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Finnlines

May 09
Love3

Finnlines Q1 2025: What Does the new CEO Say?

By 2025 Newsletter week 19

10 key takeaways from Thomas Doepel, President and CEO

  1. Q1 2025 was “quite satisfactory”
    CEO Thomas Doepel reported a solid start to the year, with profitability improved through strategic adjustments made in 2024.
  2. Fleet rationalisation paid off
    By optimising fleet composition and reorganising freight services, Finnlines boosted its profitability despite market challenges.
  3. Falling interest rates supported results
    Alongside operational changes, reduced debt levels and lower interest rates were major contributors to improved financial performance.
  4. Significant growth in earnings
    Revenue rose to EUR 166.0 million (up from EUR 162.2 million), and EBT surged to EUR 7.9 million (from just EUR 0.4 million in Q1 2024).
  5. Solid transport volumes
    In Q1, Finnlines transported:

    • 194,000 cargo units
    • 18,000 cars
    • 297,000 tonnes of non-unitised freight
    • 165,000 passengers
  6. New RoPax ships ordered by parent company
    After the reporting period, the Grimaldi Group announced an order for nine new ro-pax vessels, including three for the Baltic Sea (Helsinki–Travemünde)
  7. Methanol-ready engines for future fleet
    All nine new vessels will be methanol-capable, aligning with Finnlines’ ambition to reach net zero emissions.
  8. Geopolitical tensions remain—but optimism is emerging
    While the situation in Europe remains uncertain, a possible stabilisation in Ukraine could open new growth avenues in Northern Europe.
  9. Germany’s infrastructure push seen as a growth catalyst
    Germany’s EUR 500 billion investment plan is expected to stimulate economic activity—Finnlines aims to capitalise on this as a Baltic Sea leader.
  10. Finnlines well-positioned in the Baltic
    With up to 26 weekly departures between Finland and Germany, and nearly 40 between Sweden and Germany, Finnlines is strategically placed to benefit from any upturn in demand.

Read the Q1 2025 interim report here, by clicking on the cover:

Apr 06
Love3

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

By 2025 Newsletter week 14

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
Love3

Finnlines Reports Strong Growth and Green Investments in 2024

By 2025 Newsletter week 09

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
Love3

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

By 2025 Newsletter week 09

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
Love2

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

By 2024 Newsletter week 51

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
Love2

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
  • 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
Love2

Finnlines Financial Summary: January–September 2024

By 2024 Newsletter week 45
  • 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
Love2

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

By 2024 Newsletter week 37

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
Love2

Finnlines will open a route from Turku to Rostock

By 2024 Newsletter week 34

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