Finnlines’ Financial review January–June 2023

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 H1, 2023 (January-June)

  • Revenue EUR 336.4 (356.9 in 2022) million, -6%.
  • Shipping and Sea Transport Services generated revenue amounting to EUR 325.3 (343.8) million, of which passenger-related revenue was to EUR 31.5 (25.6) million.
  • The revenue of Port Operations was EUR 21.4 (24.8) million.
  • EBITDA EUR 89.6 (97.7) million, -8%.
  • Result for the reporting period EUR 41.9 (56.3) million, -26%.
  • Interest bearing debt declined by EUR 69.1 million and was EUR 387.8 (456.9) million at the end of the period.

Q2, 2023 (April-June)

  • Revenue EUR 173.2 (199.9 in 2022) million, -13%.
  • EBITDA amounted to EUR 44.1 (62.1) million, -29%.
  • Result for the reporting period EUR 20.3 (41.2) million, -51%.

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

  • Economic growth is projected to be modest in the EU area in 2023, but some moderate improvement is forecasted for 2024.
  • According to the statistics of the Finnish Customs the total value of exports increased by 1%, but the value of imports decreased by 14.3% year-on-year (January–May 2023 vs. 2022).
  • Due to the war and high interest rate environment consumer and business confidence has remained below long-term average. Inflation is also expected to remain persistently high.
  • Lower import volumes have reduced cargo flows and together with lower bunker surcharge has affected Finnlines Group’s turnover.
  • Lower volumes in some of our routes forced us to either reduce the frequency or the number of vessels in the route. Thus, we decided to charter out one ro-ro to the Grimaldi Group. Moreover, we have reduced capacity where there are lower volumes, and increased capacity where we see and have growth.
  • Growth by opening new routes, the latest is the Sweden–Poland line where one ro-pax vessel is expected to start to operate daily between Malmö and Świnoujście in few weeks’ time.
  • Passenger business has increased very well after the pandemic.
  • The first of these new Superstar ro-pax vessels, FINNSIRIUS, was delivered on 18 July 2023, as scheduled, and will enter the Naantali–Långnäs–Kapellskär route in mid-September.
  • The second vessel, FINNCANOPUS, will follow by the end of the year.

Finnlines’ Financial review January–March 2023

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  • +4% Revenue MEUR 163.1 (157.0 in 2022)
  • +28% EBITDA MEUR 45.5 (35.6)
  • +42% Result MEUR 21.5 (15.1)
  • Interest bearing debt increased by MEUR 21.2 million and was MEUR 352.9 (331.7) at the end of the period.
  • Cargo volumes were on a satisfactory level regardless of the fact that Russian operations were already suspended in Q1 2022 and that there were strikes in ports and on railways in Finland in February. However, Finnlines’ passenger business has fully recovered after more than two years of travel restrictions.
  • Finnlines has further strengthened its liner network on its Belgium-Ireland freight service by adding a second ro-ro vessel, FINNPULP, on the Zeebrugge-Rosslare route in February.
  • A new port, Teesport, was added to the network when P&O Ferries chartered FINNPULP for three days a week.
  • Finnlines is preparing to open a new route between Malmö and Świnoujście.


A dining concept for Finnlines’ new ships: ”Each portion of food must have a story behind it”

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Finnlines started a close co-operation with Kespro, which supplies food services to Finnlines’ ships on the route between Finland and Sweden.

The co-operation between Finnlines and Kespro is part of the concept renewal for the Superstar ships. Passengers will be served food, which has been produced locally and sustainably.

The main themes of the Superstar dining concept are sustainability, domestic and local products and seasonal variations. The carbon footprint of restaurant services comes mainly from air emissions during primary production and this is why choice of suppliers is also an important environmental aspect.

Henri Alén, chef and restaurant keeper, well-known from TV, has been involved in designing menus for Fisherman’s Bistro, Barrel Bay and Micke’s À la carte restaurants.

“The shipboard restaurants have one common theme, which is not to compromise with different concepts. We will serve tasty treats from the Archipelago and experiences with an international touch. We work hard to serve food that is not fuel, but a culinary delight. Whether it is hot cereal in the morning, a pastry at a meeting or dinner in the evening – each serving must have a story behind it,” Alén says.

CRUISE SMERALDA transferred to Finnlines

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Ro-pax CRUISE SMERALDA, owned by Grimaldi Group, has just been just chartered out by Grimaldi Euromed to sister company Finnlines.

From the Italian port of Gioia Tauro, and after a stop in Antwerp, the 1997-built CRUISE SMERALDA arrived this week in Vlissingen, the Netherlands, before continuing to Malmö, Sweden.

CRUISE SMERALDA has a max capacity of 1,528 passengers and 819 cars (or 90 cars plus 125 trucks/trailers) and in the recent past had been operating on the motorways of the seas in the West Mediterranean and to/from the North Africa.

The ferry will replace other ferries on the Malmö-Travemünde link during their refurbishments.

“As early as this summer, there will be a new line between Sweden and Poland,” said Tom Pippingsköld in Swedish newspaper “Dagens Industri”. To be followed…

Finnlines report superb 2022

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January – December 2022 Finnlines reported (compared to 2021)

  • Revenue amounted to EUR 736.1 million, an increase of 27%
  • Result was EUR 133.3 million (EUR 74.7 million)
  • EBITDA amounted to EUR 221.2 million (EUR 160.3 million)
  • 750,000 freight units
  • 138,000 cars
  • 648,000 passengers (including drivers)

Finnlines describes freight volumes as “fairly good”.  This is despite the Ukraine war, inflation, higher interest rates and soaring energy costs.

The Superstar ro-paxes for the Naantali – Långnäs – Kapellskär route will be delivered this year, FINNSIRIUS in Q3 and FINNCANOPUS in Q4.

Click cover to access results

Finnlines add second vessel on Zeebrugge-Rosslare

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To meet the increased capacity and frequency demand from customers, Finnlines is strengthening its Ireland–Belgium freight service by adding a second ro-ro vessel.

FINNPULP will join FINNWAVE on the route in week 8, departing from Zeebrugge on 23 February 2023.

Finnlines launched the new service between Rosslare and Zeebrugge in July 2022. The service has been well received by Irish transport operators. Via transhipment in Zeebrugge, the Irish connection is also available to the Finnish, German, Estonian and Spanish industries as well as the whole Grimaldi Group network.

FINNPULP: 3,259 lane metres |225 trailers | 12 drivers

FINNWAVE: 4,192 lane metres |300 trailers | 12 drivers

Finnlines will soon welcome foot passengers to its Sweden–Finland route – two departures a day

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Presently, to board the Finnlines which operates from Kapellskär, north of Stockholm, via Långnäs on the Åland Islands to Naantali, close to Turku in Finland, passengers must have a vehicle (bicycles are allowed as well).

However, when two larger Superstar class ships enter the route as from September 2023, foot passengers can also embark the ship.

Brittany Ferries: long routes have surged forwards but Channel is a concern

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Brittany Ferries has published figures outlining passenger and freight performance for its financial year (November to October).


Freight struggled to recover 2019 levels: -27% on UK-France routes, and -22% on UK-Spain. Brexit border controls have played a role in this trend.

Freight France-Ireland and Ireland-Spain are welcome exceptions to the downward trend.

Brexit opportunities: new services have been launched connecting France directly with Ireland, exploiting what operators call The Brexit by-pass. Volumes have risen more than six-fold to 9,587 units.

Ireland-Spain has also posted positive results. Freight volumes rose 172% to 13,644 units, with an accelerating trend towards unaccompanied or driverless loads. These now comprise 45% of the total carried.


Volumes on Channel routes are a concern. The post-Brexit imposition of passports for French passengers visiting the UK has dramatically hit this side of the BF business. “What is needed now is a concerted push from tourist bodies in France and the UK to boost tourism volumes,” says CEO Christophe Mathieu.

Long routes have seen a significant increase in passenger numbers.
This has helped Brittany Ferries record a positive financial performance for the year.

“While our long routes have surged forwards, the Channel is a real concern for Brittany Ferries and our partners,” said Brittany Ferries CEO Christophe Mathieu.

Brittany Ferries says it is optimistic for the year ahead. Forward reservations are positive, and there are no barriers to passengers crossing borders, as there were in France at the beginning of 2022.

Fleet renewal continues apace

  • Launched in March 2022, Salamanca is the first of four Brittany Ferries vessels to be powered by LNG as part of investment in fleet renewal. She will operate throughout the winter and into next summer on the Cherbourg and Bilbao to Rosslare routes. The aim is to grow by 50,000 the number of holiday makers sailing between Ireland and Spain.
  • A second LNG-powered vessel called SANTOÑA will join the fleet in March next year. She too will be based in Portsmouth.
  • SANTOÑA will be followed by two LNG-electric hybrid vessels in 2024/2025, replacing two of the longest serving ships in the fleet BRETAGNE (1989) and NORMANDIE (1992). The hybrids will call Portsmouth home, and will serve St Malo in Brittany and Caen in Normandie.