August 24, 2024
Key points summarising the first six months of 2024:
- Passenger and Cargo Records: The period from March to June 2024 saw all-time high cargo and passenger volumes, with March and June setting new records for the Finland-Estonia route.
- Impact of Dockings: The docking of FINLANDIA and ECKERÖ at the beginning of the year led to a 6% reduction in departures, contributing to a 6% decrease in total passenger numbers compared to the first half of 2023.
- Cargo Growth: Despite fewer departures, cargo volumes grew by 3% compared to the first half of 2023, with a 9% increase in cargo units transported per departure.
- Revenue Decline: Sales for the first half of 2024 were 99.5 million EUR, a 3% decrease from the same period in 2023, mainly due to the reduced number of departures. However, sales per passenger increased by 4%.
- Profit Margins and Operating Result: The operating result was 2.7 million EUR, down from 6.5 million EUR in the previous year. Adjusted for vessel sales, the operating result was negative at -0.5 million EUR.
- Fleet Updates: The company sold SHIPPER in January 2024 for 4.5 million EUR, resulting in a pre-tax profit of 3.2 million EUR.
- Market Share: The company’s passenger market share on the Finland-Estonia route decreased slightly to 27%, while the cargo market share remained steady at 36%. The Åland-Sweden route maintained a dominant passenger market share of over 80%.
- Fuel Efficiency Gains: The docking and maintenance of FINLANDIA led to a significant improvement in fuel efficiency, with a 12% reduction in fuel consumption compared to the first half of 2023.
- Financial Position: Net debt was reduced to 5.5 million EUR by the end of June 2024, down from 10 million EUR at the end of June 2023, while the equity ratio improved to 50.1%.
- Outlook: The company reported a strong start to the third quarter, with record cargo and passenger volumes in July, but noted ongoing geopolitical instability as a potential risk factor for the remainder of the year.
Source: Rederi AB Eckerö PDF
Photo: Eckerö – Kaupokalda.com