Finnlines’ Financial review January–March 2023

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  • +4% Revenue MEUR 163.1 (157.0 in 2022)
  • +28% EBITDA MEUR 45.5 (35.6)
  • +42% Result MEUR 21.5 (15.1)
  • Interest bearing debt increased by MEUR 21.2 million and was MEUR 352.9 (331.7) at the end of the period.
  • Cargo volumes were on a satisfactory level regardless of the fact that Russian operations were already suspended in Q1 2022 and that there were strikes in ports and on railways in Finland in February. However, Finnlines’ passenger business has fully recovered after more than two years of travel restrictions.
  • Finnlines has further strengthened its liner network on its Belgium-Ireland freight service by adding a second ro-ro vessel, FINNPULP, on the Zeebrugge-Rosslare route in February.
  • A new port, Teesport, was added to the network when P&O Ferries chartered FINNPULP for three days a week.
  • Finnlines is preparing to open a new route between Malmö and Świnoujście.

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Brittany Ferries and William the Conqueror: it will happen in 2025

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Brittany Ferries has announced the name of its forthcoming hybrid ship, which will sail between Portsmouth and Caen: GUILLAUME DE NORMANDIE.

The name was confirmed at a press conference held in Caen, where Guillaume de Normandie (William the Conqueror) is buried.

She will join the Brittany Ferries fleet in May 2025, sailing alongside sister-ship SAINT-MALO.

GUILLAUME DE NORMANDIE will replace Brittany Ferries’ NORMANDIE, a loyal servant sailing since 1992.

Viking Line: “one of the strongest first quarters in the past 10 years”

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January-March 2023 (EUR million)

  • Sales EUR 93.9m (58.8m)
  • Other operating revenue EUR 8.8m (6.0m)
  • Operating income EUR -0.9m(EUR -18.1m)
  • Net financial items EUR -3.5m (EUR -2.2m)
  • Income before taxes EUR -4.4m (EUR -20.3m)
  • Income after taxes EUR -3.7m (EUR -16.2m)

“Provided that energy prices remain at current levels and taking into account that capital gains are expected to be lower than in 2022, it is Viking Line’s view that income before taxes will be somewhat lower than last year, which is the same conclusion as in our last report period.”

  • Pax 888,725 (521,537)
  • Market share pax 35.4% (32.0%)
  • Cargo units 33,736 (29,033)
  • Market share cargo 17.5% (14.5%)
  • Market share passenger cars 26.8% (25.1%)

Tallink Grupp delivers a strong Q1

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In short: solid performance during the quarter that has historically been the most challenging for the group due to travelling low season. (unaudited)

  • +45.7% pax
  • -9% cargo units
  • +61.3% consolidated revenue or EUR 171.2 million.
  • EBITDA  has seen a huge swing back into the positive compared to the last few years, reaching EUR 27.1 million in Q1 2023 (EUR –11 million in Q1 2022).
  • Net loss for the period was EUR 5.4 million (net loss of EUR 40.0 million in Q1 2022).

The following operational factors impacted the Group’s revenue and operating results in Q1 of 2023:

  • Growing demand for travelling supported by improving consumer confidence levels in all Group’s core markets.
  • Ongoing war in Ukraine continues to impact the demand.
  • During the quarter the Group operated 15 vessels including 3 shuttle vessels, 2 cargo vessels, 4 cruise ferries and 6 vessels that were chartered out (2 vessels on long-term and 4 vessels on short-term charter).
  • The Group operated 3 hotels in Tallinn while the hotel in Riga remained closed since October 2020.
  • Planned maintenance works totalled 45 days which affected the Finland-Sweden segment’s first quarter passenger and cargo levels as well as the financial result.
  • The Group continues to focus on cost savings from previously implemented measures and achieving profitable operations on its core routes.
  • The Group regularly monitors the developments on its core routes including the capacity of each route and continues to look for chartering options for vessels not used on the main routes.

New ro-pax for Polferries launched at Cantiere Navale Visentini (VIDEO)

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The new ro-pax, to be delivered to Polferries, has just been launched at Cantiere Navale Visentini in Italy and will enter service in the second half of 2024.

The vessel will be chartered from a subsidiary of the shipbuilder for a period of 10 years, with a purchase option after 6 years.

These are the main technical details of the new vessel:

LOA 216m | 28M wide | 3,000 lane meters | 1,000 pax | 230 cabins | LNG-ready

RINA releases new advanced Carbon Intensity Indicator Calculator and Simulator

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In response to the IMO’s implementation of the Carbon Intensity Indicator (CII), RINA has launched a Vessel Reporting System (VRS) aimed at boosting decarbonisation efforts through simple reporting.

The new flexible reporting tool from RINA will collect data and allow the creation of dashboards to handle not only CII requirements but all reporting. The CII report provides an accurate and comprehensive picture of a ship’s carbon emissions and energy efficiency based on input data such as time at sea, time at port, average sailing speed, fuel consumption per fuel type and sailed distance.

Michela Schenone, Marine Digital Solutions Manager at RINA, said, “With the Vessel Reporting System, ship owners and managers may avoid potential reimbursements for negative CII ratings. They can easily track fuel consumption and emissions and, as the crew enters new data, the Vessel Reporting System automatically performs real-time quality checks to prevent input errors.”

The new Vessel Reporting System is a standalone solution requiring minimal system setup. For organisations already using SERTICA, the tool can be added as a module.

Magic Sea Ferries’ HSC CAT 1 to enter service on the Sporades run in June

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On June 1, 2023, Magic Sea Ferries’ HSC CAT 1 will be introduced on the Agios Konstantinos – Skiathos – Skopelos – Alonissos line.

From June 30 the line will be extended to Mandoudi (Evia) until September 3, 2023.

The Japanese-built vessel will operate until October 1, 2023 on the main line.

The 100m ship was purchased in 2019 and awarded ‘ship of the year 1994’ -when built- from the Japan Society of Naval Architects & Ocean Engineers.

Her carrying capacity is for 1000 passengers and 200 cars, while she can play at 30 knots.

HSC GOTLANDIA II will be delivered to Golden Star Ferries on May 10

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Greece-based Golden Star Ferries has already sent crew to Sweden (Visby) for the delivery of its latest acquisition, HSC GOTLANDIA II.

The ship was purchased on April 2, 2023, and will be renamed GOLDEN PRINCESS. She is expected to arrive in Greece at the end of May, while she will probably be introduced in the Hellenic Coastal Shipping during summer season of 2024, as she has to undergo a few upgrades and modifications first.

The 122m ship was built in 2006, is the fourth ship of Golden Star Ferries and among the newest high-speed crafts of her category in Greece.

A dining concept for Finnlines’ new ships: ”Each portion of food must have a story behind it”

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Finnlines started a close co-operation with Kespro, which supplies food services to Finnlines’ ships on the route between Finland and Sweden.

The co-operation between Finnlines and Kespro is part of the concept renewal for the Superstar ships. Passengers will be served food, which has been produced locally and sustainably.

The main themes of the Superstar dining concept are sustainability, domestic and local products and seasonal variations. The carbon footprint of restaurant services comes mainly from air emissions during primary production and this is why choice of suppliers is also an important environmental aspect.

Henri Alén, chef and restaurant keeper, well-known from TV, has been involved in designing menus for Fisherman’s Bistro, Barrel Bay and Micke’s À la carte restaurants.

“The shipboard restaurants have one common theme, which is not to compromise with different concepts. We will serve tasty treats from the Archipelago and experiences with an international touch. We work hard to serve food that is not fuel, but a culinary delight. Whether it is hot cereal in the morning, a pastry at a meeting or dinner in the evening – each serving must have a story behind it,” Alén says.