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2025 Newsletter week 09

Mar 02
3

Finnlines Reports Strong Growth and Green Investments in 2024

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Finnlines has published its financial statements and review for the period January–December 2024. The report highlights a solid financial performance, continued fleet expansion, and strategic route developments aimed at strengthening the company’s market position across Europe.

Financial Performance

  • Revenue for 2024 reached EUR 699.3 million, up 3% from EUR 680.7 million in 2023.
  • EBITDA stood at EUR 162.0 million, compared to EUR 166.3 million in 2023.

Cargo and Passenger Growth

  • 782,000 cargo units transported (710,000 in 2023).
  • 85,000 cars carried (excluding passenger vehicles), down from 156,000 in 2023.
  • 23 million tons of freight transported, slightly down from 1.34 million in 2023.
  • Passenger numbers surged to 936,000, a 35% increase from 695,000 in 2023.

Expansion of Routes

  • New freight and passenger line: Malmö (Sweden) – Świnoujście (Poland) launched in April 2024.
  • Strategic UK shift: Freight services moved to London Medway, Sheerness, improving access to south-eastern UK.
  • Growing European network: Now connecting over 20 ports across the continent.

CEO’s Statement

Tom Pippingsköld, President and CEO of Finnlines, highlighted the company’s commitment to fleet modernisation and sustainability:

“Leveraging economies of scale and expanding outside Finland, we are creating new growth opportunities. Our planned investment in methanol-powered vessels underscores Finnlines’ dedication to sustainable shipping.”

Click on the cover to access the PDF

Mar 02
3

Grimaldi Considering Methanol and Multi-Fuel Propulsion for Finnlines’ Next RoPax Newbuildings

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In its Financial Statements 2024 and Financial Review January-December 2024, the Grimaldi Group revealed that its subsidiary Finnlines “is currently considering a further investment of EUR 500 million in three new RoPax vessels, which will be powered by methanol engines capable of running on other fuels as well. These methanol, or so-called multi-fuel, vessels are projected to enter service at the beginning of 2028. Through this significant environmental investment in green vessels, Finnlines will continue to support its customers in the most sustainable way.”

Finnlines also highlights that it “has renewed its fleet over the past few years with three large-sized hybrid Finneco RoRo vessels and two large-sized hybrid Superstar RoPax vessels, and has now completed its EUR 500 million Green Investment Programme. By leveraging the fleet’s economies of scale and capitalising on recent vessel sales, Finnlines can enhance its cost efficiency while also creating new growth opportunities through its routes outside Finland.”

Mar 02
3

Moby and Tirrenia CIN Merger Set to Take Shape in the Coming Months

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Moby Group’s top management has confirmed to labour unions that the long-planned merger of Compagnia Italiana di Navigazione (CIN) into Moby is progressing and is expected to be completed by the end of the year.

CIN, the vehicle company that owns the Tirrenia brand and assets, was established when the Onorato family acquired the former public ferry operator in 2012. A reverse merger was originally planned as part of the company’s restructuring, but it is only now taking shape.

The process may lead to the dismissal of around 30 administrative staff members.

Previously, CIN filed for restructuring at the Court of Milan alongside Moby. However, both companies are now financially stable. Once the merger is finalised, CIN and Tirrenia will cease to exist, leaving Moby—51% owned by the Onorato family and 49% by Aponte’s MSC—as the sole entity in the market. Moby will own and operate the fleet of ferries and tugs serving Italy’s short-sea market.

No further vessel sales or demolitions are planned in the coming months.

Mar 02
3

Rederi Ab Eckerö 2024: the Company’s Second-Highest Full Year Result Ever

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  • +8% cargo units 189,656 (176,351). Highest number ever during a full year.
  • -0.6% pax 3,121,470 (3,140,221).
  • Despite the dockings of FINLANDIA and ECKERÖ at the beginning of the year, which resulted in 3% fewer scheduled departures for the company, passenger traffic has developed well.
  • During the period from February to December 2024, a total passenger record was achieved on the company’s two routes.
  • The sale of SHIPPER was completed on 22 January, at a sales price of 4.5 MEUR. The result effect before taxes was 3.2 MEUR.
  • Sales amounted to 222.9 MEUR, which is slightly above 2023 (221.5 MEUR)
  • Operating result was 22.4 MEUR (21.4 MEUR), which is the best operating result ever.
  • Adjusted for the sales of SHIPPER (2024) and EXPORTER (2023), the operating result is 19.2 MEUR (17.6 MEUR).
  • Net result for the year amounted to 15.6 MEUR (11.5 MEUR), which is the second-best result ever.
  • On the Finland-Estonia route, the passenger market share was 28% (29%) and the market share for cargo was 40% (37%).
  • During the year, the market share between Åland and Sweden was estimated to be over four-fifths of the total travelling on that route.
  • Net debt amounted to -6.8 MEUR as of 31.12.2024 (7.2 MEUR), which means that the company’s cash and cash equivalents now exceed the total interest-bearing liabilities.

Source: Rederi AB Eckerö (PDF)

Mar 02
3

DFDS Secures New Six-Year Contract with Danish Defence for Military Transport

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DFDS has secured a new six-year contract with the Danish Defence to provide up to eight freight ferries for the transport of military equipment amid increasing geopolitical uncertainty.

The contract, which expands the scope of the current agreement, will commence in 2026. Under its terms, the RoRo vessels will be made available to the Danish Defence at short notice when required.

The agreement has been signed with the Joint Movement and Transportation Organization (JMTO) and the ARK Project (ARK), replacing the existing contract established in 2020.

Photo: Mike Louagie

Mar 02
3

Red Funnel and Artemis Technologies to Launch UK’s First Zero-Emission, High-Speed Ferry

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Red Funnel Ferries and Artemis Technologies have advanced their partnership to deliver the UK’s first zero-emission, high-speed passenger ferry. The Artemis EF-24 Passenger ferry, set to operate between Southampton and West Cowes by late 2025, will utilize electric hydrofoil technology to “fly” above the water, reducing drag and enhancing passenger comfort. This innovative vessel is projected to cut up to 3,700 tonnes of CO₂ emissions annually, with potential savings increasing to approximately 4,150 tonnes when powered by renewable energy sources. This collaboration signifies a significant step towards sustainable maritime transport in the region.

Source: Red Funnel

Mar 02
3

L’Aures, Yet Another New Ferry Company for Algeria

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SANTA CRUZ, the former MOBY CORSE is preparing to set sail again between Algeria and the European Continent under the new company name L’Aures.

The name L’Aures likely comes from the Aurès Mountains, a mountain range in northeastern Algeria. This range is historically and culturally significant as it is home to the Chaoui Berber people and played a crucial role in Algeria’s fight for independence.

Recently, the SANTA CRUZ was spotted in Genoa sporting a new livery, as photographed by our colleagues at Shipping Italy. The new company has also launched a website, which is currently under construction, and a Facebook page to provide updates and information to prospective passengers.

Mar 02
3

Saronic Ferries: A New Identity for a New Era

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Saronic Ferries is refreshing its corporate identity with new colours and a redesigned logo, inspired by the landscapes of the Saronic Islands. The update, created by G Design Studio, reflects the company’s focus on innovation and sustainability.

In 2025, Saronic Ferries will introduce its sixth car-passenger ferry and is also planning Greece’s first fully electric ship.

The company operates five modern vessels, connecting Piraeus with Aegina, Agistri, Methana, and Poros year-round. With 60 years of experience, it continues to invest in fleet and service improvements to enhance the passenger experience.

Photo: Saronic Ferries

Mar 02
3

Ports

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Mega Battery Park by Lion Storage Strengthens North Sea Port’s Role as an Energy Hub

Lion Storage is set to construct one of Europe’s largest battery parks, named Mufasa, in Vlissingen within the North Sea Port area. Scheduled to be operational in the first half of 2027, this Battery Energy Storage System (BESS) will feature 372 Tesla battery packs, offering a storage capacity of 1,400 MWh and a power capacity of 350 MW—sufficient to supply over 200,000 households.

The €350 million project, backed by Macquarie Capital, TINC, and six banks, aims to balance renewable energy supply and demand, reinforcing North Sea Port’s role as a sustainable energy hub. Eneco will oversee the daily operations of the facility.

Read more: North Sea Port