Tallink Grupp Charters Vessels VICTORIA I and ROMANTIKA to Morocco until October

By | 2021 Newsletter week 26 | No Comments

Tallink Grupp and Tanger MED Port Authority, a Moroccan company with State participation, have signed short-term time-charter agreements for ropax ferries VICTORIA I and ROMANTIKA.

The vessels will operate between Morocco and France, and between Morocco and Italy in July-September 2021.

Both ferries have been chartered for 100 days. The vessels will be operated by Tallink Grupp’s technical crew.

Morocco launched the annual summer transit plan for its citizens living in Europe, with a scheme excluding all sea links via Spain. The reason is a major diplomatic crisis between Spain and Morocco.

This means only longer crossings to France, Italy and Portugal are possible.

The Moroccan Ministry of Transport expects a total of 650,000 passengers and 180,000 vehicles between June 15 and September 15.

The Government has decided to subsidise the ferry tickets of MRE (Moroccan citizens living abroad): 1,000 to maximum 3,000 MAD (95 to 284 EUR). [official government source in Arab]

Tallink re-opens Tallinn-Stockholm Route after nearly 16 Months on 9 July 2021

By | 2021 Newsletter week 24 | No Comments

Tallink Grupp will re-open the popular Tallinn-Stockholm ferry route on 9 July 2021, after nearly 16 months of suspension of the route due to travel restrictions between Estonia and Sweden. The route will initially be operated with one vessel, BALTIC QUEEN, with departures from Tallinn and Stockholm every other day.

Although the route will re-open to the public on Friday, 9 July, the company will operate a special cruise to Stockholm also on 7 July, where Tallink’s cooperation partners and employees will have the first opportunity to sail again on the route.

FERRY EXTRA

By | 2021 Newsletter week 17 | No Comments

Tallink Grupp Publishes 2021 First Quarter Financial Results

  • Net loss amounted to EUR 34.4 million (net loss of EUR 30.2 million in Q1 2020)
  • -65.3% Revenue EUR 53.7 million
  • EBITDA EUR -6.3 million (EUR -1.3 million)
  • Despite the significant drop in revenue in Q1, Tallink managed to avoid as significant a decline in EBITDA. This is the result of significant efforts in cost control, increasing efficiencies and also the various support measures the company has been able to utilise.
  • The company continues to maintain a strong liquidity buffer of EUR 96.4 million, combined in cash and unused credit lines.
  • In addition, the company also has EUR 90.0 million of undrawn part of a working capital loan from Nordic Investment Bank.
  • Major investments were all carried out in 2020, so the company expects the level of investments required for the rest of 2021 to remain low.
  • Number of Tallink Grupp’s shareholders has continued to grow in these challenging times, reaching a total of 25702 shareholders to date = shareholders’ faith and trust.

Tallink Grupp Files Legal Action Against Port Of Tallinn

By | 2021 Newsletter week 9 | No Comments

Tallink Grupp has filed a legal action against AS Tallinna Sadam (Port of Tallinn) at the Harju County Court with a claim in the total amount of  EUR 15.4 million. With the action Tallink Grupp is demanding that the Port of Tallinn reimburses the company a part of the excessively high fees that were paid for the port services in the Old City Harbour (Tallinna Vanasadam).

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.”

Tallink: Negative Covid Test Result Prior To Boarding

By | 2021 Newsletter week 8 | No Comments

Tallink Grupp will require passengers travelling to Finland to present a negative COVID-19 test result certificate or a certificate from the GP evidencing that the passenger has recovered from coronavirus. The new requirement follows a strong recommendation from the Finnish Health Authority (Terveyden ja hyvinvointilaitos) to all shipping companies operating passenger ferries between Finland and neighbouring countries to introduce such a requirement.

Covid-19 Hits Tallink Grupp’s Employees and Q3 Results

By | 2020 Newsletter week 46 | No Comments

“Having started the year with over 7,200 dedicated employees in the group this year, we are faced with the reality of this number of good employees, dedicated and passionate tourism sector people in our company falling below the 5,000 mark by the end of this year.”

Tallink Grupp’s CEO Paavo Nõgene

Q3 is normally the high season for Tallink Grupp. This year it has been heavily affected by the pandemic and its travel restrictions.

  • -7% Trips
  • -55.8% Passengers
  • -1.9% Cargo units
  • -50.0% Consolidated revenue

EBITDA was EUR 5.7 million (EUR 83.2 million in Q3 2019)

Net loss was EUR 23.9 million (EUR 54.6 million in Q3 2019).

Q3 financial result was impacted by the following factors:

  • Significant decrease in operating expenses
  • Negative impact from one-off costs related to redundancies process in the amount of EUR 3.1 million
  • Positive impact from support measures, including the temporary salary compensation measure in Sweden and exemption from ships’ fairway dues in Estonia.

Outlook: “Due to the ongoing Covid-19 situation the earnings outlook has become uncertain and continues to be largely subject to external factors such as the states’ decisions regarding the timing of lifting of the travel restrictions, allowing passenger traffic as well as the duration of the recovery period.”