Tallink Grupp reports largest quarterly passenger number since 2019

By | 2022 Newsletter week 40 | No Comments


The September figures reflect the fact that as of 20 September 2022, six of the company’s vessels are chartered out.

+26.5% pax / +0.6% freight units / -4.7% pax vehicles


The biggest passenger number increase during the quarter was on the Finland-Sweden route with the passenger number increasing in Q3 2022 by a total of 82.2% compared to the same period last year.

The Estonia-Finland route also saw significant recovery in passenger numbers during the quarter year-on-year with the passenger number up in 2022 by 61.7%

+65.5% pax / +13.1% freight units / +21% passenger vehicles

Commenting on the statistics, Paavo Nõgene, CEO of Tallink Grupp said: 

 “As we enter the last quarter of this turbulent year, we have taken several steps to secure our business over the low season, both through unpleasant, but vital price increases as well as various charter agreements for our vessels. Although the latter means that we have less services to offer our loyal customers over the coming months, it also means that we have secured the future of these vessels in our fleet and will be able to offer more of these services again once our vessels return to the Baltic Sea.”

Tallink Grupp: profitable June leads to near break-even Q2

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  • Strong recovery of passenger numbers after end of COVID related travel restrictions and a profit in the last month of the quarter.
  • Recovery and results impacted by continuing geopolitical and economic turbulence.
  • +263% passengers (total 1 552 174)
  • +19% cargo units (total 109 380)
  • +139% unaudited consolidated revenue (total EUR 206.0 million)
  • Unaudited EBITDA EUR 28.7 million (EUR 4.4 million in Q2 2021)
  • Although the group reached a net profit in June this year, the unaudited net loss for the quarter as a whole was EUR 0.7 million (net loss of EUR 24.3 million in Q2 2021).
  • The group’s pre-fuel cost EBITDA in Q2 2022 was almost comparable to 2019 Q2 levels, being only EUR 2.0 million lower than in 2019 and thus clearly demonstrating the group’s increased operational efficiencies.
  • The company has taken a number of steps to mitigate the risks related to the rising fuel costs, e.g. the introduction of a temporary fuel surcharge across its routes and the temporary suspension of the use of LNG due to significantly higher costs and supply issues.


  • +227% passengers (total 2.3 million)
  • +123% unaudited revenue (total EUR 312.2 million)
  • Unaudited EBITDA for H1 2022 was EUR 17.7 million (EUR -1.9 million in H1 2021)
  • Unaudited net loss was EUR 40.7 million (EUR 58.8 million in H1 2021)
  • At the end of Q2 2022, the group’s net debt had decreased by EUR 32.6 million compared to the end of Q1 2022 and amounted to EUR 655.9 million.
  • The company’s liquidity remained strong at the end of Q2 2022 with the group’s cash and cash equivalents amounting to EUR 90.6 million as at 30 June (EUR 37.8 million on 30 June 2021) and the group had EUR 116.7 million in unused credit lines (EUR 78.9 million on 30 June 2021). The total liquidity buffer (cash, cash equivalents and unused credit facilities) at the end of Q2 2022 amounted to EUR 207.3 million (EUR 116.7 million on 30 June 2021).


Historically always best quarter of the financial year due to the travel high season.

Tallink Grupp charters two vessels to the Netherlands

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As expected in Ferry Shipping News last week, Tallink Grupp signed contracts with Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands, for the short-term charter of two of the company’s vessels.

The company’s Tallinn-Helsinki route vessel SILJA EUROPA has been chartered to provide temporary accommodation in The Netherlands from 20 August 2022. (7+3 months).

The company’s second vessel GALAXY, currently operating on the Turku-Stockholm route, has also been chartered to provide accommodation in the Netherlands, but from 20 September 2022 (7+3 months).

Both vessels have been hired with Tallink Grupp’s technical crew only.

The decision also means that Tallink Silja is notifying 265 of its employees in Sweden. GALAXY will be reflagged from Swedish to Estonian flag.

In total, Tallink Silja has now converted four of its ferries into temporary accommodation for Ukrainian refugees, giving it a guaranteed income: ISABELLE and VICTORIA I in Scotland, and the two others for The Netherlands.

The withdrawal of GALAXY on the Turku route means only the BALTIC PRINCESS remains.

The cruise ferry market on this route will fully be served by the Viking Line ships, including the new VIKING GLORY.

QUEEN CORAL 8 delivered to Levante Ferries

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According to Kefalonia press, Levante Ferries’ officials are in Japan in order to complete the purchase of QUEEN CORAL 8 (1999). The ship was purchased at the end of March and she will be renamed CONTESSA DI LEVANTE. She had already undergone sea trials and inspection by Levante Ferries’ technicians, who will remain in Kure Kawanjiri until her final delivery and departure for Greece.

Her conversion into a passenger ferry will take place in Greece and she is expected to be introduced in the next season 2023.

Photos: Kefalonia Press

Tallink: new menu concept for Grande Buffet Restaurants

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Tallink Grupp has launched a new onboard buffet menu which is available onboard company’s Tallink and Silja Line’s vessels’ Grande Buffet restaurants from 18 May 2022. The menu includes more than 140 different dishes, sides and condiments to choose from and also plenty of vegan options to satisfy every passenger.

To provide variety throughout the year, the Grande Buffet restaurant’s new menu concept features seasonal theme tables which highlight regional ethnic culinary traditions. The traditional Swedish smörgåsbord theme table opens the summer season.

Tallink Grupp publishes 2022 first quarter financials

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Low season quarter results were still strongly impacted by the pandemic and the start of the war in Ukraine in late February. The latter resulted in a sharp increase in fuel, food and commodities prices as well as some decrease in traveller confidence in the second half of the quarter.

The results were also impacted by the planned dockings of several of the company’s vessels, including dockings brought forward from autumn 2022, to ensure there are fewer traffic interruptions in Q4 this year.

Q1, 2022 (EUR)

+97.5% Revenue 106.1 million

Net loss 40.0 million

EBITDA -11.0 million (-6.3 million in Q1 2021)

Negative effects:

  • pandemic
  • war in Ukraine
  • high fuel prices
  • traveller confidence issues



Sourcing alternative opportunities and work for vessels (such as ROMANTIKA charter to Holland Norway Lines, and ISABELLE securing a contract as a refugee accommodation vessel for at least four months this year)


To end the year 2022 with a net profit.

Tallinn-Stockholm route with only one Tallink vessel until the end of 2022

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Tallink Grupp has decided not to add a second vessel to the Tallinn-Stockholm route in 2022 as originally planned. The route will continue to be operated by the company’s vessel BALTIC QUEEN and the departures from Tallinn and Stockholm will take place every other day.

VICTORIA I, which was due to join BALTIC QUEEN on the route from early June this year, will currently remain suspended in Port of Tallinn once it finishes its current replacement service on the Tallinn-Helsinki route on 21 April.

Tallink Grupp statistics: positiveness after a long period of challenges

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Q1: +169% passengers | +85% cars | +20% cargo units

March:  +321% pax | +175% cars | +20% cargo units

Outlook:  cautious, because of war

Tallink Grupp: Short-term charter agreement for ISABELLE

Tallink Grupp and Estonian Social Insurance Board have signed a short-term time-charter agreement for ropax ISABELLE. The vessel will be chartered to the Estonian authorities from 7 April 2022 for four months with extension options (4+2+2).

The vessel will be used to provide temporary accommodation to Ukrainian refugees arriving in Estonia. Chartering of the vessel means that, in contrast with the original plans, the company will not re-open the Riga-Stockholm route in 2022.

“We have not planned to completely abandon the route, but it is still impossible to estimate when the route will be opened,” said Paavo Nõgene, President and CEO of Tallink Group. [Finnish press release]

Tallink Grupp published its 2021 Annual Report

Click on the cover to access the annual report

Tallink Grupp stays in profit in H2 2021 and halves net loss for the year compared to first pandemic year

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Tallink Grupp reported a net loss of EUR 56.6 million for 2021 (net loss of 108.3 million reported for the full year 2020) with a strong second half of the year resulting in a marginal net profit for H2.

The group’s unaudited results for 2021 (in EUR)

  • Revenue 476.9 million (442.9 million)
  • EBITDA 58.3 million (8.0 million)

The strong result considering the ongoing pandemic challenges was achieved despite the company’s passenger numbers decreasing by 21% compared to 2020 and amounting to a total of 2,961,975 passengers.

The company’s cargo transportation continued on a steady path with the number of cargo units carried in 2021 increasing by 2.6%.

Tallink Grupp managed to secure a net profit in H2. The result can partly be attributed to the re-opening of the Tallinn-Stockholm route in July 2021 after a 15-month suspension and the Helsinki-Stockholm route in August after a 16-month suspension. Both routes immediately attracted passengers especially at the time when the vaccination drive in Baltic sea countries had had an initial positive impact on reducing the spread of the virus during summer 2021 and the temporary easing of travel restrictions during Q3 2021.

Other positive contributors to the marginal net profit in H2 were the various charters.

The company’s key project into the future continues to be the build of the company’s new shuttle vessel MYSTAR, which is now due for completion and delivery in 2022.

Part of the efforts to ensure liquidity in 2021 also included omitting dividend distribution and the Management Board will propose not paying a dividend in 2022 as well.

“We have faith in 2022 being a year of change for the positive from the COVID pandemic point of view and we are gearing our business up for it. Our customers tell us that they are ready to and want to return to the Baltic sea with us and we have made all the preparations to make this return to cruising on the Baltic sea as memorable and enjoyable for everyone who joins us on board. We have every intention to keep the Baltic sea cruising tradition alive with our colleagues and customers in 2022 and beyond.”

Tallink Grupp’s CEO Paavo Nõgene

Tallink Grupp and Port of Tallinn reached compromise agreement in a court dispute

By | 2022 Newsletter week 7 | No Comments

Tallink Grupp and Port of Tallinn have reached a compromise agreement, which ends the court dispute between the two parties which started in March 2021 over the port dues offered to passenger ferries in the Old City Harbour.

Tallink Grupp will waive all submitted claims against the Port of Tallinn in this case

Port of Tallinn will change the port dues applied to passenger ferries operating regular routes to and visiting the Old City Harbour.

New port dues will apply to all ferry operators operating regular routes to the port.