Finland-based shipowner Finnlines says it will make a Q1 pre-tax loss of between euros25m and euros30m. A statement says: “In the Financial Statement Bulletin published in February, Finnlines stated that the overall economic development in Europe and in the whole world casts uncertainty over the business environment. The sharp drop in cargo volumes, which started during the last quarter of 2008, has continued in all lines and in port operations.
The company says: “Finnlines has started a number of actions to respond to the difficult market conditions. The actions include adjustment of the capacity to the demand where possible, cost-saving initiatives, personnel adjustments, and even divesting non-core business.
The company says: “Finnlines has started a number of actions to respond to the difficult market conditions. The actions include adjustment of the capacity to the demand where possible, cost-saving initiatives, personnel adjustments, and even divesting non-core business.