Key financial results for Virtu Maritime Ltd. Group in 2023

By | 2024 Newsletter week 24 | No Comments
  • Pre-tax Profit: €8 million (2022: €793,000 pre-tax loss)
  • Revenue: €53.9 million, up 28.7% from €41.9 million in 2022
    • Ferry Services: €45.6 million
    • Food and Beverage Sales: €1.5 million
    • Charter Hire and Related Income: €6.8 million
  • Cost of Sales: €36.6 million (up from €34.9 million in 2022)(mainly vessel operating expenses and employee benefit expenses)
  • Administrative Expenses: €6.2 million
  • Finance Costs: €3.2 million
  • Total Assets: €200.3 million (2022: €196.2 million)

Virtu Maritime anticipates continued profitability and cash generation in 2024​.

Annual Report

Corsican transport figures 2023

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In 2023, Corsican ports and airports handled 8.2 million passengers, excluding cruise passengers.

Overall traffic was down slightly (-0.6%) compared with 2022. This downturn is attributable to the fall in the number of air passengers (-1.5%).

In the maritime sector, excluding cruise passengers, traffic has not fully recovered its 2019 level (-2.1%), but increased slightly (+0.5%) in 2023 (compared to 2022).

The increase (+12%) in the number of incoming cruise passengers compared with 2022 confirms the recovery in cruise activity.

The tonnage of goods entering Corsica by sea, after recovering its 2019 level in 2022, shows a drop of 7.3% in 2023 mainly due to a reduction in incoming oil products (-17%).

On the other hand, commercial air freight transport grew by 11% in 2023.

Source: Corse Déveloopement (in French)

Scandlines delivered solid performance in 2023

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Scandlines maintained 2023 revenue and earnings in line with 2022 levels in a challenging market environment. The ferry operator realised a record peak season for leisure, as an increased number of passengers (+5%) used Scandlines’ services (cars +3%).

Whilst freight volumes were down (-7%) from the record levels of 2022, Scandlines maintained its market share.

Scandlines maintained the positive momentum in 2023 with passengers continuing to return to the two ferry routes after years of negative impact from COVID-19 and related travel restrictions. The positive development drove moderate revenue growth of 1 percent to EUR 466 million and a solid result before tax of EUR 122 million.

Revenue from the two Germany-Denmark routes grew to EUR 369 million in 2023 from EUR 363 million in 2022 based on a solid development in total traffic volume.

Management expects revenue and profits to increase moderately in 2024 subject to realising the anticipated level of positive trends in the macro economy during 2024.

Management also expects a positive effect from the deployment of Scandlines’ new electric ferry on the Puttgarden-Rødby route in the second half of 2024.

The full annual report and the sustainability report for Scandlines Infrastructure ApS can be downloaded here.

Stena AB Annual Report 2023

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In 2023, Stena Line’s diversified business model once again proved resilient in a disruptive global world. Financial performance was strong and liquidity developed positively. The Stena Group is more stable than ever before. Excluding the profit from a ship sale, Stena AB still delivered by and large the same profit in 2023 as in 2022.

Stena Line

  • Share of the Groups total income: 34%
  • Total Income: MSEK 18,900 (17,500)
  • In 2023, the European market was characterised by considerable turbulence due to high inflation, recession and war in the nearby region. These complex market conditions had significant impact on Stena Line’s cost structure. Despite these challenges, Stena Line managed to deliver a result that exceeded expectations.
  • In 2023, Stena Line made investments in ports to further strengthen its role as a leading player in European infrastructure. The company is the leading ferry operator in the Irish Sea. In this expansion area, Stena Line signed long-term agreements to operate the ports of Heysham and Birkenhead in the UK until the year 2100. The company also signed an agreement for the construction of a new port in Immingham.
  • Stena Line saw increased employee satisfaction and participation in surveys, emphasizing the importance of diverse representation and fostering an inclusive workplace culture.

Stena RoRo

  • Share of the Groups total income: 2%
  • Total Income: MSEK 1,100 (6,500)
  • Stena RoRo’s result was supported by the last decade’s long-term investments in the development of the E-flexer hybrid vessels, which have set a completely new sustainability standard in the RoPax segment. The strategic investment in these vessels makes Stena RoRo well-positioned in terms of meeting the new environmental requirements for shipping from the EU and IMO. This is already a strong competetive factor which is expected to increase in importance in the future.
  • Stena RoRo has so far ordered 13 Stena E-Flexer hybrid vessels. Nine of these have been delivered and two more will be delivered in 2024.
  • During 2023, Stena RoRo received orders from Stena Line for two new freight ships, known as New Max.
  • Stena RoRo sees a great potential for old vessels to be deployed for a new function, as accommodation vessel.

Stena Sphere

The Stena Sphere consists of the three parent companies, Stena AB, Stena Metall AB and Stena Sessan AB. A total of 22,000 people are employed in the Stena Sphere. Total income for 2023 was SEK 96 billion. Profit before tax amounted to SEK 4.3 billion.

Click on cover to access the annual report

Traffic of Passengers, goods, and cars in Greek ports: Q3, 2023

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  • According to the Hellenic Statistical Authority (ELSTAT) the traffic of passengers, goods and mobile units in the Greek ports for Q3 2023 compared to Q3 2022 is as follows:
  • +2.6% passengers
  • +0.0% goods
  • +2.6% mobile units
  • +2.8% domestic passenger traffic
  • -0.7% international passenger traffic
  • +3.0% domestic mobile units
  • -2.2% domestic mobile units
  • -6.3% domestic goods
  • +1.8% international goods

Click on graph below to access the source document of ELSTAT

Strong profit for Tallink Grupp in 2023

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Tallink Grupp reports a strong profit of EUR 78.9 million for the year (EUR 13.9 million in 2022). During the year, Tallink Grupp managed to continue the steady path of recovery from the last four years of crises.

  • +4.5% Passengers 5 705 600
  • +2.6% Passenger vehicles 840 881
  • -20.0% Cargo units 323 990
  • +8.3% unaudited consolidated revenue EUR 835.3 million
  • EBITDA also saw a significant increase to EUR 214.5 million (EUR 135.8 million in 2022).
  • Tallink Grupp’s total investments in 2023 amounted to EUR 28.1 million (EUR 203.3 million in 2022, mainly relating to the new shuttle vessel MyStar).
  • At the end of the 2023 financial year, the group’s total liquidity buffer (cash, cash equivalents and unused credit facilities) remained strong and amounted to EUR 116.9 million (EUR 249.9 million 31 December 2022).
  • During the financial year 2023, Tallink Grupp repaid loans in the total amount of EUR 487.6 million, which includes refinancing of loans in the amount of EUR 298.0 million.
  • Tallink Grupp and its subsidiaries contributed a total of EUR 76 million in various taxes to the state  of Estonia budget.
  • Tallink Grupp’s Management Board, with the approval of Tallink Grupp’s Supervisory Board, will propose paying a dividend of EUR 0.06 per share based on the 2023 financial results.
  • As at 31 December 2023 Tallink Grupp had 38 894 shareholders and FDR-holders, of which 30 563 on Tallinn Stock Exchange and 8 331 on Helsinki Stock Exchange.

Outlook by Tallink Grupp’s CEO Paavo Nõgene

“In 2024 we will continue to focus on maintaining profitability while balancing the high and increasing costs of fuels and other products and services and the addition of new costs for the business, such as the emissions costs arising from shipping being included in the ETS scheme from 1 January 2024. As the climate crisis intensifies alongside the economic and geopolitical tensions, we are also increasing our efforts of searching for new technologies and solutions to play our part in tackling climate change. In 2023 we trialled a number of new technologies on board our vessels, all aimed at increasing energy efficiencies and reducing fuel consumption and thus also our emissions, but even greater collaboration and innovation is urgently needed to make a bigger difference. This is also one of our priorities for 2024.

Full details here.

Photo: MyStar, Tallink Grupp. Photo by Raul Mee.

Good passenger numbers for Viking Line in 2023

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A total of 5 million passengers sailed on the Viking Line vessels in 2023.

During the period June-August, there were nearly 1.8 million passengers, and many departures during the summer holiday season were sold out well in advance.

Less passengers than previous year 4,897,494 (4,945,564) because of fewer vessels.

AMORELLA ended its service for Viking Line in October 2022 while ROSELLA made its last voyage for the company in January 2023.

VIKING GRACE and VIKING GLORY had the biggest passenger increase, on the Turku–Åland–Stockholm route, with 2,123,647 (1,955,988) passengers. Viking Line’s market share here was 72 %. Viking Glory, which launched service in 2022, is still a novelty and a very popular vessel.

VIKING GABRIELLA served the Helsinki–Åland–Stockholm route on its own during the year and had 496,844 (515,445) passengers.

VIKING XPRS had 1,655,548 (1,403,048) passengers in its service between Helsinki and Tallinn.

The number of passengers who sailed on special cruises and other routes was 71,116.

The number of cargo units was up 125,269 (117,777), and the number of passenger cars was down 563,081 (630,651). (Remark, with two ships that left the fleet)


“In 2023, Viking XPRS was reflagged under a Finnish flag, and during the autumn we decided to do the same with Viking Cinderella, which will be reassigned to the Helsinki–Stockholm route in spring 2024. The new financial year 2024 will be both exciting and demanding. We are following economic developments very closely and adapting our operations to meet the challenges we face. Last autumn, we formed a joint venture with the shipping company Gotlandsbolaget with the task of developing and providing cruises with M/S Birka Gotland. We see great potential for this joint venture and have a generally optimistic outlook for Baltic Sea travel,” says Jan Hanses, CEO of Viking Line.

Source: Viking Line

Portsmouth International Port wins two awards

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Portsmouth International Port is celebrating after a double win at industry Wave Awards.

Dubbed the ‘Oscars’ of the cruise industry, the Wave Awards brings together international cruise lines, ports, travel agents and destinations to recognise the very best of the UK’s cruise sector.

Voted by industry experts, Portsmouth faced serious competition from international ports for Best Port, and major organisations for Best Environmental Innovation.

Portsmouth launched its brand new terminal this summer and is heading for a record breaking year for cruise calls. This also follows the announcement the port is on track to be the first UK port to provide shore power across multiple berths for multiple ships, after securing UK government funding to deliver an innovative sustainable energy project by 2025.

Andrew Williamson, Portsmouth International Port’s head of cruise and ferry said:

“It was an honour to represent Portsmouth and pick up not one, but two awards, Best Environmental Innovation and Best Port.”

Port of Gothenburg Q3: Containers Up, Ro-Ro Down

By | 2023 Newsletter week 44 | No Comments

The Swedish purchasing power remains low in the wake of economic downturn, resulting in reduced container imports. However, overall container handling in the Port of Gothenburg is increasing as the Swedish export industry continues to thrive, with the forestry sector leading the way.

Intra-European Ro-Ro traffic decreased by 6% during the first three quarters of the year. Like the container segment, import volumes have gone down, but the upturn on the export side has not compensated to the same extent as in the container segment.