guadeloupe-based L’Express des Îles has been synonymous with outstanding and reliable service.

Headquartered at the Bergevin ferry terminal in Pointe-à-Pitre, Guadeloupe, the company, initially known as “Antilles Trans Express (ATE)” began by offering fast ferry services between the islands of Guadeloupe, Les Saintes, and Marie Galante—all French overseas territories.

In 1989, it expanded services to Martinique and Dominica, followed by St. Lucia in 1994.

Today, the company operates three high-speed catamarans in collaboration with its subsidiary, “Jeans for Freedom,” serving multiple national and international routes.

Austal and Gotlandsbolaget sign MOU to construct a multi fuel, low emission, high-speed catamaran

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Austal and Gotlandsbolaget have signed a Memorandum of Understanding to develop a construction contract for the ‘Gotland Horizon X’ catamaran concept, first announced in April 2023.

‘Gotland Horizon X’ is a high-speed aluminium catamaran that will utilise gas turbines in a combined cycle to transport up to 1,450 passengers, cargo and vehicles between the Swedish mainland and the island of Gotland.

Under the terms of the MOU and proposed construction contract, the high-speed catamaran will be designed by Austal and constructed at the Austal Philippines shipyard.

RoRo vessel Eurocargo Sicilia to Baleària

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RoRo vessel Eurocargo Sicilia is reportedly transitioning from Grimaldi to Baleària’s fleet, following RoPax Ciudad de Mahon. While no official confirmation has been received from the Naples-based group, sources and accompanying imagery suggest that the vessel, built in 1998, is undergoing a bareboat charter with a purchase obligation to the firm controlled by Adolfo Utor.

Eurocargo Sicilia, formerly known as Finnmaster during its deployment with Finnlines, boasts a cargo capacity of 1,775 lane meters and has been actively serving the Porto Torres – Genoa maritime route over the past 12 months.

Details regarding the sale and charter prices remain undisclosed.

Tender for the sale of Anes Lines’ Proteus

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On February 15, 2024, a tender was announced for the sale of Anes Lines’ ferry, Proteus. The tender is scheduled for March 13, with a starting price of EUR 750,000.

In November 2023, it was reported that Kerkyra Seaways intended to short-charter her for the Igoumenitsa-Corfu-Paxoi line as a temporary replacement for Hermes, which was sold to the Croatian Jadrolinija. However, this arrangement never materialized.

Proteus ceased operations on the Evia (Mandoudi) – Sporades route in April 2023. Built in Greece in 1973, she has a carrying capacity of 372 passengers and 110 cars.

Norled orders 3+1 ferries

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Before Christmas, Norled placed an order for three identical battery-electric ferries with capacity for 60 passenger cars and 250 passengers. Norled confirmed the option for a fourth one.

Havyard Leirvik is building the ferries for the Stokkvågen-Lovund-Træna connection for Nordland fylkeskommune. They will be ready as from 2027.

Ferry crossing costs revealed for this summer

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Are you planning a holiday? For many destinations, the ferry is an excellent alternative to, for example, the aeroplane. But what’s the cost, actually, for a crossing with (or without) the car? Ferry and travel portal FerryGoGo investigated the prices for various crossings this coming summer. They looked at the total costs, the distance, and the cost per kilometre. They also compared the data with last year’s prices.

The research included international crossings with overnight stays (>150 km), short international crossings (<150 km), and domestic crossings. The price was based on a return trip for 2 people and a standard car.

Some conclusions and trends that emerge from the data:

  • The average distance of international crossings with overnight stays was approximately 600 kilometres – the average price per kilometre is €1.10. While some crossings have significantly increased in price, for example, the crossing from IJmuiden to Newcastle is nearly 20% cheaper than in 2023.
  • The most expensive international crossing with overnight stays is from Denmark to Iceland with a total price of €2,768, while the cheapest is Hoek van Holland – Harwich.
  • The average domestic crossing costs around €4.27 per kilometre. The Netherlands predominates here. Without a car, it’s €1.56 per kilometre. The crossing to Texel is comparatively cheap compared to the other Wadden Islands.
  • For short international crossings (<150 km), you’ll spend an average of about €3.14 per kilometre. The crossing from Hirtshals to Kristiansand is the cheapest per kilometre, while the crossing between Helsingør-Helsingborg has dropped by more than 50%.
  • For the most popular crossing: from Calais to Dover, you pay €170 for 2 people and a car. That’s €2.13 per kilometre.
  • It’s noteworthy that the average price level hasn’t changed much compared to a year earlier. There are significant differences per connection.

All prices were researched between 19th and 21st February 2024, during which it was also noted that various crossings were almost fully booked for the summer. The analysis focused on the week from 29th June to 6th July, from Saturday to Saturday.

In total, the study examined 34 different crossings: 15 international crossings with overnight stays, 8 short international crossings, and 11 domestic European crossings. Furthermore, the price for 2 people and a car was considered, along with the total price and the straight-line distance. Subsequently, the cost per kilometre for a ferry crossing was calculated.

All data from the research can be consulted on

Viking Line posts historically strong earnings

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January–December 2023 (2022)

  • Sales amounted to EUR 491.4 million (EUR 494.7 million).
  • Other operating revenue was EUR 9.1 million (EUR 24.1 million).
  • Operating income totalled EUR 55.0 million (EUR 38.3 million).
  • Net financial items were EUR -9.6 million (EUR -10.3 million).
  • Income before taxes totalled EUR 45.4 million (EUR 28.0 million).
  • Income after taxes totalled EUR 36.3 million (EUR 22.7 million).
  • The Board of Directors proposes a dividend of 1 euro per share, which corresponds to 48% of earnings.

Outlook for the financial year 2024

There continues to be significant uncertainty due to the geopolitical situation and the impact this has on energy prices, inflation, interest rates and currencies as well as the effects these uncertainty factors may have on people’s propensity to travel, demand, consumption patterns and costs.

Provided energy prices remain at current levels and there is a sustained propensity to travel, the Board expects income before taxes in 2024 to be on a par with the figure for 2023 if the EUR 8.6 million capital gain from the sale of ROSELLA in 2023 is not included.

Q4, 2023

  • Sales amounted to EUR 112.2 million (EUR 124.5 million).
  • Other operating revenue was EUR 0.3 million (EUR 15.2 million).
  • Operating income totalled EUR 2.7 million (EUR 19.4 million).
  • Net financial items were EUR -0.6 million (EUR -2.9 million).
  • Income before taxes amounted to EUR 2.0 million (EUR 16.5 million including the EUR 15.0 million capital gain from AMORELLA).
  • Income after taxes totalled EUR 1.7 million (EUR 13.2 million).

Full details here.

KiwiRail officially cancelled the contract for new RoPax Rail Ferries

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Hyundai Mipo Dockyard has officially announced in a statement [in Korean] on 13 February 2024, that the contract to build two RoPax train ferries was cancelled at KiwiRail’s request.

The shipbuilder says it will see a claim for design costs as part of its negotiations.

This cancellation follows the Government’s decision last year not to provide further funding for the Inter-Island Resilient Connection (iReX) project.

KiwiRail now also confirmed [in a press statement] it has now started discussions with Hyundai Mipo for the termination.

KiwiRail says it will be working with international shipbrokers on options to source suitable replacement ferries.