• 2018 May 8 13:48

    Finnlines reports 1Q revenue of 134.9M, a 11.6% growth

    Revenue of Finnlines in the January - March period of 2018 totaled EUR 134.9 (120.9 in 2017) million, representing an increase of 11.6%, EBITDA for the three month period reached EUR 34.3 (28.0) million (+22.5%). Result for the reporting period was EUR 16.5 (11.1) million, (+48.6%) and interest-bearing debt increased by EUR 5.4 million and was EUR 492.3 (486.9) million at the end of the quarter, the Company's financial review shows.

    Emanuele Grimaldi, President and CEO comments the results: "The year has started extremely well with increased revenue, EBITDA and net result. The January–March 2018 result for the period increased by 48.6 per cent to EUR 16.5 million. Earnings before interest, taxes, depreciation and amortisation, EBITDA, came to EUR 34.3 million and revenue increased by 11.6 per cent to EUR 134.9 million.

    We have systematically invested in our fleet and focused on our customers. In our ongoing EUR 70 million Energy Efficiency and Emission Reduction Investment Programme, under which Breeze series ro-ro vessels will be lengthened, we will provide increased cargo capacity and flexibility. The programme is proceeding according to plan and the first three vessels have already been lengthened and returned to service. The fourth vessel will return to Finnlines’ operation in May 2018.

    Finnlines has decided to exercise the option for the lengthening of the two additional vessels. These two vessels will be converted between September and December 2018. This investment is also in line with our contribution towards sustainable development: by increasing our energy efficiency further we will contribute to reducing emissions per transported tonne.

    To serve our customers better and more efficiently we have also brought our refurbished Star class vessels on the routes Germany–Sweden and Finland–Sweden. MS Europalink has rejoined the Finnlines fleet and will undergo an extensive refurbishment in April. MS Finnswan will be deployed on the Naantali–Långnäs–Kapellskär route and she will be one of the first ships of this length (218.8m) and with this level of cargo capacity (4,200 lane metres) to serve our customers between Finland and Sweden. MS Finnswan will be sailing under Finnish flag and is refurbished to meet the upgraded standard of Finnlines’ modern fleet.

    "Finnlines welcomes IMO’s decision to adopt an initial strategy on the reduction of GHG emissions from ships. This agreement will be an important driver, a regulatory framework, for the development of our processes. A mix of measures will be needed in a level of technological, operational and green energy".

    "We aim toward increased energy efficiency and reduced emissions. Thanks to a good operational performance and improved cash flow generation, we have invested over EUR 1 billion in the past 12 years in modern fleet, environmental technology, lengthenings, fuel efficiency and maritime safety. With our newbuilding orders we will remain forerunners in our sector, through continued investments in green technology, digitalisation and automatisation, and other technologically advanced solutions".

    "Key elements of our strategy are to grow together with customers, focus on increasing efficiency of capital employed in our fleet and to continue investing in sustainable development. It can be concluded that our strategy is working – and it is indeed working well. We continue to focus on our customers and our efficiency, and will be completing our Energy Efficiency and Emission Reduction Investment Programme during 2018. The Finnish sea freight industry volume growth is expected to continue at a positive pace and therefore, we are confident that the year 2018 will be another successful year for Finnlines.”

    Finnlines is a leading shipping operator of ro-ro and passenger services in the Baltic Sea, the North Sea and the Bay of Biscay. The Company is a part of the Grimaldi Group, one of the world’s largest operators of ro-ro vessels and the largest operator of the Motorways of the Sea in Europe for both passengers and freight. This affiliation enables Finnlines to offer liner services to and from any destination in the Mediterranean, West Africa as well as the Atlantic coast of both North and South America.




2020 April 3

18:42 Concordia Damen nominated to build new, sustainable training vessel for STC Group
18:27 Diana Shipping announces time charter contract for m/v Alcmene with Cargill
18:07 Breakbulk Europe to take place from 29 September to 1 October 2020
17:51 Northern Sea Route cargo traffic in 3M’2020 totaled 7.83 million tonnes, up 7.7% YoY
17:28 ECSA Board: Shipping industry keeps Europe running but will need more EU support to recover
17:14 Tallink continues transporting passengers on Tallinn-Helsinki route
16:50 GT Morstoy completed slope protection under LUGAPORT project
16:25 World Maritime University stays connected in uncertain times
15:46 FESCO provided agent services for vessel delivering platform of Sea Launch spaceport to Primorye Territory
15:22 Rosmorport's Azov Basin Branch carries out measures to prevent COVID-19 spread
14:57 New bunker alert service available for BIMCO members
14:33 NUTEP recognized as best in Basic business activities nomination of Best Stevedore contest
13:49 DeloPorts continues to operate despite quarantine and days off in Russia
13:24 AS Tallink Grupp published its statistics for March and first quarter of 2020
13:01 Zeebrugge Port Authority facilitates extra ground for port users in need due to corona crisis
12:40 Crisis caused by Covid-19 brought changes and highlighted new opportunities for port of Riga
12:18 Sea Port of Saint-Petersburg JSC arranged testing of its employees to detect coronavirus
12:15 Ocean Yield ASA announces delivery of modern dry bulk vessel with long-term charter
11:52 Vladimir Solodov appointed as Acting Governor of the Kamchatka Territory
11:00 Samherji Holding granted an exemption from mandatory bid obligation in Eimskip
10:49 Сorvettes of RF Navy's Baltic Fleet completed training anti-submarine missions at sea
10:21 Brent Crude futures price is down 4.51% to $28.69, Light Sweet Crude – down 5.73% to $23.87
10:00 Bunker prices continue falling at the port of Saint-Petersburg, Russia
09:42 Viking Line continues service in the Baltic Sea
09:36 Yury Bezdudny appointed Acting Governor of Nenets Autonomous Area
09:18 Baltic Dry Index is flat at 624 points
09:09 MABUX: Bunker market this morning, Apr 03
08:33 Ocean Network Express issues its first electronic Bill of Lading

2020 April 2

18:27 FSL Trust completes disposal of crude oil tanker
18:07 CMA CGM announces that this Low Sulphur Surcharge is not applicable
17:54 Aleksandr Tsybulsky appointed as Acting Governor of Arkhangelsk Region
17:31 MAN Energy Solutions's low-speed, dual-fuel engines pass 1,000,000 operating hours
17:16 VARD secures contract for one stern trawler for Framherji
16:59 DHT Holdings announces time charters for six of its VLCCs
16:30 Navigation season opens on the Lower Volga
15:48 PGNiG commences operations at Klaipėda LNG Reloading Station
15:15 World’s largest and most efficient krill trawler to be designed by Wärtsilä
15:13 SMM: Shipping industry steers towards digitalisation
14:49 Bunker prices show no considerable changes at the Far East ports of Russia (graph)
14:26 Vitol Group establishes foothold in Singapore bunker operations
14:02 A.P. Moller - Maersk completes acquisition of Performance Team
13:37 Law ranking heavy fuel oil as medium distillate comes into effect
13:14 Hapag-Lloyd announces GRI from East Asia to East Coast and West Coast of South America, Mexico, Caribbean and Panama
12:52 Covid-19: Passenger transportation by seaborne transport and traffic of small-size ships banned in Crimea
12:25 ABP update: port operations remain open for business
12:01 ABS expands remote survey services
11:28 IMO urges keyworker exemptions for crew changes and repatriations
11:18 Tallink Grupp’s vessel Victoria I to make two return trips on Tallinn-Helsinki-Tallinn route on 2-3 April
10:43 Russian President signs Decree on establishment of Marine Instrument Engineering Corporation
10:21 Brent Crude futures price is up 12.5% to $27.83, Light Sweet Crude – up 10.5% to $22.44
10:06 Jan De Nul nears completion of fabrication of foundations for Taiwan’s Changhua Offshore Wind Farm
10:00 Financing of Nizhegorodsky hydrosystem project to be redistributed in favor of NOVATEK’s projects
09:59 VARD signs contract with P/F Akraberg for the design and construction of a sophisticated unit
09:46 MABUX: Bunker market this morning, Apr 02
09:19 Baltic Dry Index is down to 624 points

2020 April 1

18:36 Diana Shipping announces direct continuation of time charter Ccontract for m/v Myrto with Cargill
18:06 CMA CGM to apply Port Congestion Surcharge for reefer cargo to Philippines (Manila and Subic ports)
17:54 Oil shipments via CPC Marine Terminal in 3M’20 climbed by 4.7% YoY to 16.93 million tonnes with new monthly record set in March
17:35 New BIO SEA BWTS approved by USCG and IMO
17:20 Throughput of port Azov in 3M’2020 fell by 19% to 1.38 million tonnes