Fjord Line AS: an extraordinary year caused by both a global pandemic and an energy crisis

July 21, 2023

Highlights of Fjord Line’s annual report:

  • Despite the challenges, Fjord Line’s delivered the best-ever high season turnover.
  • During Q1, 2022, Fjord Line returned to only operating the essential emergency freight-only operation between Norway and Denmark, securing critical infra­structure also during the pandemic.
  • After two years of covid and travel restrictions, Fjord Line finally resumed ordinary operations in March 2022.
  • As Europe gradually emerged from the pandemic, the war in Ukraine caused new challenges to Fjord Line’s business in 2022 due to the extraordinary volatile and increased fuel price development, especially in LNG. In addition, Fjord Line has received no governmental financial energy-aid.
  • Consequently, operations between Vestlandet in Norway, Hirtshals in Denmark and Langesund in Norway was reduced as well as the crossing time was increased to reduce the negative impact of the energy crisis and secure a sustainable financial operation.
  • Fjord Line’s other routes between Sandefjord in Norway and Strömstad in Sweden, and Kristiansand in Norway and Hirtshals in Denmark have been in full operation post-COVID-19.
  • In December 2022, Fjord Line announced the decision to rebuild the two LNG-ships STAVANGERFJORD and BERGENSFJORD from single·fuel LNG-engines to dual-fuel LNG/MGO·engines during first half year 2023.
  • Fjord Line has concluded a refinancing as part of the LNG-ships rebuilding process.
  • The consequences of two LNG·ships being out of operation tor several months are significant but were essential for the sustainability of the operations.
  • Revenue MNOK 1,666 (800)
  • EBT MNOK -407 (-219)
  • EBITDA MNOK 66 (145)