Finnlines’ Financial review January–June 2023

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 H1, 2023 (January-June)

  • Revenue EUR 336.4 (356.9 in 2022) million, -6%.
  • Shipping and Sea Transport Services generated revenue amounting to EUR 325.3 (343.8) million, of which passenger-related revenue was to EUR 31.5 (25.6) million.
  • The revenue of Port Operations was EUR 21.4 (24.8) million.
  • EBITDA EUR 89.6 (97.7) million, -8%.
  • Result for the reporting period EUR 41.9 (56.3) million, -26%.
  • Interest bearing debt declined by EUR 69.1 million and was EUR 387.8 (456.9) million at the end of the period.

Q2, 2023 (April-June)

  • Revenue EUR 173.2 (199.9 in 2022) million, -13%.
  • EBITDA amounted to EUR 44.1 (62.1) million, -29%.
  • Result for the reporting period EUR 20.3 (41.2) million, -51%.

Tom Pippingsköld, President and CEO, in conjunction with the review:

  • Economic growth is projected to be modest in the EU area in 2023, but some moderate improvement is forecasted for 2024.
  • According to the statistics of the Finnish Customs the total value of exports increased by 1%, but the value of imports decreased by 14.3% year-on-year (January–May 2023 vs. 2022).
  • Due to the war and high interest rate environment consumer and business confidence has remained below long-term average. Inflation is also expected to remain persistently high.
  • Lower import volumes have reduced cargo flows and together with lower bunker surcharge has affected Finnlines Group’s turnover.
  • Lower volumes in some of our routes forced us to either reduce the frequency or the number of vessels in the route. Thus, we decided to charter out one ro-ro to the Grimaldi Group. Moreover, we have reduced capacity where there are lower volumes, and increased capacity where we see and have growth.
  • Growth by opening new routes, the latest is the Sweden–Poland line where one ro-pax vessel is expected to start to operate daily between Malmö and Świnoujście in few weeks’ time.
  • Passenger business has increased very well after the pandemic.
  • The first of these new Superstar ro-pax vessels, FINNSIRIUS, was delivered on 18 July 2023, as scheduled, and will enter the Naantali–Långnäs–Kapellskär route in mid-September.
  • The second vessel, FINNCANOPUS, will follow by the end of the year.

Tallink Grupp swings back into profit in Q2, 2023

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Tallink Grupp’s Q2 (April- June) financial results are revealing a swing back into profit following the minor loss in Q1.


  • -0.7% passengers 1,541,081 (1,552,174 in Q2 2022)
  • -22% cargo units 85,359 (109,380 in Q2 2022).
  • The reason for the decline: less vessels, operating 18% less trips across the routes, thus reducing the overall route capacity.
  • +11.5% revenue EUR 229.7 million (EUR 206.0 million in Q2 2022).
  • +138.7% EBITDA EUR 68.5 million (EUR 28.7 million in Q2 2022).
  • The strong effort and positive results in many areas have resulted in a net profit of EUR 33.4 million (net loss of EUR 0.7 million in Q2 2022).


The strong results of Q2 mean that the company has delivered a profitable first half year for the first time since 2015.

  • +14% pax 2,590,858 (2,272,435 in H1 2022).
  • -18.8% cargo units 172,091 (211,318 in H1 2022).
  • In addition to fewer vessels in regular traffic in 2023 due to charters, there is one cargo vessel less operating on the company’s routes as the vessel SEA WIND was sold in spring 2022.
  • +28.4% Revenue EUR 400.9 million (EUR 312.2 million in H1 2022).
  • +439% EBITDA EUR 95.6 million (EUR 17.7 million in H1 2022).
  • Net profit at the end of H1 2023 was EUR 28.0 million (EUR 40.7 million net loss at the end of H1 2022).

Commenting on the results of the first half year of 2023, Tallink Grupp’s CEO Paavo Nõgene said:

“The results of the first half of 2023 are proof that the decisions we have made over the last few years to speed up our recovery following the Covid crisis with vessel charters, were the right ones. The positive impact of the vessel charters is undeniable, especially at this time when the increased cost of living is still putting pressure on people’s travelling choices. Our current strategy to operate our regular routes with the most optimal number of vessels and charter out other vessels, is helping us on our road to recovery.”

“Our focus now is on maintaining profitability into the next two quarters of 2023 while continuing to reduce our debts accumulated over the crisis periods. The vessels we currently have operating on our four core routes are performing well with some room for growth should passenger numbers from further afield than our home markets see some increases in the year or so ahead. The short-term plan is to continue operating with the same business model of the last few years, with a mix of regular traffic and charter contracts, until such time when demand on our current key routes or elsewhere increases and warrants additional capacity.”

Biofuel for Corsica Linea

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In a move to improve its environmental performance, part of the Corsica Linea fleet will now be powered by certified sustainable biofuel as from the 2023 summer season.

The biomolecule chosen – EMAG type, made from a blend of recycled cooking oils – achieves an 85% reduction in pollutant emissions compared with its fossil equivalent.

This step has been achieved without any regulatory constraints, with Petroineos as partner.

Corsica Linea’s ambition is to reduce CO2 emissions by 30% by 2030.

Buses and ferries, a good combination

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2023 has started well for the long-distance bus company Kombardo Expressen, a collaboration between Molslinjen and Herning Turist.

From January to June, 376,116 travellers have taken the Kombardo Express buses (=+20% H1 2022)

The Kombardo Expressen runs across the country and passengers travel with Molslinjen’s fast ferries across the Kattegat or across the Baltic Sea to Rønne on Bornholm.

With the ferry trip, Kombardo Expressen differs from the other long-distance bus companies in Denmark.