Tallink Grupp: profitable June leads to near break-even Q2

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  • Strong recovery of passenger numbers after end of COVID related travel restrictions and a profit in the last month of the quarter.
  • Recovery and results impacted by continuing geopolitical and economic turbulence.
  • +263% passengers (total 1 552 174)
  • +19% cargo units (total 109 380)
  • +139% unaudited consolidated revenue (total EUR 206.0 million)
  • Unaudited EBITDA EUR 28.7 million (EUR 4.4 million in Q2 2021)
  • Although the group reached a net profit in June this year, the unaudited net loss for the quarter as a whole was EUR 0.7 million (net loss of EUR 24.3 million in Q2 2021).
  • The group’s pre-fuel cost EBITDA in Q2 2022 was almost comparable to 2019 Q2 levels, being only EUR 2.0 million lower than in 2019 and thus clearly demonstrating the group’s increased operational efficiencies.
  • The company has taken a number of steps to mitigate the risks related to the rising fuel costs, e.g. the introduction of a temporary fuel surcharge across its routes and the temporary suspension of the use of LNG due to significantly higher costs and supply issues.


  • +227% passengers (total 2.3 million)
  • +123% unaudited revenue (total EUR 312.2 million)
  • Unaudited EBITDA for H1 2022 was EUR 17.7 million (EUR -1.9 million in H1 2021)
  • Unaudited net loss was EUR 40.7 million (EUR 58.8 million in H1 2021)
  • At the end of Q2 2022, the group’s net debt had decreased by EUR 32.6 million compared to the end of Q1 2022 and amounted to EUR 655.9 million.
  • The company’s liquidity remained strong at the end of Q2 2022 with the group’s cash and cash equivalents amounting to EUR 90.6 million as at 30 June (EUR 37.8 million on 30 June 2021) and the group had EUR 116.7 million in unused credit lines (EUR 78.9 million on 30 June 2021). The total liquidity buffer (cash, cash equivalents and unused credit facilities) at the end of Q2 2022 amounted to EUR 207.3 million (EUR 116.7 million on 30 June 2021).


Historically always best quarter of the financial year due to the travel high season.

Tallink Grupp charters two vessels to the Netherlands

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As expected in Ferry Shipping News last week, Tallink Grupp signed contracts with Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands, for the short-term charter of two of the company’s vessels.

The company’s Tallinn-Helsinki route vessel SILJA EUROPA has been chartered to provide temporary accommodation in The Netherlands from 20 August 2022. (7+3 months).

The company’s second vessel GALAXY, currently operating on the Turku-Stockholm route, has also been chartered to provide accommodation in the Netherlands, but from 20 September 2022 (7+3 months).

Both vessels have been hired with Tallink Grupp’s technical crew only.

The decision also means that Tallink Silja is notifying 265 of its employees in Sweden. GALAXY will be reflagged from Swedish to Estonian flag.

In total, Tallink Silja has now converted four of its ferries into temporary accommodation for Ukrainian refugees, giving it a guaranteed income: ISABELLE and VICTORIA I in Scotland, and the two others for The Netherlands.

The withdrawal of GALAXY on the Turku route means only the BALTIC PRINCESS remains.

The cruise ferry market on this route will fully be served by the Viking Line ships, including the new VIKING GLORY.

Finnlines’ Financial Review H1

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  • +32% revenue totalling EUR 356.9 million
  • +0.5% cargo units totalling 393,000
  • -19% cars totalling 73,000
  • +9% tons of freight not possible to measure in units, totalling 742,000
  • +25% passengers (incl. commercial) totalling 286,000
  • Due to EU sanctions Finnlines stopped calling Russian ports in early March, which naturally has resulted in loss of revenue. However, the increased cargo volumes on other lines have compensated for this loss and the passenger business has also recovered and reached pre-pandemic figures.
  • The three Finneco series hybrid ro-ro vessels were all delivered during the late spring and early summer of 2022 at the shipyard in China. The vessels have entered Finnlines’ North Sea and Bay of Biscay services.
  • The roro vessel FINNMERCHANT in Poland-Finland route was chartered out to Dutch MoD in early July but she was replaced by FINNMILL vessel to support the increased volumes.

P&O Ferries Zeebrugge: arrival of second crane + start of Finnlines service to Rosslare

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P&O Ferries has doubled its capacity to load and unload cargo at its Zeebrugge hub with the arrival of a second lift-on, lift-off crane.

The expansion is set to streamline the transportation of freight, boosting productivity and enhancing capacity to service vitally important trade routes for UK exporters and trading partners.

The arrival of a second crane will also enable P&O Ferries to upgrade departure frequency on its in-demand Hull to Zeebrugge Lo-Lo route, with an increase to six weekly sailings on a fixed schedule.

July 23th also saw the start of the Finnlines/Grimaldi Group service to Rosslare, with roro FINNPULP. The vessel is handled on the P&O Ferries terminal in Zeebrugge, just as was the Grimaldi service from Zeebrugge to Cork with EUROCARGO BARI. The latter does no longer call at Zeebrugge.

Hellenic Chamber of Shipping’s proposals for the new era of the Hellenic Coastal Shipping

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According to the Hellenic Chamber of Shipping, Hellenic Coastal Shipping is currently facing many and serious challenges. The most significant ones are the energy crisis (high fuel cost, increased fares) as well as the transition to “green shipping”, which requires the renewal of the coastal fleet at an estimated cost of EUR 11 billion. In that direction, the Chairman of the Hellenic Chamber of Shipping, Dr Georgios Pateras, submitted nine proposals:

  1. Further reduction of VAT below 13% at ferry tickets, so that they become more attractive to passengers. Cheaper ferry ticket means increased public revenue from VAT on the islands (increased passengers), exceeding the revenue from VAT on fares.
  2. Acceleration of procedures for the completion of the long-awaited extension of the suburban railway to the ports of Lavrio and Rafina. The specific infrastructure will offer faster sea travel by 2-4 hours as well as equal amount of fuel saving.
  3. Consistent adherence of the States’ obligations for the timely payment of the leases for the public interest lines as well as the transport equivalent. There is also necessity for the re-adjustment of the subsides for the subsidized lines in order to cover the additional fuel cost.
  4. Use of alternative fuel (LNG) in ships whose engines can be converted to dual fuel provided the operation of a network supplying this type of fuel to the ships. LNG is considered a transition fuel but not considered “blue or green”.
  5. Utilization of the ETS (Emission Trading Scheme) funds for the decarbonization of coastal shipping.
  6. Long-term public service contracts for the newbuilding ferries.
  7. Increasing competition in the supply of port services.
  8. Access to financial resources (grants) of the Recovery and Resilience Fund (Development Law) for installation of Energy Saving Devices in the existing fleet and financing of the “green part” of newbuilding ships.
  9. Reimbursement of the mandatory discounts

Hellenic Coastal Shipping serves 140 ports in 116 islands with 180 ferry connections. It contributes 7,4% to the total GDP (EUR 13,6 billion), while the sector’s total contribution to employment is 332.000 jobs (8,5% of total employment) and to public revenues EUR 3 billion (data refer to 2019).

DFDS Expands Irish Logistics Network

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DFDS has acquired 100% of the share capital of Lucey Transport Logistics Ltd based in Dublin, Ireland.

Lucey Transport Logistics is an Irish provider of transport and logistics solutions, primarily to consumer goods companies. Door-door transports are provided for full- and part-loads as well as distribution services. The logistics solutions include warehousing, inventory management, bonded storage, and product rework and labelling.

Solutions are supported by a distribution centre in Dublin and regional warehousing facilities in key locations across Ireland and Northern Ireland totalling 38k m2. Operations also include 70 trucks and more than 400 trailers. Lucey Transport Logistics was founded in 1932 and has 240 employees. Annual revenue was DKK 240m (EUR 32m) in 2021.

Lucey Transport Logistics adds domestic Irish transport and logistics capabilities that complement DFDS’ existing activities in the region. These include transport and logistics solutions based in Ireland and Northern Ireland, door-door container and trailer solutions between Ireland, the Continent, and the Nordics, as well as a freight ferry route between Ireland and France (Rosslare-Dunkirk).

No surprises: two candidates for the Marseille-Corsica subsidised routes

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The administrative court of Bastia rejected the summary procedure formulated by Corsica Ferries aimed at cancelling the call for tenders for the new public service delegation (DSP) for the Corsican service between 2023 and 2030.

Two ferry companies are candidate for the DSP: Corsica Linea and La Méridionale, for the lines between Marseille and the island’s five ports: Bastia, Ajaccio, Propriano, Porto-Vecchio and L’Ile-Rousse.

Corsica Ferries does not operate out of Marseille.

Panellenic Lines’ HSC SANTA IRINI arrived at the port of Heraklion

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On July 23, 2022, and after a 2-month intensive upgrading and dry docking at Neos Molos (Drapetsona) and Piraeus, HSC SANTA IRINI (former ALMUDAINA DOS) of Horizon Sea Lines arrived at the port of Heraklion.

The ship was purchased last May for daily cruises on the Heraklion (Crete) – Santorini run. For that purpose, she was chartered to Panellenic Lines.

Significant Greek businessmen, as well as the company CTRS – Cretan Transportation Services (Heraklion Bus Company) participate in Panellenic Lines.

Photo: Kostas Papadopoulos