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Tag: Viking Line | Ferry Shipping News

Oct 22
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Deterioration in Viking Line’s Results Due to the Impact of the Pandemic

By | 2020 Newsletter week 43 | No Comments

January–September 2020

  • Sales €154.2 million (380.8)
  • Operating revenue €16.7 million (0.2)
  • Operating income €-35.2 million (17.5)
  • Net financial items €-3.1 million (-3.6)
  • Income before taxes €-38.3 million (13.9)
  • Income after taxes €-30.8 million (11.1)

Q3, 2020

Sales €56.6 million (153.8)

Operating income totalled €-7.8 million (26.2)

  • Q3 = most of the Group’s income is usually generated, this year negative
  • A large percentage of the staff in Finland was furloughed.
  • Travel restrictions, inconsistent communication from authorities affected travel and sales.
  • Uninterrupted passenger and cargo service in spite of pandemic
  • Liquidity at end of Q3 was stretched and remained at same level since then. Negotiations with financiers were conducted. On October 15, the Finnish Government issued State guarantees for additional loans totalling €38.7 million, which will secure liquidity.
  • The Finnish Transport and Communication Agency (Traficom) launched a tender process for a public transport service provider on Turku–Mariehamn–Stockholm, Mariehamn–Kapellskär and Helsinki–Tallinn routes. Viking Line intends to take part in the tender process.

Future prospects unchanged: Income for the full financial year will be negative.

Oct 22
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Agreement with Financiers and Finnish Government on Liquidity Loans of €43 million

By | 2020 Newsletter week 43 | No Comments

The Finnish Government approved the State of Finland’s guarantees on Viking Line´s liquidity loans up to €38.7 million. Using the liquidity loans, Viking Line aims to further secure its cash position and ensure business continuity during the exceptional situation caused by the coronavirus crisis. In addition to the Finnish State guarantees, commercial banks are guaranteeing €4.3 million.

The arrangement is compliant with EU State aid regulations.

Sep 17
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Viking Line’s CEO: “All Ships Are for Sale if the Price is Right”

By | 2020 Newsletter week 38 | No Comments

The pandemic-related financial problems of shipping companies may lead to the sale of ferries and the permanent deterioration of Finland’s maritime connections.

Viking Line’s CEO Jan Hanses talks about overcapacity in the Baltic and Viking Line’s attempt to sell ferries (with interest from the Med).

Government communications receive harsh criticism from Tallink’s CEO Margus Schults. “The messy communication about the restrictions has been going on the whole summer. People do not dare to travel, even if it would be allowed and safe.”

Source: Talouselama (Finnish)
Jul 16
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Sundbusserne Opens A New Route Between Toldboden (Copenhagen) and Helsingborg

By | 2020 Newsletter week 29 | No Comments

The new Sundbusserne route, which will have three daily departures from Copenhagen and Elsinore, respectively, starts on 17 July.

The route is intended as an extra experience when tourists choose to experience Copenhagen or Helsingborg during the holiday, but commuters are also welcome.

The route will be operated by the passenger-only LEA ELIZABETH, from Wednesdays to Sundays, during summer.

Jul 16
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FERRY FINANCE

By | 2020 Newsletter week 29 | No Comments

Viking Line Has Reached An Agreement To Defer Loan Payments Worth 14.9m

Viking Line Abp has reached an agreement with Finnvera Abp and Finska Exportkredit Ab on a loan payment deferral for the period July 1, 2020 – February 1, 2021 totalling EUR 14.9 million.

Payments fall due by January 10, 2025 at the latest – in other words, at the time final payment is due. The deferred loan payments may be paid in advance, and the interest rate and maturity of the loan remain unchanged. The payment of dividends during the maturity of the loan is conditional upon payment of the loan payments for which a deferral has been granted.

This loan payment deferral strengthens Viking Lines Abp’s liquidity situation, which is satisfactory at present.

Jul 16
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FERRY PORTS

By | 2020 Newsletter week 29 | No Comments

Port Of Turku To Get Automooring System For Viking Line Ships

Cavotec’s MoorMaster arrived in Turku in early July. The vacuum-based automooring system will be installed at Viking Line’s berth by the end of the year and will be used by both VIKING GRACE and VIKING GLORY.

Read more
Jun 18
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Viking Line To Launch Cruise Service From Helsinki To Mariehamn

By | 2020 Newsletter week 25 | No Comments

Viking Line will place GABRIELLA in service for cruises from Helsinki to the Åland Islands three days a week beginning July 1.

Day trips to the popular summer town of Mariehamn will give passengers the chance to get to know Åland’s sights and attractions. Viking Line, which has its roots in the Åland archipelago, has daily service to Åland with six vessels. The range of routes available is now being expanded by offering Finnish residents an attractive and safe travel option to become familiar with the beautiful archipelago and this summer paradise in the middle of the Baltic Sea.

Press Release