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2026 Newsletter week 10

Mar 06
3

ICG / Irish Ferries Reports Strong 2025 Results

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Irish Continental Group (ICG) reported

  • Revenue of €666.7 million (+10.4%)
  • Operating profit €85.6 million (+23.9%)
  • EBITDA reached €150.6 million (+12.8%)

The Irish Ferries division reported

  • Revenue €465.5 million (+7.4%)
  • Operating profit €65.2 million (+19.9%)
  • EBITDA €120.7 million (+9.9%)
  • Traffic figures: 2.99 million passengers (-2.5%), 679,700 cars (-3.9%), and 816,700 RoRo freight units (+6.5%).
  • The group took delivery of the cruise ferry JAMES JOYCE and is moving towards full ownership of its ferry fleet, enhancing operational flexibility.

ICG estimates that the overall car market, on the routes that they operate (Republic of Ireland to UK/France and the Dover Straits), grew by approximately 0.7% in 2025 to 4,722,600 cars. While encouraging, this level of car carryings is still 13.0% behind 2019 levels.

Irish Ferries’ car carryings decrease is primarily due to the reduction of a ship on the Dover – Calais route.

The total sea passenger market (i.e. comprising car, coach and foot passengers on the Republic of Ireland to UK/France and the Dover Straits) decreased by 1.0% on 2025 to a total of 19.0 million passengers. Irish Ferries’ passenger numbers carried decreased by 2.5% at 2,985,500 (2024: 3,062,200).

The RoRo freight market grew marginally between the Republic of Ireland to the UK and France and the Dover Straits, but the market remains 16.3% below 2019 levels.

Irish Ferries’ increased freight carryings over market performance were primarily driven by further market share on the Dover – Calais route.

Source: Irish Continental Group

Mar 06
3

Kontrari and West Coast Invest Take Full Ownership of Fjord Line

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Kontrari and West Coast Invest have acquired Ferd’s stake in Fjord Line and are now the sole owners of the Norwegian ferry company, each holding a 50% share.

Fjord Line is Norway’s second-largest international ferry operator, carrying around 1 million passengers annually. The company operates routes between Norway and Denmark, with daily sailings from Bergen and Stavanger to Hirtshals and from Kristiansand to Hirtshals.

The transaction includes a capital injection that strengthens the company’s financial flexibility and supports its long-term development.

Kontrari and Ferd had been majority owners since 2015, with West Coast Invest joining in 2023. During this period, Fjord Line invested heavily in modernisation and sustainability. The high-speed catamaran FJORD FSTR was introduced on the Kristiansand–Hirtshals route, while cruise ferries STAVANGERFJORD and BERGENSFJORD—pioneers as LNG-powered vessels—were further upgraded with dual-fuel engines.

Ferd exits the company after ten years as an active co-owner. The parties have not disclosed the transaction value.

Source: https://kommunikasjon.ntb.no/pressemelding/18818309/fjord-line-unites-under-norwegian-ownership

Mar 06
3

Finnlines Reports Stable 2025 Results

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Key figures (2025)

  • Revenue: EUR 713.5 million (2024: EUR 699.3 million)
  • EBIT: EUR 79.4 million (2024: EUR 70.6 million)
  • Net profit: EUR 67.2 million (2024: EUR 44.6 million)
  • 2024 results included gains from the sale of five vessels

Traffic volumes

  • 788,000 cargo units transported
  • 71,000 cars (excluding passengers’ cars)
  • 1 million tonnes of non-unitised freight
  • More than 1 million passengers and professional drivers

Operations and network

  • Continued fleet optimisation and focus on route profitability
  • Strengthened position in the Baltic Sea and North Sea markets
  • Added a weekly departure from Gdynia to the North Sea–Biscay route, connecting Poland more directly to the Grimaldi network

Sustainability and fleet development

  • Fleet carbon intensity reduced by 14% compared with 2024
  • 40% emissions reduction target for 2030 (vs 2008 baseline) already achieved
  • Three methanol-ready RoPax vessels ordered, to enter service 2028–2029

CEO comments

  • CEO Thomas Doepel described 2025 as a stable financial year with a strong financial position.
  • The company continued to develop services, optimise its fleet and strengthen profitability.
  • Despite regulatory uncertainty around shipping’s green transition, Finnlines remains committed to its environmental targets and long-term investments in low-emission vessels.

Sources:

Finnlines’ Financial statements 2025, PDF

Finnlines’ Financial review January–December 2025, PDF

Mar 06
3

Eckerö Reports Record Results and Strong Volume Growth In 2025

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Rederiaktiebolaget Eckerö delivered its best operating result ever in 2025, supported by record cargo volumes and steady passenger growth.

Interim-Accounts-31.12.2025 – Key points:

  • Cargo volumes reached a record 210,598 units, +11%, driven mainly by strong Finland–Estonia demand.
  • Passengers +2% (3,191,322), also the highest annual figure recorded by the company.
  • Revenue +5% EUR 234.8 million, reflecting higher volumes and more departures during the year.
  • Operating result improved to EUR 25.6 million, the strongest in company history.
  • Net result reached EUR 18.8 million, the second-best annual result for the group.
  • Cargo market share on the Finland–Estonia route 46%, up from 40% in 2024.
  • Passenger market share on the same route remained stable at 28%.
  • The company maintained a strong balance sheet, ending the year with net debt of -EUR 19.0 million, meaning cash exceeded interest-bearing liabilities.

Strategic Developments

  • The group acquired SAILOR from Tallink Grupp and renamed it FJÄRDVÄGEN. The vessel entered service on 2 January 2026 on the Långnäs–Naantali route under subsidiary Eckerö Link Ab.
  • The previous FJÄRDVÄGEN has been withdrawn and is held for sale.
  • The company also sold its last RoRo vessel TRANSPORTER in November 2025.

Outlook

For 2026, the company expects a stable financial result, although geopolitical uncertainty and the ongoing audit of pandemic traffic support could affect future performance.

Source: Interim-Accounts-31.12.2025

Mar 06
3

Brittany Ferries Signs Charter for NORBAY on Cherbourg–Rosslare Route

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Brittany Ferries signed a one-year charter agreement on 5 March to deploy the freight ferry NORBAY on the Cherbourg–Rosslare route. The contract includes an option for a second year.

The route became available after Stena Line exited the market at the end of September. Earlier, in early August, Brittany Ferries secured access to linkspans at both ports following a competitive process involving DFDS and another Irish operator.

The deployment of NORBAY provides Brittany Ferries with additional freight capacity on a route that has gained importance since post-Brexit direct links between Ireland and continental Europe expanded.

Mar 06
3

Changes in the Corsica Ferry Scene Ahead

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RoPax KALLISTE of La Méridionale, which the CMA CGM Group had initially planned to scrap, will instead be acquired by Corsica linea. Remember that the unions went on strike to protest against the scrapping plans.

After half a year of lay up, KALLISTE will go to drydock in Marseille to be repainted (from blue to red) and to be ready for the season as from mid-April.

FSN also understands (unconfirmed) that Corsica linea is also expected to charter MASSALIA (former NORMANDIE), and that the CMA CGM Group, —owner of La Méridionale—, is looking to sell one of the ferries under construction.

Photo JP Fabre

Mar 06
3

Scottish Government Plans Direct Awards for Four Vessels at Ferguson Marine

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The Scottish Government has announced plans to directly award contracts for four new vessels to the publicly owned Ferguson Marine shipyard on the Clyde, aiming to secure the yard’s future and strengthen domestic shipbuilding.

The proposed programme includes:

  • Two small ferries under Phase 2 of the Small Vessel Replacement Programme
  • A replacement for the marine research vessel SCOTIA
  • A replacement for the fisheries protection vessel MINNA

The vessels would be built at the Port Glasgow yard, subject to a due diligence process assessing the viability of the plan.

According to the government, the contracts match the yard’s current capabilities and would occupy most of its capacity for the next five years, while still allowing Ferguson Marine to pursue additional commercial work.

Scottish Transport Secretary Fiona Hyslop also confirmed that the replacement of the CalMac ferry LORD OF THE ISLES will not be directly awarded. Instead, it will go through a competitive tendering process.

Deputy First Minister Kate Forbes described the announcement as a significant step for the future of the yard, stating that the programme could secure a pipeline of work while allowing Ferguson Marine to proceed with modernisation plans and compete for further orders.

The proposals remain subject to detailed due diligence by the Scottish Government and may be referred to the Competition and Markets Authority under the UK Subsidy Control Act.

If approved, the programme would also unlock the remaining GBP 14.2 million previously committed by the Scottish Government for yard upgrades aimed at improving productivity and streamlining production.

Sources:

https://www.gov.scot/news/investing-in-ferguson-marine/

https://www.fergusonmarine.com/news/ferguson-marine-secured-four-vessel-direct-award/

https://www.bbc.com/news/articles/c9v0x2ld43po

Mar 06
3

Baleària Expands High-Speed Fleet with Trimaran

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  • Baleària has acquired a 102-metre high-speed trimaran to strengthen its fast ferry fleet.
  • The vessel, to be renamed PEPA CASTELLVÍ, was built by Austal and can carry 870 passengers and 250 vehicles, with 190 lane metres for freight and a top speed of 35 knots.
  • Previously operated by Condor Ferries, the former CONDOR LIBERATION will undergo technical works and a refit in Algeciras.
  • Entry into service is expected in summer 2026, increasing Baleària’s high-speed capacity.