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2026 Newsletter week 11

Mar 13
Love3

Gotlandsbolaget 2025 Results: Integration Year Weighs on Profit

By 2026 Newsletter week 11

Gotlandsbolaget reported higher revenue in 2025 but a sharp drop in earnings, reflecting the integration of new businesses, especially Go Nordic Cruiseline.

Full Year 2025

  • Revenue: SEK 3,744.6 million (2024: SEK 2,622.0 million)
  • Costs: SEK -3,696.4 million (2024: SEK -2,367.8 million)
  • Adjusted operating profit: SEK 35.3 million (2024: SEK 218.2 million)
  • Net result after tax: SEK -87.3 million (2024: SEK 375.9 million)

The decline mainly reflects high start-up costs and lower-than-expected revenues at Go Nordic Cruiseline, which took over the Oslo–Copenhagen route on 31 October 2024.

Dockings and upgrades of NORDIC PEARL and NORDIC CROWN during Q1 also reduced capacity.

Fourth Quarter 2025

  • Revenue: SEK 759.3 million (2024: SEK 630.3 million)
  • Adjusted operating result: SEK -122.2 million (2024: SEK -60.6 million)
  • Net result after tax: SEK -120.2 million (2024: SEK 53.1 million)

The quarter was negatively affected by the performance of Go Nordic Cruiseline.

Business Unit Highlights

Go Nordic Cruiseline

  • 711,700 passengers in 2025
  • Revenue performance below expectations, especially onboard sales
  • Both ships refurbished and cabins rebuilt early in the year
  • New commercial platform implemented in January 2026

Gotland Alandia Cruises (BIRKA GOTLAND)

  • 570,500 passengers in 2025
  • Improved results compared with the 2024 start-up year
  • Performance still below expectations

Destination Gotland

  • Passenger volumes up 1.6% to 1,758,500 single journeys
  • Travel by Gotland residents increased 4.4%

Financial Position

Financial income fell to SEK -73.0 million (2024: SEK 289.4 million).

The change mainly reflects unrealised currency losses on USD holdings related to the construction of HORIZON X. The weaker USD also reduces the vessel’s acquisition cost in SEK.

Strategic Developments

Key initiatives include:

  • Investment in Brommaflyg to secure air links between Gotland and mainland Sweden
  • Construction progressing on GOTLAND HORIZON X, with hull construction starting in February 2026
  • Investment in biogas production near Eskilstuna, expected to start operations in Q3 2026
  • Destination Gotland preparing for the new concession period 2027–2035, which will bring SEK 220 million less annual compensation

To increase car capacity, VISBY is currently being fitted with hanging decks, adding about 20% vehicle capacity.

Outlook

CEO Björn Nilsson describes 2025 as a year of integration and preparation.

With systems integration completed and new commercial platforms in place, the company expects higher volumes and improved profitability from 2026 onwards. The group also signals continued interest in acquisitions and investments in sustainable shipping.

The year-end report is here (in Swedish)

Mar 13
Love3

Eckerö Revises 2026 Outlook: Now Expects Lower Result

By 2026 Newsletter week 11

Rederiaktiebolaget Eckerö has revised its outlook for 2026.

  • In the Year-end Report (26 February 2026), the company said it expected a continued stable result in 2026, despite geopolitical uncertainty.
  • However, in the financial statements signed on 12 March 2026, the wording changed.
  • The Board now states that geopolitical uncertainty combined with expected lower capital gains is estimated to result in a lower result in 2026.

The adjustment suggests a more cautious view compared with the guidance given only two weeks earlier.

Source: Rederiaktiebolaget Eckerö, press release 12 March 2026.

Mar 13
Love3

Brittany Ferries Buys Two Hybrid Ferries Previously Chartered from Stena RoRo

By 2026 Newsletter week 11

Brittany Ferries has taken ownership of two hybrid ferries it had previously chartered from Stena RoRo, reinforcing its fleet renewal strategy and long-term industrial transformation.

The acquisition of SAINT-MALO and GUILLAUME DE NORMANDIE was carried out through Somabret and Somanor, two Brittany Ferries subsidiaries jointly owned with the regional authorities of Brittany and Normandy.

The acquisition was supported by Caisse des Dépôts / Banque des Territoires and arranged by Crédit Agricole CIB and Crédit Agricole du Finistère. The financial structure was developed over several months with all partners and balances industrial ambition, financial discipline and sustainability. Legal support was provided by Watson Farley & Williams, Holman Fenwick Willan and Norton Rose Fulbright.

Mar 13
Love3

Wasaline Records Strongest February Since 2013

By 2026 Newsletter week 11

Wasaline reported its best February since the company began operations in 2013, carrying 18,191 passengers, an 11% increase year-on-year.

A key driver behind the growth is the popularity of “ice cruises”, attracting groups from across Europe eager to experience the winter scenery of the Kvarken region. The company notes a particularly strong interest from German travel groups, reflecting several years of targeted marketing in European markets.

Wasaline says international guests have responded positively to both the onboard service and the winter travel experience.

Due to rising energy prices, the company will introduce minor timetable adjustments in April. The ferry AURORA BOTNIA will continue operating the Tuesday schedule, while Monday departures from Umeå will take place 30 minutes earlier, allowing the vessel to sail slightly slower and reduce energy consumption.

Mar 13
Love3

DFDS February: Solid Freight Volumes

By 2026 Newsletter week 11

DFDS reported solid freight performance in February 2026, while passenger numbers fell due to weather disruptions and fewer sailings.

Freight

  • Total freight volumes reached 3.5m lane metres, +3.0% vs February 2025 (+1.6% adjusted for route changes).
  • North Sea: Volumes above 2025, driven by stronger flows between the Continent and the UK.
  • Mediterranean: Volumes higher on most routes despite capacity reductions on one route.
  • Channel: Volumes above 2025 thanks to new Jersey services; Dover Strait remained almost level year-on-year.
  • Baltic Sea and Strait of Gibraltar: Both reported higher volumes, despite weather-related sailing cancellations in the Strait.

For the last twelve months, transported freight reached 41.6m lane metres, +0.6% year-on-year (–1.3% adjusted for route changes).

Passengers

  • Passenger numbers in February 2026 fell 23.3% to 181,000 (adjusted for route changes).
  • The decline reflects unfavourable weather across northern and southern Europe and fewer departures on some routes.

For the last twelve months, passenger numbers decreased to 5.1m from 6.6m in 2025–24 (–5.8% adjusted for route changes).

Mar 13
Love3

Scandlines Launches Battery Freight Ferry BALTIC WHALE

By 2026 Newsletter week 11

Scandlines has deployed its new freight ferry BALTIC WHALE on the Rødby–Puttgarden route. The vessel, capable of operating on shore-based electricity, represents an important step towards the company’s goal of zero-emission ferry operations by 2040.

Purpose-built for freight transport, BALTIC WHALE can carry 66 trucks across two cargo decks and is equipped to handle hazardous goods such as batteries, industrial products and automotive components. The new ferry increases freight capacity on the route by 27%, while freeing space for cars and passengers on other Scandlines vessels.

The ferry is fitted with a 10 MWh battery system, enabling emission-free operation during the 18.5 km crossing, which takes about 45 minutes. Charging takes 12–18 minutes using new automated port charging systems that connect in less than 15 seconds.

Designed for flexible operations, the vessel can also operate in hybrid mode using diesel generators when required.

Key facts – BALTIC WHALE

  • Length: 147.4 m
  • Beam: 25.4 m
  • Draught: 5.3 m
  • Capacity: 66 freight units (1,200 lane metres)
  • Passenger capacity: 140
  • Battery system: 10 MWh
  • Charging time: 12–18 minutes
  • Investment: EUR 84 million
Mar 13
Love3

Attica Group Charters SMYRNA DI LEVANTE

By 2026 Newsletter week 11

Attica Group has chartered the Levante Ferries RoPax SMYRNA DI LEVANTE (ex-KOPERNIK) on a short-term basis. The vessel replaces BLUE STAR CHIOS, which is undergoing annual maintenance.

SMYRNA DI LEVANTE will operate the barren line PIRAEUS – SANTORINI – ANAFI – HERAKLION – SITIA – KASOS – KARPATHOS – RHODES from 6 March to 30 March 2026.

Departures from Piraeus are scheduled on Mondays and Wednesdays at 14:30 and 15:00, and on Friday nights at 23:00.

The vessel has capacity for 948 passengers and 300 cars and operates at 19 knots.

Photo: Levante Ferries

Mar 13
Love3

GNV BRIDGE Chartered To Attica Group

By 2026 Newsletter week 11

According to recent information, Attica Group has proceeded with the bareboat charter of the RoPax GNV BRIDGE.

The vessel has been chartered by GNV from Visentini since her delivery in 2021. She is expected to arrive in Greece in late April and will be renamed SUPERFAST V.

Before entering service, the ship will receive new Superfast Ferries livery during May.

SUPERFAST V will replace the RoPax LEFKA ORI on the PATRAS – IGOUMENITSA – CORFU – VENICE route, with entry into service expected in late May 2026.

Built in Italy by Cantieri Navali Visentini (2021), the vessel has capacity for 950 passengers (157 cabins) and 2,566 lane metres of freight. Service speed is 23 knots.

Mar 13
Love3

GNV AURORA Completed First LNG Bunkering in Genoa

By 2026 Newsletter week 11

GNV’s ferry GNV AURORA has completed its first LNG bunkering operation in the port of Genoa where the newly built ro-pax ship has just arrived from China.
The delivery was performed by the LNG bunker tanker GREEN ZEEBRUGGE operated by Axpo and coming from the offshore terminal Olt Offshore Lng Toscana in Italy.

During a technical meeting held on board the vessel, GNV also announced that the first cold ironing test in the port of Genoa will be carried out before the next summer on one of its ferries.

Mar 13
Love3

New RoRo Terminal for Grimaldi in the Spanish Port of Sagunto

By 2026 Newsletter week 11

The Board of Directors of the Port Authority of Valencia has granted an administrative concession to Valencia Terminal Europa (owned by the Grimaldi Group) for a terminal in the Port of Sagunto dedicated to vehicles and RoRo cargo. The new terminal represents an investment of EUR 3.9 million and further consolidates Sagunto as an automotive hub.

The concession has been granted for a period of 10 years and will be located at Central Quay 2 and South Quay 2.

Recently, the Grimaldi Group and its controlled company Trasmed GLE launched a new Motorway of the Seas service between Spain and Italy, linking the ports of Sagunto, Palma de Mallorca and Salerno. A RoRo maritime bridge is also active between Sagunto and Cagliari.