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Tag: Finnlines | Ferry Shipping News

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 

Aug 02
2

More new ships for Finnlines?

By | 2024 Newsletter week 31 | No Comments

Finnlines’ EUR 500 million Green Newbuilding Programme was completed in February this year when Finncanopus entered service. That programme was 3 new RoRo- and 2 new RoPax vessels, all very “green” ships. 

In its half-year report two items caught our attention: 

  1. Small-capacity vessels or ferries without the proper environmental requirements will be sold 
  2. Finnlines is currently evaluating another EUR 400–500 million Green Investment Programme on the Finland–Germany route (Helsinki–Travemünde route).  
May 10
2

Finnlines swiftly navigates the challenges

By | 2024 Newsletter week 19 | No Comments

Q1 was challenging but Finnlines managed to navigate through obstacles, such as high interest rates, inflation, geopolitical concerns, and a slowdown in economic growth in Europe.

Several political strikes in February and a four-week long strike in March–April resulted that Finnlines earnings declined notably.

The result was also burdened by the start-up costs of two new freight-passenger vessels.

Key figures Finnlines Group Q1

-0.9% Revenue EUR 162.2 million

-15.4% EBITDA EUR 30.1 million

Freight units 184,000

Cars 27,000 cars

Passengers 153,000

Leisure travel surged remarkably on the route between mainland Finland, Åland Islands and Sweden after the introduction of the two Superstar vessels. Expectations for the summer season are thus high.

Click cover below to read more

Mar 08
1

Baleària carries more than 5 million passengers in 2023

By | 2024 Newsletter week 10 | No Comments
  • The shipping company achieved a historic €652 million in turnover (+15%) and recorded an EBITDA of €117 million (-16%) in its 25th anniversary year.
  • Passengers 5.2 million
  • Vehicles 1.4 million
  • Cargo lane metres 7.4 million
  • The company invested €113million, mainly in sustainability and digitalisation.
  • Baleària’s environmental commitment was expanded through the addition of two electric-powered vessels and the construction of the second gas-powered fast ferry.
  • The ratio of tons of CO2 emitted per mile decreased by 8% thanks to the increased use of natural gas and other eco-efficient measures.
  • Staff numbers reached a record high of 2,500.
  • Social cash flow hit €730 million.
  • Owning fleet of 30 ships, as well as operating a dozen chartered ships, Baleària offered 25 routes in six different countries.
  • By business area, 59% of the turnover corresponds to the passenger area and 36% to cargo transport.
  • 75% of the turnover comes from domestic routes, while the remaining 25% is from international connections.

Press release (in Spanish)

Sustainability Report (click on picture below)

Mar 08
1

Finnlines’ Financial statements 2023 and Financial review January–December 2023

By | 2024 Newsletter week 10 | No Comments

January–December 2023

  • Revenue EUR 680.7 (736.1 in 2022) million.
  • Result EUR 60.3 (133.3) million.
  • EBITDA, EUR 166.3 (221.2) million.
  • Finnlines transports a third of the 1 million trucks carrying goods between Finland, Sweden, and Continental Europe every year.
  • In 2023, Finnlines transported 710,000 cargo units, shipped 157,000 cars, and carried 1,344,000 tons of non-unitised freight, and 695,000 passengers.

Tom Pippingsköld, President and CEO, in conjunction with the review:

“The high interest rate environment has negatively affected private consumption, construction sector and industrial demand. Finnlines had to face multiple of issues during 2023 which weakened our result, apart from higher interest rates were, strike in February, start-up costs of a new vessel, dockings of several vessel to name few. The same matters seem to continue at the beginning of this year, but we are seeing now improved industrial activity and private consumption has bottomed out. ECB should now understand to quickly bring the interest rates down in order to prevent neither a stagnant nor recessionary development in EU area, instead, their task is now to fuel growth in EU.”

“We are finally, closer than ever, to open a new RoPax line between Sweden and Poland, from Malmö to Swinoujscie.”

Finnlines’ Financial statements 2023, pdf

Finnlines’ Financial review January-December 2023, pdf

Dec 22
0

Finnlines to enhance Biscay service with bi-weekly connections between Belgium and Spain

By | 2023 Newsletter week 51 | No Comments

Starting in January 2024, Finnlines will expand its Biscay services to include a bi-weekly connection between the ports of Bilbao, Vigo, and Zeebrugge.

Through this new service, Finnlines and its parent company, the Grimaldi Group, aim to strengthen their network in the Iberian Peninsula, establishing a link from the Atlantic coast to the North and Baltic Seas.

The schedule will feature departures from Zeebrugge and Bilbao on Wednesdays and Saturdays, while from Vigo, the service will operate on Thursdays and Sundays.

Connections through Zeebrugge will facilitate further services to Ireland, the UK, Norway, and Sweden. Additionally, from Antwerp, there is access to the extensive Grimaldi network, which includes routes to North and South America, West Africa, and the Far East.

Finnlines news
Dec 15
0

Finnlines welcomes FINNCANOPUS

By | 2023 Newsletter week 50 | No Comments

Finnlines took delivery of FINNCANOPUS, which is the second of two Superstar-series Ro-Pax ferries, at the China Merchants Jinling Shipyard in Weihai, China, on 12 December 2023.

The vessel will enter Finnlines’ line between Finland and Sweden (Naantali–Långnäs–Kapellskär) in February 2024.