Viking Line: A strong quarter

By 27 October 20232023 Newsletter week 43
October 27, 2023

January-September 2023 

  • Sales amounted to MEUR 379.2 (370.2).
  • Other operating revenue was MEUR 8.9 (8.8).
  • Operating income totalled MEUR 52.4 (18.9).
  • Net financial items were MEUR -9.0 (-7.5).
  • Income before taxes totalled MEUR 43.4 (11.4).
  • Income after taxes totalled MEUR 34.6 (9.5).


Unchanged compared to the Half-Year Report as of June 30, 2023, which means that income before taxes is expected to be significantly better than last year provided that energy prices remain at current levels.

Q3, 2023

  • Sales amounted to MEUR 152.9 (170.4).
  • Other operating revenue was MEUR 0.0 (0.5).
  • Operating income totalled MEUR 35.3 (26.9).
  • Net financial items were MEUR -1.1 (-2.8).
  • Income before taxes totalled MEUR 34.2 (24.1).
  • Income after taxes totalled MEUR 27.6 (19.3).



Summary of the comments by CEO Jan Hanses


  1. Third Quarter Results:
    • Results for the third quarter exceeded expectations.
    • Passenger and cargo volumes continued to rise, despite having fewer vessels in operation.
    • Planned sales prices were achieved.
    • Bunker (vessel oil) prices have fallen gradually but remain high compared to pre-pandemic levels and due to Russia’s war of aggression against Ukraine.
  2. Joint Venture and Vessel Acquisition:
    • On August 9, Viking Line and Gotlandsbolaget announced the formation of a joint venture to develop and provide cruises using the former M/S Birka Stockholm.
    • Viking Line acquired 50% of the vessel for MEUR 19 million.
    • The joint venture received approval from the Swedish Competition Authority on August 23.
  3. EU Emissions Trading System:
    • Starting in 2024, Viking Line’s traffic will be subject to the EU Emissions Trading System.
    • This will impose costs that can only be partially adjusted in the medium term through energy efficiency efforts.
    • The availability and cost of fossil-free fuels are not economically viable at the moment.
    • The company intends to use cost savings from the island exemption (for service between Finland and Åland) to continue transitioning to fossil-free fuels and improving energy efficiency.
  4. Summer Passenger Demand:
    • During the summer months of June to August, nearly 1.8 million passengers sailed with Viking Line’s vessels.
    • Many departures during the holiday season were sold out well in advance.
    • Strong demand is attributed to local tourism, recovery in international tourism for the Nordic region, and the appeal of the company’s vessels.
  5. Nine-Month Passenger Numbers:
    • Over the first nine months of the year, 3.8 million passengers sailed on Viking Line’s vessels.
    • Occupancy rates have been good on all vessels.
  6. Market Share:
    • On the route between Turku, Åland, and Stockholm, VIKING GRACE and VIKING GLORY experienced intense travel.
    • The market share for the first nine months was over 73%.
  7. Overall Performance:
    • The report period was very strong, even without considering the income effect of the sale of ROSELLA.
    • Acknowledgment and thanks were extended to customers, partners, and staff for their contributions to the company’s good results.

Summary of key events and information during the first 9 months of 2023

  1. Vessel Operations:
    • For most of this period, Viking Line operated with two fewer vessels compared to 2022, specifically the AMORELLA and ROSELLA.
  2. VIKING GRACE Dry Docking:
    • VIKING GRACE was dry-docked from January 16 to February 12, during which it was replaced by VIKING CINDERELLA on the Turku-Mariehamn/Långnäs-Stockholm route.
    • VIKING CINDERELLA later resumed its regular day cruise service between Stockholm and Mariehamn.
    • ROSELLA operated between Mariehamn and Kapellskär until January 8 when it was taken out of service.
    • VIKING XPRS was temporarily out of service for three days in connection with its delisting from Estonia’s register of bareboat charterers and its entry into the Åland Register of Ships on March 6.
    • As of March 6, VIKING XPRS sails under the Finnish flag.
  5. Summer Destination Cruises:
    • During the summer period, both GABRIELLA and VIKING CINDERELLA conducted various destination cruises to places like Visby, Sweden’s High Coast, Bornholm, and Åland.
  6. CINDERELLA and GABRIELLA Tandem Service:
    • From June 29 to August 6, CINDERELLA and GABRIELLA served in tandem on the Helsinki-Mariehamn-Stockholm route with stopovers in Tallinn.
    • On August 7, CINDERELLA returned to its regular day cruise service between Stockholm and Mariehamn.
    • VIKING GLORY was launched into service on the Turku-Mariehamn/Långnäs-Stockholm route on March 1, 2022.
    • VIKING GRACE served this route alongside VIKING GLORY.
    • AMORELLA ceased operating on this route on February 28, 2022.
    • Both VIKING GLORY and VIKING GRACE were taken out of service for planned work in September 2023.
  8. Passenger and Cargo Statistics:
    • The total number of passengers on the Group’s vessels during this period was 3,818,810.
    • The Group had a total market share in its service area of approximately 35.2%.
    • Market demand for travel has been significantly higher compared to the same period last year, partly due to the reduction in pandemic restrictions.
  9. Cargo Volume:
    • The Group’s total cargo volume for the period was 93,565 cargo units.
    • The Group’s share of the cargo market was approximately 16.7%.
    • Demand for cargo in the service area decreased during the third quarter of 2023 compared to the same period last year, likely due to economic uncertainty in the region. However, the number of cargo units transported increased.
  10. Passenger Cars:
    • The market share for passenger cars was approximately 29.0%, which is a decrease compared to the previous year (32.9%).
    • This decrease can be attributed, in part, to the termination of the short-haul Kapellskär-Mariehamn route.