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Tag: Finnlines | Ferry Shipping News

Apr 06
3

Finnlines Evaluates the Route between Malmö and Świnoujście, One Year Later

By | 2025 Newsletter week 14 | No Comments

Five key takeaways:

  1. Successful Launch of Sweden–Poland Ro-Pax Route:

Finnlines launched a daily Malmö–Świnoujście ro-pax service in April 2024, transporting freight, private passengers, and professional drivers. The route has met expectations and complements Finnlines’ wider network.

  1. Infrastructure Upgrades at Ports:

To support the new service, Świnoujście’s terminal area was expanded and passenger facilities in Malmö were improved, enhancing the travel experience and accommodating growing volumes.

  1. Growing Passenger Demand and Group Travel:

Passenger numbers are rising, especially during the summer and holidays. Group travel is also seeing strong growth across all routes, including the new Sweden–Poland connection.

  1. Future Potential and Fleet Expansion Plans:

Despite challenges due to the war in Ukraine, Finnlines is considering adding another vessel to the route when market conditions improve.

  1. Strategic Importance to Sweden:

Finnlines plays a crucial role in Swedish trade, logistics, and security of supply, operating under the Swedish flag and strengthening connections with Finland, Germany, and now Poland.

Mar 02
3

Finnlines Reports Strong Growth and Green Investments in 2024

By | 2025 Newsletter week 09 | No Comments

Finnlines has published its financial statements and review for the period January–December 2024. The report highlights a solid financial performance, continued fleet expansion, and strategic route developments aimed at strengthening the company’s market position across Europe.

Financial Performance

  • Revenue for 2024 reached EUR 699.3 million, up 3% from EUR 680.7 million in 2023.
  • EBITDA stood at EUR 162.0 million, compared to EUR 166.3 million in 2023.

Cargo and Passenger Growth

  • 782,000 cargo units transported (710,000 in 2023).
  • 85,000 cars carried (excluding passenger vehicles), down from 156,000 in 2023.
  • 23 million tons of freight transported, slightly down from 1.34 million in 2023.
  • Passenger numbers surged to 936,000, a 35% increase from 695,000 in 2023.

Expansion of Routes

  • New freight and passenger line: Malmö (Sweden) – Świnoujście (Poland) launched in April 2024.
  • Strategic UK shift: Freight services moved to London Medway, Sheerness, improving access to south-eastern UK.
  • Growing European network: Now connecting over 20 ports across the continent.

CEO’s Statement

Tom Pippingsköld, President and CEO of Finnlines, highlighted the company’s commitment to fleet modernisation and sustainability:

“Leveraging economies of scale and expanding outside Finland, we are creating new growth opportunities. Our planned investment in methanol-powered vessels underscores Finnlines’ dedication to sustainable shipping.”

Click on the cover to access the PDF

Mar 02
3

Grimaldi Considering Methanol and Multi-Fuel Propulsion for Finnlines’ Next RoPax Newbuildings

By | 2025 Newsletter week 09 | No Comments

In its Financial Statements 2024 and Financial Review January-December 2024, the Grimaldi Group revealed that its subsidiary Finnlines “is currently considering a further investment of EUR 500 million in three new RoPax vessels, which will be powered by methanol engines capable of running on other fuels as well. These methanol, or so-called multi-fuel, vessels are projected to enter service at the beginning of 2028. Through this significant environmental investment in green vessels, Finnlines will continue to support its customers in the most sustainable way.”

Finnlines also highlights that it “has renewed its fleet over the past few years with three large-sized hybrid Finneco RoRo vessels and two large-sized hybrid Superstar RoPax vessels, and has now completed its EUR 500 million Green Investment Programme. By leveraging the fleet’s economies of scale and capitalising on recent vessel sales, Finnlines can enhance its cost efficiency while also creating new growth opportunities through its routes outside Finland.”

Dec 20
2

Attica Group Collaborates with Orbyt Global and Telenor Maritime to Upgrade Onboard Connectivity

By | 2024 Newsletter week 51 | No Comments

Attica Group announced a strategic partnership with Orbyt Global and Telenor Maritime to enhance telecommunication and connectivity services onboard.

  • This collaboration aims to provide passengers and crew with uninterrupted, high-speed internet access, even in remote areas, by leveraging advanced satellite and network technologies.
  • The upgrade, powered by Low Earth Orbit (LEO) Starlink satellites, will combine multiple technologies (LEO, GEO, 4G, and 5G) through an integrated platform that selects the best connection in real-time.
  • The agreement involves a €7 million investment and covers the entire fleet operating under brands such as BLUE STAR FERRIES, SUPERFAST FERRIES, HELLENIC SEAWAYS, and ANEK LINES.
  • Completion is expected in 2025.

Photo © Mike Louagie

Dec 20
2

Finnlines’ Board of Directors Appoints Thomas Doepel as the New President and CEO from 1 March 2025, when Finnlines’ President and CEO Tom Pippingsköld Retires

By | 2024 Newsletter week 51 | No Comments
  • Tom Pippingsköld will retire and it has been agreed that he will continue in his position as the President and CEO until 28 February 2025.
  • Finnlines Plc’s Board of Directors has appointed Vice President and Deputy CEO, COO Thomas Doepel as the new President and CEO of Finnlines Plc from 1 March 2025.
  • Tom Pippingsköld and Thomas Doepel have been members of Finnlines’ Executive Committee since 2013.
Nov 14
2

Finnlines Financial Summary: January–September 2024

By | 2024 Newsletter week 45 | No Comments
  • Revenue: Reached €547.2 million, a 7% increase from €513.2 million in 2023.
  • EBITDA: Improved by 7% to €140.8 million, up from €131.7 million in the previous year.
  • Net Income: Decreased by 8%, resulting in €52.1 million, compared to €56.9 million in 2023.
  • Debt Reduction: Interest-bearing debt dropped by €70.1 million to €387 million.

Q3 2024 Highlights:

  • Revenue: Increased by 7% to €189.2 million.
  • EBITDA Growth: Saw a substantial 36% rise to €57.1 million.
  • Net Income: Notably grew by 85%, reaching €27.9 million.

Operational Updates:

  • Passenger travel surged, especially on the Naantali–Långnäs–Kapellskär route, with a 122% increase.
  • A new UK freight route was launched, connecting Finland and Sheerness.
  • Fleet modernisation continues, aligning with environmental regulations; three new green-fuelled vessels are in procurement.

Outlook: Finnlines anticipates improved performance, supported by EU economic recovery, operational efficiencies, and green initiatives. However, some concerns:

  • Economic Headwinds: The beginning of 2024 saw challenges from high interest rates, inflation, and slow economic growth, especially in key markets such as Finland, Germany, and Sweden. These factors have affected freight and passenger demand, though signs of recovery are emerging.
  • Geopolitical Tensions: Ongoing conflicts, particularly the Ukraine crisis, add uncertainty to the business environment. Any escalation could impact trade flows within the EU and Finnlines’ routes.
  • Labour Disruptions: Early 2024 saw strikes in Finland that disrupted cargo volumes. Although impacts seem contained, further labour issues could hinder operations and revenue growth.
  • Cybersecurity Risks: The increased likelihood of cyberattacks has led Finnlines to focus on cybersecurity measures, essential for safeguarding operations but requiring continuous investment and vigilance.
  • Environmental Compliance Costs: Finnlines is aligning with the EU’s new environmental regulations, including the Emissions Trading Scheme and Fuel EU Maritime regulations starting in 2025. Compliance necessitates significant investment in new vessels and technology, increasing capital expenditures.
  • High Debt Levels: While debt decreased, Finnlines still carries substantial interest-bearing debt (€387 million), making it sensitive to any future interest rate increases that could impact financial expenses.

Overall, Finnlines is navigating these risks by investing in fleet modernisation, expanding routes, and implementing efficiency measures, which should help mitigate some of these concerns over time.

Sep 15
2

Finnlines to launch a new freight service from Finland to Sheerness, UK

By | 2024 Newsletter week 37 | No Comments

Finnlines is set to launch a new freight service from Finland to Sheerness, with further connections available to Belgium, Spain, and Ireland.  

The first arrival will take place on 23 September 2024.  

The new service is part of Finnlines’ strategy to improve service sustainability and route network, and it will be operated with three Finneco-class vessels calling Sheerness/London Medway once a week. 

 

Southbound route: Helsinki / Kotka–Sheerness–Antwerp / Zeebrugge–Bilbao / Vigo. 

Northbound route: Bilbao / Vigo–Zeebrugge / Antwerp–Hanko–Helsinki / Kotka. 

Remark: Travemünde is no longer included in this route map 

Aug 24
2

Finnlines will open a route from Turku to Rostock

By | 2024 Newsletter week 34 | No Comments

With this route, new opportunities will arise for Finnish companies’ imports and exports. 

The schedule of FINNPULP, which operates the Turku–Travemünde–Rostock line, is well-suited for export and import shipments between Finland and Germany. In Travemünde, the vessel will load at 13:00 on Sunday, and in Rostock at 23:00, after which it will depart for Finland, arriving in Turku at 9:00 on Tuesday. The return journey to Germany will start on Friday at 20:00. The vessel will arrive in Travemünde at 7:00 on Sunday and in Rostock at 17:00. 

The first departure under the new route will be from Germany on Sunday, August 25. 

Source: Port of Turku 

Aug 02
2

Finnlines: a half-year report with a bright future

By | 2024 Newsletter week 31 | No Comments

Financial 

H1, 2024 

  • +6% Revenue EUR 358.0 (336.4 in 2023) million. 
  • -7% EBITDA EUR 83.7 (89.6) million. 
  • -42% Result EUR 24.2 (41.9) million. 
  • Interest-bearing debt increased by EUR 76.3 million and was EUR 464.1 (387.8) million at the end of the period. 

Q2, 2024 

  • +13% Revenue EUR 195.8 (173.2 in 2023) million. 
  • +22% EBITDA amounted to EUR 53.6 (44.1) million. 
  • +19% Result for the reporting period EUR 24.2 (20.3) million. 

 Statistical (H1) 

  • Cargo units 400,000 (356,000 in H1, 2023)  
  • Cars 47,000 (86,000) (not including passenger cars) 
  • Tons of non-unitised cargo 658,000 (707,000)  
  • Passengers (*) 409,000 (306,000) (*private passengers and professional drivers) 
  • The number of private passengers has more than doubled on the route between Finland and Sweden via Åland Islands (Naantali–Långnäs– Kapellskär) after the introduction of two new Superstar vessels. 

 Click on the cover to access the report