Ferry Shippping News published the Finnlines financial statements on March, 3.
To access the Annual Report, click on the cover picture.
- +20% Revenue EUR 579.9 (484.0) million
- Shipping and Sea Transport Services generated revenue amounting to EUR 555.3 (461.8) million, of which passenger related revenue was EUR 47.8 (39.0) million
- The revenue of Port Operations was EUR 47.0 (42.8) million. Cargo volumes are clearly above the 2020 level, and the number of passengers also increased compared to 2020
- Revenue of Port Operations also increased due to the growth of cargo
- +14% EBITDA EUR 160.3 (140.8) million
- Result EUR 74.7 (69.7)
Finnlines’ FINNCLIPPER is the ship that replaces the EUROFERRY OLYMPIA on the Igoumenitsa – Brindisi line.
She left Malmö on February 19 and arrived in Piombino, Italy, a week later for the necessary changes. Initially, she was transferred to the Grimaldi-Euromed fleet and then she will be renamed IGOUMENITSA and raise the flag of Cyprus.
FINNECO III, the third and last hybrid roro vessel in a series, was launched in China Merchants Jinling Shipyard (Jiangsu) on 22 November 2021.
When entering the Finnlines traffic, the new vessels will reduce environmental impact of the fleet and improve energy efficiency. Lithium-ion battery systems will allow zero-emission port visits and low-emission two-stroke engines, emission abatement systems, solar panels and an innovative air lubrication system will cut emissions further.
The hybrid roro vessels will start in Finnlines’ Baltic, North Sea and Biscay traffic in 2022.
Roro ship particulars
- Ice class: 1 A Super
- Length, overall: 238.0m
- Breadth, moulded: 34.0m
- Gross tonnage: 60,515
- Deadweight: 17,377
- Lane metres: 5,800
January–September 2021
+17% Revenue EUR 425.9 million (EUR 363.1 million in 2020).
+27% Result EUR 69.0 million (EUR 54.2 million)
EBITDA EUR 121.2 (107.2) million
Cargo units 583,000 (536,000 in 2020)
Cars 124,000 (102,000)
Tons of freight not possible to measure in units 1,041,000 (811,000)
Passengers and truck drivers 439,000 (390,000)
- An upward trend continued during Q3 when cargo volumes increased nearly on all routes.
- The automotive industry suffered from shortage of components and the summer stoppage was longer than anticipated. However, as the Finnlines fleet consists of vessels in different sizes, capacity could be moved from routes with temporarily declining demand to others where larger capacity was needed.
- When travel restrictions were gradually eased, recreational travel recovered although passenger numbers remained far below the normal level.
- To reach the ambitious goal of becoming carbon neutral, it may be necessary to modify existing ships with new tanks and engines so that they can run on new types of fuel. However, at current rates of production, zero-carbon fuels are not commercially available at the scale needed for the global fleet. Today, Finnlines concentrates on new battery technology, hydrodynamic design in vessels, air lubrication systems and solar panels on its newbuilds. Several existing ships will be equipped to use onshore power where available. Moreover, gradual transition to carbon-free and renewable fuels is being investigated.
- The construction of three hybrid ro-ro vessels and two state-of-the-art ro-pax vessels is proceeding.
- Energy efficiency is the best way to reduce the emissions and reach immediate results.
27 January 2022: The larger ropax EUROPALINK will replace the current FINNFELLOW on the route, increasing cargo capacity by an additional 1,200 metres. (4,200m in total).
EUROPALINK will operate on the route together with FINNSWAN, making 14 calls a week at Port of Kapellskär.
- Finnlines’ Newbuilding Programme proceeds as planned.
- 30 August 2021: launch of second hybrid ro-ro vessel
- 31 August 2021: keel laying ceremony for the third vessel
- The series of three ro-ro vessels are being built at the Chinese Jinling shipyard located in Nanjing.
- Better service for truck drivers: gym and sauna, a dining and recreation room and a laundry for drivers to use. Single cabins.
- 40% more cargo capacity (5,800 lane metres)
- The vessels will be fitted with state-of-the-art engines with emission abatement technology, an air lubrication system, lithium-ion batteries and solar panels.
- Ice class 1A Super
FINNECO I: sea trials in September, in service end of 2021.
FINNECO II and III in 2022. All three vessels will sail under the Finnish flag.
Marco Palmu has been appointed Head of Passenger Services as of 1 September 2021. He will join Finnlines Group’s Board of Management and will report to Emanuele Grimaldi, President and CEO, Finnlines Plc.
Marco Palmu joins Finnlines from Tallink Silja Oy, where he has most recently worked as Commercial Director. He has an extensive background from shipping and passenger business. [LinkedIn]
Construction of the first of the two new Superstar ro-pax vessels has begun. The traditional steel cutting ceremony of FINNSIRIUS was held at the China Merchants Jinling Shipyard (Weihai) in China on 1 June 2021.
The environmentally friendly ropax vessels will bring innovative solutions to Finnlines’ services and will enhance the customer experience to a new level.
With space for 1,100 passengers and a deck capacity of 5,100 lane metres, the 235-metre long Superstar ropax vessels will be Finnlines’ largest passenger-freight vessels.
- -5% Revenue EUR 124.1 (130.5) million, due to the pandemic.
- Passenger revenue was affected by travel restrictions on Finland’s border.
- In addition, low bunker surcharges have also been affecting the turnover.
- Efficient operations resulted in a positive EBITDA of EUR 30.3 (38.2) million.
- 187,000 cargo units, 44,000 cars and 101,000 passengers.
- Finnlines is clearly an important service provider to Finland’s economy and that carriers, a lifeline for both the private and the public sector in the country.
- The EUR 500 million Newbuilding programme is well under way and currently all three new ultra-green ro ro vessels are in construction. The first of them, FINNECO I, is scheduled to start in traffic at the end of the year or at the very beginning of 2022.
- The Company has also strengthened its position in the Vuosaari Harbour in Helsinki by buying a major real estate in the port, which serves as its Head office.
