Strong recovery in 2021 generates again a positive result for Stena Group

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Stena Group

The Stena Group has in 2021 returned to profit after, for the first time in the Group’s eighty-year history, reported a negative result in 2020.

  • A healthy balance sheet with an equity ratio of 36% as at 31 December 2021, compared to 35% as 31 December 2020.
  • Strong liquidity position amounting to SEK 20.3 billion (19.9 billion).
  • Total income amounted to SEK 39.0 billion (33.3 billion).
  • EBITDA amounted to SEK 7.1 billion (SEK 4.9 billion).
  • EBITDA increased compared to previous year, mainly as a result of increased EBITDA for the segments Ferry Operation, Drilling Offshore and New Businesses.
  • Profit before tax amounted to SEK 499 million (–4,858).

Stena Line

  • Stena Line´s operational result increased compared to last year mainly due to strong freight volumes and cost reductions.
  • Passenger and car volumes have improved as countries eased off Covid-19 travel restrictions.
  • The operational EBITDA increase also includes extraordinary revenue of EUR 13.4 million in remuneration from UK Department for Transportation in order to guarantee transports into UK during the six months following Brexit.


Stena RoRo

Stena RoRo’s result increased in 2021 compared to 2020 because of a continued high utilisation rate and strong contract coverage of the fleet during the year, together with vessel sales as well as delivery and chartering out of newbuildings. The newbuilding programme from the CMI Jinling Weihai ship­yard has continued during the year, which has resulted in three new contracts. In total 12 E-Flexer RoPax vessels have

now been ordered from the shipyard.

Color Line 2021: on the way out of the pandemic

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2021, another demanding year for Color Line, primarily due to major operational challenges as a result of government-imposed restrictions in connection with the pandemic.

Operating revenues were NOK 2.6 billion in 2021, which was in line with 2020 and significantly below NOK 5.3 billion in the last normal year 2019.

Operating profit increased to NOK 211 million in 2021 from NOK -47 million in 2020.

Profit before tax was NOK -591 million in 2021 (NOK -1.2 billion)

Passengers 1,143,480 (1,255,046)

Freight units 180,850 (174,068)

Color Line’s demand quickly rose to the levels ahead of the pandemic as soon as the community reopened in early 2022. The booking rate is now in line with 2019, and the outlook for the current year is therefore very positive.

Color Line expects a result for 2022 that is significantly better than last year, almost in line with a normal year. The company capitalizes on its very loyal customer base, attractive products and a renewed interest in the local markets within tourism, in combination with a more cost-effective operation and positive development in customer values after the pandemic.

Tallink Grupp publishes 2022 first quarter financials

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Low season quarter results were still strongly impacted by the pandemic and the start of the war in Ukraine in late February. The latter resulted in a sharp increase in fuel, food and commodities prices as well as some decrease in traveller confidence in the second half of the quarter.

The results were also impacted by the planned dockings of several of the company’s vessels, including dockings brought forward from autumn 2022, to ensure there are fewer traffic interruptions in Q4 this year.

Q1, 2022 (EUR)

+97.5% Revenue 106.1 million

Net loss 40.0 million

EBITDA -11.0 million (-6.3 million in Q1 2021)

Negative effects:

  • pandemic
  • war in Ukraine
  • high fuel prices
  • traveller confidence issues



Sourcing alternative opportunities and work for vessels (such as ROMANTIKA charter to Holland Norway Lines, and ISABELLE securing a contract as a refugee accommodation vessel for at least four months this year)


To end the year 2022 with a net profit.

Scandlines improved performance in a challenging market in 2021

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  • Scandlines navigated market volatility and the impact of COVID-19 in 2021 and maintained margins thanks to a dedicated team effort and strict cost control.
  • Scandlines solidified its position as a green front-runner with a long-term investment in a new emission-free freight ferry and ambitions of making the Puttgarden-Rødby route emission free by 2030 and realising its zero-emission vision by 2040.
  • Traffic continued to fluctuate substantially in 2021 following political decisions to impose and lift travel restrictions in Scandlines’ markets in response to developments in COVID-19.
  • Based on a gradual rebound in traffic volume compared to 2020, Scandlines grew revenue by 20% to EUR 328 million and maintained the EBITDA margin at 41% following tight cost control measures and efficiency enhancements.
  • The two ferry routes generated revenue of EUR 260 million (2020: EUR 216 million) in 2021 as COVID-19 certificates were introduced, improving travel options, and government-imposed travel restrictions impacted fewer months of the year.
  • Full-year traffic figures increased by double digits across all categories compared to 2020, but volumes remained significantly lower compared to 2019 except for the freight business, which continued to deliver consistent growth throughout the year, ensuring the strongest performance ever.
  • The BorderShops saw higher activity in 2021 compared to 2020 and grew revenue by 19% to EUR 68 million.
  • Profit from ordinary activities (recurring EBITDA) grew by 59% to EUR 133 million (2020: EUR 84 million) corresponding to a recurring EBITDA margin at a pre-COVID-19 level of 41% despite earnings remaining significantly lower than before the outbreak of the pandemic.


  • Car, passenger, and shopping traffic is expected to rebound strongly in the wake of COVID-19 with bus travel gradually returning to previous levels.
  • The strong freight traffic performance is expected to continue throughout the year.
  • Due to the continued high degree of uncertainty and very low visibility, management is currently not in a position to provide precise financial guidance for 2022.

ANEK: Financial Results for The Fiscal Year 2021

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Statistics 2021

Same amount of crossings

+31% passengers 652k

+60% cars 183k

+10% trucks 121k

Financials 2021

Group + 21% turnover 150.0 million (124.5 million in 2020)

Parent Company +17% turnover 129.4 million (110.0 million in 2020)

Group +15% gross profit 17.0 million (14.8 million in 2020)

Parent Company +10% gross profit 11.1 million (10.1 million in 2020)

Group +21% cost of sales 133.0 million (109.7 million in 2020) (bunker prices up)

Parent Company +18.4% cost of sales 118.3 million (99.9 million in 2020)

Group EBITDA improved marginally: 7.0 million versus 6.8 million in 2020

Parent Company EBITDA decreased marginally: 4.1 million versus 4.8 million in 2020

Net financial cost for the Group and the Parent Company for 2021 amounted to € 10.0 million compared to € 8.9 million in the previous year.

The results from investing activities formed at losses of € 25.7 million against losses of € 0.1 million in 2020.

The significant losses from investing activities during 2021 resulted mostly from impairments of the value of vessels as well as from the impact of the non-exercising right to acquire a vessel and the derecognition of the relevant leasing contract from fixed assets and liabilities.

Group consolidated net results after taxes: losses of 40.2 million (14.1 million)

Group net results after taxes and minority interests: 41.7 million (15.1 million)

Parent Company net results after taxes losses of 43.9 million (14.8 million)


The geopolitical uncertainty, the energy crisis, the increase in prices and the evolution of potential new variants of the COVID-19 pandemic, preserve a climate of concern.

Viking Line Q1: Gradual normalization despite a challenging environment

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January–March 2022 (compared to January–March 2021)(in EUR)

  • Sales amounted to 58.8 million (24.6 million)
  • Other operating revenue was 6.0 million (10.3 million)
  • Operating income totalled -18.1 million (-7.7 million)
  • Net financial items were -2.2 million (-1.3 million).
  • Income before taxes amounted to -20.3 million (-8.9 million)
  • Income after taxes totalled -16.2 million (-7.2 million)
  • Viking Line is not providing any outlook, above all, in view of the geopolitical situation, it is still too soon to quantify the impact on operating income for 2022, which is the same conclusion at the time the previous earnings report was published.

Liberty Lines ordered 9 (+9) hybrid fast ferries in Spain

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The shipping company Liberty Lines has signed a contract with the Spanish shipyard Armon for the construction of 9 hybrid high speed crafts to be delivered between 2023 and 2026.

The contract includes an option for the construction of 9 more vessels to be delivered between 2027 and 2030.

The innovative characteristics represent the result of an intense cooperation between the technical offices of Liberty Lines, Armon shipyard, Rolls-Royce, RINA and the Australian designers Incat Crowther.

Malta Shipbrokers International Ltd acted as a broker for the deal.

These newbuildings will be the first to obtain Rina Green Plus classification.

They will be equipped with an integrated propulsion system including MTU Series 4000 engines by Rolls-Royce, that will be supplying both traditional and electric propulsion.

This will allow to enter and exit the harbours producing zero emissions as the ships can navigate at a speed of 8 knots using full electric mode and 30 knots in cruise mode.

The batteries will be charged during the cruise by using the two main engines. In case of long period of stop over, the ship will use cold ironing to recharge the batteries and maintain active all the on board services.

Cherbourg-Bayonne rail motorway: Brittany Ferries gives the green light

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Brittany Ferries has given the go-ahead to a new rail-freight link between Cherbourg and Bayonne. The ferry company first announced the rail project back in February 2020, shortly before the COVID-19 health crisis hit, forcing a reduction in ferry services for nearly two years. But while the project—which Brittany Ferries deems strategic—was delayed, it was never cancelled.

During the pause, Brittany Ferries worked with French rail network operator SNCF Réseau and the Ministry for Ecological Transition to determine the routing for the new service, which will provide daily return journeys between Cherbourg and Mouguerre. Following a study into the modification of four railway tunnels on the Atlantic corridor route to allow the lowest available wagons to pass through, a framework agreement was signed, allowing the project to enter its concrete development phase.

With support from the State, Europe, and the regions of Normandie and Nouvelle Aquitaine, Brittany Ferries will open the ‘rail motorway’ linking the port of Cherbourg to the European Freight Centre at Mouguerre, near Bayonne, thereby connecting Spain to the UK and Ireland via the French railway network.

The launch of the new service, initially planned for 2022, is now expected by mid-2024.

Ærø Municipality votes for two new electric ferries

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On 20 April 2022, a majority in Ærø Municipality’s municipal council decided to enter into an agreement on a commitment of DKK 72 million with the Danish Transport Authority for the construction of two new electric ferries on the busy Ærøskøbing – Svendborg route.

On 22 December 2021, it was announced that Ærø Municipality had been allocated almost DKK 72 million from the Ministry of Transport’s green ferry pool for a total of DKK 233 million.

The municipal council had to consider whether it wanted to use the DKK 72 million, which according to the budget entails a self-financing of DKK 336 million. After a debate in the hall, the commitment was given, and the budget approved, and Ærøfærgerne can thus start the concrete work.

The design of the new ferries and the business model for the replacement will be considered by the municipal council on an ongoing basis until the autumn of 2022.

HAVILA CASTOR on its way to Norway

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Havila Voyages took delivery of its second ship, HAVILA CASTOR, at the Tersan shipyard in Turkey.

HAVILA CASTOR will start sailing the coastal route Bergen – Kirkenes on Tuesday 10th of May.

The ship has a market value of around NOK 1.2 billion and is financed with equity and a loan of EUR 46 million from Tersan shipyard and the shipyard’s bank. The loan is for a period of 3 months.

The initial financing could not be carried out, because of the Russian embargo. The vessel is owned by the company HK Ship V AS – a 100% owned subsidiary of Havila Kystruten Operations AS.

Havila Voyages is already in the process of refinancing HAVILA CASTOR and the two remaining ships that will be delivered later this year, as well as HAVILA CAPELLA.