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Tag: Rederi Ab Eckerö | Ferry Shipping News

Mar 02
3

Rederi Ab Eckerö 2024: the Company’s Second-Highest Full Year Result Ever

By | 2025 Newsletter week 09 | No Comments
  • +8% cargo units 189,656 (176,351). Highest number ever during a full year.
  • -0.6% pax 3,121,470 (3,140,221).
  • Despite the dockings of FINLANDIA and ECKERÖ at the beginning of the year, which resulted in 3% fewer scheduled departures for the company, passenger traffic has developed well.
  • During the period from February to December 2024, a total passenger record was achieved on the company’s two routes.
  • The sale of SHIPPER was completed on 22 January, at a sales price of 4.5 MEUR. The result effect before taxes was 3.2 MEUR.
  • Sales amounted to 222.9 MEUR, which is slightly above 2023 (221.5 MEUR)
  • Operating result was 22.4 MEUR (21.4 MEUR), which is the best operating result ever.
  • Adjusted for the sales of SHIPPER (2024) and EXPORTER (2023), the operating result is 19.2 MEUR (17.6 MEUR).
  • Net result for the year amounted to 15.6 MEUR (11.5 MEUR), which is the second-best result ever.
  • On the Finland-Estonia route, the passenger market share was 28% (29%) and the market share for cargo was 40% (37%).
  • During the year, the market share between Åland and Sweden was estimated to be over four-fifths of the total travelling on that route.
  • Net debt amounted to -6.8 MEUR as of 31.12.2024 (7.2 MEUR), which means that the company’s cash and cash equivalents now exceed the total interest-bearing liabilities.

Source: Rederi AB Eckerö (PDF)

Aug 24
2

Rederi AB Eckerö H1: All-time high cargo and passenger volumes during the period March to June 

By | 2024 Newsletter week 34 | No Comments

Key points summarising the first six months of 2024: 

  • Passenger and Cargo Records: The period from March to June 2024 saw all-time high cargo and passenger volumes, with March and June setting new records for the Finland-Estonia route. 
  • Impact of Dockings: The docking of FINLANDIA and ECKERÖ at the beginning of the year led to a 6% reduction in departures, contributing to a 6% decrease in total passenger numbers compared to the first half of 2023. 
  • Cargo Growth: Despite fewer departures, cargo volumes grew by 3% compared to the first half of 2023, with a 9% increase in cargo units transported per departure. 
  • Revenue Decline: Sales for the first half of 2024 were 99.5 million EUR, a 3% decrease from the same period in 2023, mainly due to the reduced number of departures. However, sales per passenger increased by 4%. 
  • Profit Margins and Operating Result: The operating result was 2.7 million EUR, down from 6.5 million EUR in the previous year. Adjusted for vessel sales, the operating result was negative at -0.5 million EUR. 
  • Fleet Updates: The company sold SHIPPER in January 2024 for 4.5 million EUR, resulting in a pre-tax profit of 3.2 million EUR. 
  • Market Share: The company’s passenger market share on the Finland-Estonia route decreased slightly to 27%, while the cargo market share remained steady at 36%. The Åland-Sweden route maintained a dominant passenger market share of over 80%. 
  • Fuel Efficiency Gains: The docking and maintenance of FINLANDIA led to a significant improvement in fuel efficiency, with a 12% reduction in fuel consumption compared to the first half of 2023. 
  • Financial Position: Net debt was reduced to 5.5 million EUR by the end of June 2024, down from 10 million EUR at the end of June 2023, while the equity ratio improved to 50.1%. 
  • Outlook: The company reported a strong start to the third quarter, with record cargo and passenger volumes in July, but noted ongoing geopolitical instability as a potential risk factor for the remainder of the year. 

Source: Rederi AB Eckerö PDF 

Photo: Eckerö – Kaupokalda.com  

May 03
1

Eckerö: Passenger record in March, quarter affected by dockings

By | 2024 newsletter week 18 | No Comments

First quarter of Rederi AB Eckerö in a nutshell:

  • In January, both Finlandia and Eckerö docked at the shipyard in Landskrona. Between 8 January and 7 February Finlandia was out of service, while Eckerö was out of service 8 -29 January.
  • 1,120 departures (-13%)
  • 473,325 passengers (-11%) On average, slightly more passengers travelled per departure than in the corresponding period last year. The lower total number of passengers in the first quarter is attributed to the dockings in January and February, while record numbers travelled on both routes in March.
  • 39,759 freight units (-6%).
  • The previously agreed sale of Shipper was completed on 22 January.
  • -8% Turnover MEUR 36,3
  • Operating result was -4,3 MEUR (-5,4 MEUR). Adjusted for the sale of Shipper the operating result was -7.5 MEUR (-5.4 MEUR).
  • Result for the financial year was EUR -4.0 million (EUR -5.6 million).
  • Source in Swedish.
Aug 25
0

Rederi AB Eckerö: Performance record on all routes, vessel sales completed and extensive loan amortisations

By | 2023 Newsletter week 34 | No Comments

Q2, 2023

  • 882,209 passengers travelled with the Eckerö Group’s ships, which was 22% more than in the same period last year (722,917)
  • The number of cargo units was 44,326, which was 7% more than in the same period last year (41,432)
  • Sales increased by 23% to EUR 62.8 million (EUR 50.9 million)
  • The operating result was EUR 11.9 million (EUR 1.0 million), which is the best second quarter operating result ever
  • The result for the financial period was EUR 6.9 million (EUR -0.2 million), which is the third best second quarter result ever
  • The sales of BIRKA STOCKHOLM and EXPORTER were completed in the second quarter and the Group has amortised EUR 46.0 million of its interest-bearing liabilities since the sale of the vessels. After these amortisations net liabilities amount to EUR 18.0 million and the equity ratio to 47.8% as of 30.6.2023.

H1, 2023

  • 1,416,387 passengers travelled with the Eckerö Group’s ships, which was 32% more than in the same period last year (1,075,514)
  • The number of cargo units was 86,763, which was 8% more than in the same period last year (80,561)
  • Sales increased by 28% to EUR 102.1 million (EUR 79.9 million)
  • The operating result was EUR 6.5 million (EUR -4.5 million), which is the best first half year operating result ever
  • The result for the financial period was EUR 1.3 million (EUR -4.2 million), which is the third best first half year result ever

Outlook

The third quarter has started with volumes in excess of pre-pandemic levels. The continued relatively high bunker prices, high inflation and volatile Swedish krona create continued uncertainty. Despite these uncertainties the company is expected to deliver a full year result on a level with the best years before the pandemic.

Interim Report PDF
May 26
0

Rederi Ab Eckerö Q1: Strong passenger growth

By | 2023 Newsletter week 21 | No Comments
  • +51 pax 534,178 ( (352,597)
  • +8% cargo units 42,437 (39,129)
  • +36% sales increased 39.3 MEUR (29.0 MEUR)
  • Operating result amounted to -5.4 MEUR (-5.6 MEUR)
  • Operating result improved by 37% compared to last year, adjusted for the cost support of 3.0 MEUR received from the Finnish Transport Authority for mandatory operations in Q1, 2022
  • The operating result is the best operating result for the first quarter since 2010
  • Result for the period was -5.6 MEUR (-4.0 MEUR)
  • The sale of BIRKA STOCKHOLM was completed in April and the Group has amortized 19.6 MEUR on the Group’s interest-bearing liabilities since the sale of the vessel. After this, the Group’s net debt amounts to approximately 30 MEUR and the equity ratio improves from 35.1% as of 31.3.2023 to approximately 40% after the sale.
  • More details here
Jun 18
0

Sjöfart.Ax: Open Battle For Power In Eckerö

By | 2020 Newsletter week 25 | No Comments

This article (in Swedish) summarises the shareholder uprising against the Mansén family in Rederi Ab Eckerö, lead by Businessman Johan Eklund.

The reason for the conflict is the corona crisis that caused bankers and the Ministry of Finance to demand a capital injection. Not because the equity is bad, the equity ratio is strong 50 percent. The Ministry of Finance and the banks want to see that there is also a determination among the owners to save the company.

Eklund is ready to guarantee a new share issue of EUR 10 million together with a handful of other shareholders, but only if the owner family Mansén waives the right to exercise their subscription rights.

Source: Sjöfart.ax
May 09
0

Eckerö Acquires Ro-Pax To Cope with Increased Cargo and Car Traffic on Finland – Estonia

By | 2019 newsletter week 19 | No Comments

News from the Eckerö side:

  • Rederi Ab Eckerö has signed a letter of intent to acquire P&O Ferries’ ro-pax EUROPEAN ENDEAVOUR.
  • The sturdy Spanish-built vessel will be chartered her out to subsidiary Eckerö Line, for a new twice-daily service Helsinki Vuosaari – Tallinn, to cope with the increased cargo and passenger car traffic.
  • Finnish flag.
  • 2,130 lane metres / 366 pax.
  • Crossing time 3 hours.
  • The ferry will start operating from Helsinki’s Vuosaari to Tallinn’s A terminal in summer.
  • Vuosaari is a place east of Helsinki. Having the service operating from this terminal will help to reduce the traffic congestion in the centre of Helsinki.
  • Eckerö will continue to operate ro-pax ferry FINLANDIA from the terminal in Helsinki.

(the photo was taken in 2005, when the vessel operated for Norfolkline on Dunkerque – Dover)

News from P&O Ferries:

  • Ro-ro vessel MISTRAL, which has been covering the Liverpool – Dublin route during the refit season, will remain on the route so there will be no immediate change to the frequency of the P&O sailings.
  • MISTRAL = 1,625 lane metre / 12 drivers.
  • Other ships on P&O’s Liverpool – Dublin service: NORBANK/NORBAY
Mar 22
0

PHOTOS OF THE WEEK

By | 2019 Newsletter Week 12 | No Comments

On Day 1 of the Ferry Shipping Summit, Irish Ferries got the award for the “Ferry of the Year 2019” (see special edition of this newsletter).

Let us have a closer look at the award winner. Ladies and gentlemen, here is W.B. YEATS!

Mar 14
0

Interview Björn Blomqvist, Rederi Ab Eckerö

By | 2019 Newsletter week 11 | No Comments

Rederi Ab Eckerö, based in the Åland Islands province of Finland, is a company with a diverse portfolio: two ferry lines, a cruise line, a roro cargo tonnage provider and even a bus company. Ferry Shipping News’, Finland-based freelance correspondent, Kalle Id, had a question and answer session with Björn Blomqvist, the managing director Rederi Ab Eckerö, in the cargo offices of the company’s Finland-Estonia subsidiary Eckerö Line in Helsinki last week.