In a letter to the shareholders, Paavo Nõgene, Tallink’s Chairman of the Management Board explains the contrast between a highly successful year 2019, with the actual situation.
Some highlights:
- a very successful financial year in 2019
- Return to the pre-crisis levels of demand will be gradual
- Active negotiation with lending banks, Estonian Government and other home market Governments
- Scale down ship operating and maintenance costs as well as other costs of sales and overheads by postponing all the non-critical investments and purchases
- No dividend
