• 2021 February 25 17:42

    Finnlines Plc issues its Financial Statements 2020 and Financial Review for 2020

    fs 2020 345a3068 twitter linkedin 1024x628Finnlines Plc has issued its Financial Statements 2020 and Financial Review for January-December 2020. Emanuele Grimaldi, President and CEO of the company, comments in conjunction with the review:

    “Finnlines Group’s turnover was EUR 484.0 (574.8) million in the reporting period, a decrease of 16% compared to the same period in the previous year. The EUR 91.0 million turnover reduction against last year consisted of a sharp passenger revenue loss due to the corona pandemic of EUR 21.4 million, and a freight turnover loss of EUR 70 million. Quite importantly, EUR 47 million of the said freight turnover reduction stemmed from a reduction of bunker surcharges asked from clients during pandemic. The bunker surcharge reductions awarded from Finnlines to clients as from March 2020 were far beyond what was awarded from Finnlines to clients during the previous years, and also far beyond what was awarded from Finnlines competitors to clients in the same period. We are proud to state that this policy resulted in a net saving for clients in one of the toughest period for Finnish economy, and it has been made possible thanks to the logistic efficiencies made by our Group.

    Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 140.8 (169.8) million, a decrease of 17%. At the end of the first quarter, Finnlines reacted promptly to the first signs of the widespread economic fallout of the ongoing crisis and initiated a cost saving plan to mitigate the Covid-19 impact. We were not, of course, immune, but our flexibility and agility, which are based on an in-depth industry knowledge, allowed us to successfully implement the cost saving plans. As a result, we maintained a feasible profitability throughout the latter part of the year and the result for the reporting period was EUR 69.7 (98.3) million, which we are very proud of. Finnlines alone transports more than a third of the one million rubber-tyred units, i.e. trucks and trailers, which move annually across Finland’s three main sea bridges, Finland–Sweden, Finland–Germany and Finland–Estonia. Finnlines is a critical player in transporting medicines, foodstuffs and other commodities to Finland. Furthermore, Finnlines is an important carrier of industrial products, spare parts, machinery and equipment. As an example, Finnlines’ Naantali–Långnäs–Kapellskär route is the most important western maritime route in safeguarding the security of supplies for Finland. Finnlines is the market leader in maritime transport between Finland and Sweden.

    In 2020, we reached an important milestone in our EUR 0.5 billion green newbuilding programme. All three ultra green hybrid ro-ro vessels are now undergoing different construction stages and the investment programme continues as planned, on schedule and as budgeted. The vessels will be built with the latest technology available to ensure the lowest carbon dioxide and other emissions. In addition, lithium-ion battery systems will allow zero-emissions at port. Deliveries of all three recently named vessels in the series, Finneco I, Finneco II and Finneco III, are expected between November 2021 and April 2022. In addition to these three ro-ro vessels, we have also ordered two eco-efficient Superstar ro-pax vessels, which are scheduled to start operating in 2023. Superstar ro-pax vessels will bring new innovative solutions to our services and the environmental perspective is taken into account everywhere. The new ships will have a full intake up to 5,100 lane metres and 1,100 passengers.

    Regardless of our pivotal supply role, green and sustainable leadership and despite Finnlines’ turnover and profitability have also declined due to economic slowdown, we were not made part of any of the EUR 70 million maritime public financial aid distributed to other shipping companies during the Covid-19 pandemic. On the contrary, we found ourselves to compete in a very tough period, with a lot of sustainable investments ongoing, against competitors operating on the same routes, with same type of services, but without enjoying at all their subsidies. This of course cause to Finnlines harm and difficulties. Furthermore, this has proved to be inequal, distortive of market rules and against the EU market laws. We therefore still dare to suggest a more equal, horizontal, green and proportional distribution of public aids.

    Looking into 2021, regular high frequency traffic between Finland and the rest of Europe will continue to be the foundation of Finnlines’ operations as well as continued investments in sustainability. By constantly renewing and developing the fleet for our customers,  using the latest technology and innovations, we can proudly say that we are Finland’s premier seafreight operator.”




2021 April 10

15:14 NAPA joins Finnish Clean Propulsion Technologies consortium to accelerate development of low-carbon solutions in shipping
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2021 April 9

18:08 Everfuel signs MOU for hydrogen supply to new zero-emission ship concept
17:45 SASCO’s new ship SASCO ALDAN leaves for first voyage
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16:54 DCT Gdańsk achieves 15 million TEU milestone
16:37 30 countries join global initiative to tackle marine litter
16:26 Container terminal in Świnoujście to let using inland navigation as a method of hinterland transport
15:48 Port of Long Beach container volumes up by 62.3% to 840,387 TEU in March 2020
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14:02 SEA-LNG welcomes Puget LNG to coalition
13:49 Port of Liepaja throughput in 3M’2021 declined by 1.3% Y-o-Y
13:14 New ICS Guidance on Maritime Security launched
12:51 Finnish Transport and Communications Agency published Year 2020 at Traficom review
12:14 The US has introduced new safety requirements in the maritime transportation system
11:22 Newly established Northern Dvina River Shipping Company commences operation in Arkhangelsk Region
11:14 GTT receives an order from Hyundai Heavy Industries for the tank design of two new Very Large Ethane Carriers
10:58 Stena Livia joins the Baltic Sea fleet
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09:55 RF Navy's frigate Admiral Kasatonov passed the Pas-de-Calais
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09:19 Baltic Dry Index as of April 8
08:20 CMA CGM launches the first low-carbon shipping offer by choosing biomethane

2021 April 8

18:41 The first ship affected by the blockage in the Suez Canal to arrive in Barcelona is operating normally
18:14 Port of Rotterdam reduced its total carbon emissions by 27% in 2016-2020
17:52 New Smiltynė Ferry Terminal ferry is about to be completed
17:25 Sea Port of Saint-Petersburg conducted transshipment of deep-submergence rescue vehicle
17:07 Bunker Weekly Outlook, Week 14, 2021
16:24 Throughput of Murmansk Sea Fishing Port in 3M’2021 climbed by 1% YoY
15:59 BIMCO supports global seabed mapping initiative
15:36 SAFEVUE.ai selected by Eaglestar as maritime shifts towards safety solutions centred around human factors
15:00 Damen delivers new LUV 1908 aquaculture support vessel to Organic Sea Harvest
14:48 KN announces market consultation on acquisition of FSRU
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13:03 Oboronlogistics meets requirements of ISM Code
12:21 MAN Energy Solutions starts ‘AmmoniaMot’ project
12:06 Revision in Port Dues Rates in the Port of Singapore
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11:24 Waterways of Saint-Petersburg to open for small-size ships on April 15
11:03 Port of Melbourne welcomes longest vessel to dock in Melbourne
10:35 Rosmorport set to complete dredging of KSK grain terminal’s operating water area this year
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10:07 Nor-Shipping gathers hydrogen leaders to map out fuel of the future at Ocean Now
09:51 Throughput of Yeisk port in 3M’21 rose by 22% YoY
09:28 Oil prices start decreasing
09:10 Baltic Dry Index as of April 7
08:09 DP World to invest £40M in the development of the Southampton terminal

2021 April 7

18:47 MISC takes delivery of its sixth very large ethane carrier
18:26 HMM Nuri fully laden on maiden voyage
18:16 Chairman of the Suez Canal clarified some key facts about an unprecedented incident in the history of the Suez Canal
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16:51 ABB AS and Siemens Energy awarded new service agreements for electrical equipment at offshore and onshore facilities in Norway
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