Finnlines, the Finnish short sea shipping line, reported sharply higher second-quarter earnings and revenues driven by a recovery in North Sea and Baltic roll on-roll off traffic. The carrier, which is owned by Italy’s Grimaldi group, earned $38 million before interest, tax, depreciation and amortization in the three months to June 30 against $19.5 million a year earlier on revenues 22.9 percent higher at $198.6 million.
This almost tripled first half earnings to $58.9 million from $19.4 million in the 2009 period and lifted revenues by 13.5 percent to $356.7 million.
Cargo volumes have started to recover from the sharp drop in early 2009 but still remain at a relatively low level, the Helsinki-based carrier said.
Finnlines’ first quarter traffic was hit by severe ice conditions in the northern Baltic Sea and a 16-day strike by Finnish stevedores.
Container, truck and trailer unit imports into Finland rose by 12 percent and exports increased by eight percent between January and May 2010 compared with the year earlier period.
But truck and trailer traffic between Sweden and Germany shrunk by 4 percent in the same period.
Finnlines, which operated 23 vessels in the second quarter, said it expects a positive full year result due to extensive cost cutting, improved utilization of its fleet and increased cargo and passenger volumes and revenues.
The company said the outlook for global ro-ro market is better than other shipping sectors, which are facing overcapacity due to deliveries of new vessels. Around 50 percent of the world’s ro-ro fleet is over 25 years old and needs to be scrapped for environmental reasons.
Finnlines has six ships under construction in China with deliveries scheduled between the first quarter of 2011 and the final quarter of 2012.
This almost tripled first half earnings to $58.9 million from $19.4 million in the 2009 period and lifted revenues by 13.5 percent to $356.7 million.
Cargo volumes have started to recover from the sharp drop in early 2009 but still remain at a relatively low level, the Helsinki-based carrier said.
Finnlines’ first quarter traffic was hit by severe ice conditions in the northern Baltic Sea and a 16-day strike by Finnish stevedores.
Container, truck and trailer unit imports into Finland rose by 12 percent and exports increased by eight percent between January and May 2010 compared with the year earlier period.
But truck and trailer traffic between Sweden and Germany shrunk by 4 percent in the same period.
Finnlines, which operated 23 vessels in the second quarter, said it expects a positive full year result due to extensive cost cutting, improved utilization of its fleet and increased cargo and passenger volumes and revenues.
The company said the outlook for global ro-ro market is better than other shipping sectors, which are facing overcapacity due to deliveries of new vessels. Around 50 percent of the world’s ro-ro fleet is over 25 years old and needs to be scrapped for environmental reasons.
Finnlines has six ships under construction in China with deliveries scheduled between the first quarter of 2011 and the final quarter of 2012.