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.

A strong result for Wasaline – continued reduction in environmental impact and a record year in the passenger segment

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During the financial year, further measures have been taken to reduce energy consumption and environmental impact. Emissions of CO2 have decreased by 23%. During the year, the use of LNG increased. In the autumn, Aurora Botnia operated one day a week with certified Biogas. Utilization of the battery technology was also optimized. All of this contributed to this decrease.

Since the start of traffic of AURORA BOTNIA in 2021, Wasaline has reduced its CO2 emissions by 29% per trip and in 2023 CO2 emissions were reduced by 23%.

The passenger side showed an increase compared to 2022, despite that the bookings decreased significantly in the last quarter due to the recession.

Passenger volumes increased by 4.4% and turnover by 5.4%.

Departures increased by 2.7% to 1,164 departures.

Cargo lost volumes. Mainly it was imports to Finland that decreased. All shipping to Russia was cancelled and demand for paper decreased, which led to the amount of cargo units falling by 5.9%

The result before appropriations and taxes amounted to +3.2 million (2022 +3.3 million).


(numbers) 2023 2022
Departures 1 164 1133
Passengers 279 590 267 757
Passenger Vehicles 63 647 55 661
Cargo units 20 886 22 191



(1000 €) 2023 2022
Revenue 29 107 29 293
Operating profit 2 902 3 292
Operating profit % 10,0 % 11,2 %
Equity ratio 61,7 % 63,05 %

European Commission closes State aid investigation into Danish and Swedish public financing of Øresund fixed rail-road link

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The European Commission has concluded that the State guarantee model granted by Denmark and Sweden for the construction of the Øresund fixed rail-road link does not constitute new aid within the meaning of EU State aid rules.

The Commission has also found that part of the tax support implemented by Denmark constitutes new aid that is disproportionate and therefore not compatible with the Treaty. Denmark must now recover the incompatible aid, including interest.

In October 2014, following a complaint by a ferry company, the Commission found that Denmark and Sweden’s support to the consortium owning and operating the Øresund fixed rail-road link, Øresundsbro Konsortiet I/S, was in line with EU State aid rules.

Denmark and Sweden’s support took the form of a State guarantee on the loans taken out by the consortium to finance the link. Denmark also provided the Danish parent company of the consortium, A/S Øresund, with special tax treatment as concerns depreciation of assets and fiscal loss carry forward.

In September 2018, the General Court partially annulled the Commission’s 2014 decision on procedural grounds.

Continue to read here.

Jadrolinija (1)

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Jadrolinija has acquired OSLOFJORD, primarily for its international route between Croatia and Italy.

The ship is expected in Croatia at the end of this month, after which it will go to a shipyard, probably Viktor Lenac.

OSLOFJORD was built in 1993 at the Swedish shipyard Bruce Shipyard, was equipped in Norway and completely renovated in 2014 in Finland. Most cabins were then removed. A crossing between Dubrovnik and Bari is to take about six and a half hours. [timetable]

The vessel has been used a day ferry between Sandefjord and Strömstad, with tax free sales as main income. Since both Croatia and Italy belong to the EU, duty free sales will not be possible.

Photo: Mike Louagie

Jadrolinija (2)

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Croatia’s government granted approval to Jadrolinija to borrow 10.7 million euro from local banks to buy two passenger ships.

Erste & Steiermaerkische Bank will provide a loan of 5.2 million euro that will finance 80% of the purchase price of catamaran DANICA (IMO n°9871763).

Privredna Banka Zagreb will provide the other loan, worth 5.5 million euro, which will cover 80% of the cost of the catamaran KATA (IMO n°9862138).

Source: SeeNews

Photo: Dragec – Shipspotting

SEATRUCK PANORAMA sold to Mexican company TMC

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Seatruck Ferries RoRo vessel Seatruck Panorama has been sold to Transportación Maritima de California or Ferry TMC.

This Mexican company already owns and operates the former RoRo vessels Maersk Flandria and Saga Moon (now respectively San Jorge and Santa Marcela), and San Guillermo.

TMC offers RoRo services through the Sea of ​​Cortez on the La Paz – Topolobampo – La Paz and La Paz – Mazatlán – La Paz Routes.

TMC is a 100% Mexican company.

Namegiving ceremony FINNCANOPUS marks the completion of Grimaldi’s half-billion investment programme

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FINNCANOPUS, the second hybrid freight-passenger Superstar vessel of Finnlines, was christened in Naantali, marking the completion of Finnlines’ EUR 500-million Green Investment Programme.

Katariina Nurmi, representing DB Schenker, served as the vessel’s godmother, embodying Finnlines’ dedication to maintaining a dependable and efficient logistics network. This network not only supports the growth of freight customers but also strengthens Finnlines and its partners as they strive towards mutual success.

Stena Line officially commenced Dublin-Liverpool freight route

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Stena Line has commenced its new Dublin – Liverpool (Birkenhead) freight service on 15 February 2024. The addition of the new route is expected to further boost the company’s freight volumes following a record year on its Irish Sea services in 2023.

The addition of the new service will be Stena Line’s seventh route in the Irish Sea region complementing its Belfast – Cairnryan, Belfast – Heysham, Belfast – Liverpool, Dublin – Holyhead, Rosslare – Fishguard and Rosslare – Cherbourg services.

With RoPax STENA HORIZON temporarily operating on the new Dublin- Liverpool route, the company is currently assessing ship deployment options for a permanent freight-only RoRo vessel.

Onex Group: for the first time ferries from Algeria enter a Greek shipyard

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ONEX Group (Technology Systems & Business Solutions) has won two international open tenders from the state shipping company of the Republic of Algeria, ENTMV (Entreprise Nationale de Transport Maritime de Voyageurs).

These tenders pertain to two ferries in the Algeria Ferries fleet, which connect Algeria with France (Marseille) and Spain (Barcelona and Alicante). As a result, the ONEX Group Shipyards in Elefsina will undertake the maintenance and complete renovation of the 153m-long TARIQ IBN ZYAD (1995). The ship has already been docked at the Elefsina Shipyards since February 11, 2024, marking the first Algerian ship to enter a Greek Shipyard.

In the coming weeks, the 200m-long BADJI MOKHTAR III (2021) will also undergo a general overhaul at the Elefsina Shipyards.

Photo: Wikipedia