DFDS Q4: growth set to continue in 2022

By | 2022 Newsletter week 6 | No Comments

“In spite of Covid-19, Brexit, and supply chain bottlenecks, we delivered a strong result for 2021. In 2022, we look to raise both revenue and earnings more than 20%,” says Torben Carlsen, CEO.

  • EBITDA increased 19% to DKK 915m in Q4
  • Supply chain bottlenecks eased during Q4
  • Early signs of pick-up in passenger numbers
  • EBITDA expected to grow more than 20% in 2022
  • Total dividend of DKK 8.00 per share planned


  • EBITDA range DKK 3.9-4.4bn (2021: DKK 3.4bn)
  • Revenue growth of 23-27%
  • Investments of DKK 2.3bn

Fjord1: Smooth Operations And Revenue Growth As Expected

By | 2021 Newsletter week 9 | No Comments

Fjord1: Smooth Operations And Revenue Growth As Expected


+20% Revenue NOK 826 million (driven by new contracts)

+67% EBITDA NOK 266 million

Investments NOK 103 million, net of NOK 31 million in vessel NOx compensation received in Q4

Full Year 2020

+14% Revenue NOK 3,118 million,

+27% EBITDA NOK 1,042 million

Total investments for the full year 2020 came to NOK 1,428 million

Revenue growth in line with expectations

New electric vessels are reducing operating costs and increasing EBITDA margins.

Electricity now accounting for approximately 40 per cent of the fuel mix.


Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.

Strong contract portfolio has a value of NOK 24.1 billion through 2033.

The company expects more moderate revenue growth 2021, with cost improvements continuing to bolster operating margins.

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Tallink Grupp Reports Net Loss

By | 2021 Newsletter week 8 | No Comments

Tallink Grupp reported an unaudited net loss of EUR 108.3 million for the 2020 financial year (net profit of EUR 49.7 million in 2019), resulting from travel restrictions, border closures and states of emergency due to the global COVID 19 pandemic.

Consolidated revenue amounted EUR 442.9 million (949.1 million)

EBITDA EUR 8.0 million (171.1 million)

Gross profit EUR -43.5 million

-62% passengers

-5.2% cargo units

-20% trips

Attempts to boost its operations by setting up various temporary routes during summer 2020 and by operating a number of special cruises where possible. These attempts were once again curbed in autumn 2020 by travel restrictions.

Investments EUR 100.1 million.

Mainly prepayment instalments for the new LNG-fuelled vessel MYSTAR (2022).

Also increasing the company’s cargo capacity by acquiring roro SAILOR.

The group ended the year with a total liquidity buffer of EUR 147.1 million (EUR 128.9 million in 2019).

Employee numbers: from 7240 at the end of 2019 to 4237 at the end of 2020.

Tallink Grupp’s CEO Paavo Nõgene: “As we wait for the COVID storm to pass and borders to reopen for travelling, we continue to develop business areas we feel will give us a strategic advantage going forward and enable us to spread risks, make preparations for offering our services again with an even stronger focus on safety and sustainability and get ready to provide safe and happy journeys and to reunite people around the Baltic sea after a year of separation.”


By | 2021 Newsletter week 6 | No Comments

DFDS Ends 2020 With Another Strong Freight Quarter

  • In Q4, the DFDS’ freight earnings were boosted by UK stockbuilding and the improved performance of the Mediterranean route network.
  • On the passenger side, Covid-19 restrictions continued to affect the business.

Q4 Results (DKK million)

-6.2% Revenue 3,761 (4,008)

-0.2% EBITDA before special items 769 (771)

12.5% EBIT before special items 289 (257)

-23.4% Profit before tax 97 (126)


Full Year Results (DKK million)

-15.8% Revenue 13,971 (16,592)

-24.8% EBITDA before special items 2,732(3,633)

-51.0% EBIT before special items 858 (1,751)

-66.0% Profit before tax 466 (1,371)

Outlook 2021

  • Revenue is expected to grow by 20-25% and EBITDA before special items is expected to be within a range of DKK 3.0-3.5bn (2020: DKK 2.7bn).
  • Uncertainty: duration of travel restrictions and longer-term effects of Brexit.
  • The acquisition of HSF Logistics Group is subject to regulatory approval but assumed consolidated from 1 May 2021.

DFDS In January: Freight Down After Q4 Stockbuilding Reversed As Expected

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  • Total volumes in January 2021 were down 12%.
  • Volumes for routes calling the UK were down 21% with volumes picking up towards the end of the month.
  • North Sea volumes were below 2020 as the stockbuilding ahead of Brexit reversed and the adoption of new rules and processes slowed trading.
  • Volumes between Sweden and Belgium were above 2020.
  • Volumes on the English Channel were likewise reduced by the stockbuilding reversal.
  • The new route between Ireland and France was successfully launched with volumes ahead of expectations.
  • Baltic Sea volumes were above 2020 adjusted for the closure of the Paldiski-Hanko route.
  • Mediterranean volumes were well above 2020 in all main corridors.
  • Passengers -84%

Tallink Grupp’s Latest Statistics Reveal Impact of Pandemic

By | 2021 Newsletter week 1 | No Comments

Tallink’s Q4 and December statistics reveal the total impact of COVID-19 on the company’s annual passenger, vehicle and cargo figures.

  • -61.8% passengers in 2020
  • -82.5% Latvia-Sweden
  • -81.9% Estonia-Sweden
  • -66.1% Finland-Sweden
  • -52.3% Estonia-Finland
  • -36.7% passenger vehicles in 2020

Despite the many challenges during the year, the company transported a total of 359,811 units of cargo during 2020, which is only 5.2% less than during the full year 2019.

Paavo Nõgene, CEO of Tallink Grupp, said commenting on the results, “…. the company has weathered this storm as well as possible… and we are ready to carry on our battle through the storms and are determined to begin the road to recovery in 2021”


By | 2019 Newsletter week 8 | No Comments

Fjord 1 Q4 Report: Business As Usual

Fjord 1 saw in Q4 an 11 % revenue growth due to start-up of new contracts in the ferry segment.

The company completed several additional dockings of its ferries, more than in 2017.

Fjord 1 saw a lower contribution from the tourist segment and associates.

  • +11% Revenue 772.1 MNOK (692.9)
  • -7% EBITDA 219.1 MNOK (234.3)
  • -23% EBIT 133.5 MNOK (173.4)
  • -13% Net Profit 117.5 MNOK (135.0)

Several new ferries have been delivered. Fjord 1 is continuing to invest in new eco-friendly ships and new contracts.

Fjord1 Continues To Invest In Modern Tonnage

By | 2018 Newsletter week 09 | No Comments

In the full year 2017 Fjord1 ASA has transported 21.1 million passengers and 10.4 million vehicles on 63 ferries. The revenue was NOK 2.8 billion.

Highlights of Fjord1’s Q4 ferry division:

  • Revenue NOK 623m
  • EBITDA NOK 234m (154.3m)
  • Result NOK 133.3m (153.6m)

Two fully-battery-operated ferries were introduced, the GLOPPEFJORD and EIDSFJORD, both built by Tersan.
In Q4, three ships were ordered at the Sefine Shipyard.
The company will finalize the contracts for another seven new buildings during the first quarter of 2018.

Growth in cargo traffic on Scandlines Helsingborg-Helsingör continued in Q4

By | 2018 Newsletter Week 07 | No Comments

The increasing cargo traffic entailed higher capacity utilisation on the route’s ferries despite a minor decline in the number of cars. Capacity was increased by expanding the timetable of HAMLET by 5 hours per day since December 1, 2017.
Some figures:

  • Number of departures: 12,300 (status quo)
  • Freight units: 109,500 (+5%)
  • Goods in tonnes: 1,252,000 tons (+4%)
  • Cars: 265,000 (-2%)
  • Passengers 1.44 million (-4%)

”Our freight customers appreciate the precision and reliability we offer, and they have welcomed the increased flexibility brought about by our capacity expansion and more daily departures,” said Johan Röstin, CEO of HH Ferries AB.

Photo: HH Ferries

Strong performance from DFDS

By | 2018 Newsletter week 06 | No Comments

DFDS had fantastic results in the last quarter of 2017, and for the whole year. Especially noteworthy are the North Sea freight volumes, which went up 6%. The overall passenger volumes went up 1%.
For 2018, freight volumes, particularly un-accompanied units, are expected to grow on most routes. Passenger volumes are expected to be on level with 2017.
Some key figures:

  • Q4 Revenue increased 5% adjusted for non-comparable items. Reported revenue was DKK 3.5bn (+4%).
  • Q4 EBITDA before special items increased 12% to DKK 574m following higher earnings in both the Shipping and Logistics divisions.
  • Full-year revenue increased 4% adjusted for non-comparable items. Reported revenue was likewise up 4% to DKK 14.3bn.
  • Full-year EBITDA before special items increased 4% to DKK 2,702m.
  • Full-year profit before special items and tax increased 8% to DKK 1,727m.
  • Outlook 2018: the Group’s revenue is expected to increase around 2% in 2018. The outlook range for EBITDA before special items is DKK 2,650-2,850m (2017: DKK 2,702m). Investments are expected to amount to around DKK 1.1bn.