• 2021 April 30 10:31

    Tallink Grupp publishes 2021 first quarter financial results

    Tallink Grupp has announced its unaudited financial results for the first quarter of 2021. In the quarter the company’s unaudited net loss amounted to EUR 34.4 million (net loss of EUR 30.2 million in Q1 2020). The group’s unaudited consolidated revenue was EUR 53.7 million, which is a 65.3% or EUR 101.2 million decrease compared to the same period in 2020. At the same time, the group’s unaudited EBITDA was not considerably worse than in 2020, amounting to EUR -6.3 million (EUR -1.3 million in Q1 2020).

    The group’s investments in the first quarter of 2021 were significantly lower than those in the same period in 2020 and amounted to EUR 4.2 million. Due to the changed economic environment and suspension of vessel operations, ship-related investments were kept to minimum and only critical maintenance and repair works were performed. Major investments were all carried out in 2020, so the company expects the level of investments required for the rest of 2021 to remain low.

    Compared to the same period in 2020, the company’s workforce had reduced to just over 3,900 employees in Q1 in 2021. Significant reductions in personnel related costs were already evident in Q1 2021 and the company expects to further feel the impact of the difficult decisions made in 2020 throughout the year.

    The company continues to maintain a strong liquidity buffer of EUR 96.4 million, combined in cash and unused credit lines. In addition, the company also has EUR 90.0 million of undrawn part of a working capital loan from Nordic Investment Bank.

    Commenting on the first quarter results, Tallink Grupp’s CEO Paavo Nõgene said: “We knew this was going to be a tough quarter when the virus situation showed signs of worsening and it was clear that new travel restrictions would be imposed and existing travel restrictions would continue. In Q1 2020 we had at least had two months of more or less normal operations, whereas this year all three first months of the year have meant operating within tight restrictions and limits.

    “Like everyone in the travel and international transport sectors, we are continuing with extreme levels of flexibility and creativity, keeping all costs under tight control, seeking alternative revenue sources, revising short-term and long-term plans on a weekly basis and planning scenarios A, B and C. At the same time, we are, looking forward to our governments and authorities and EU institutions to make some headway with vaccinations, vaccination passports and other steps that will enable and ease travelling at least within Europe as soon as possible.

    “Despite the significant drop in our revenue in the first quarter this year, I am pleased that we have managed to avoid as significant a decline in our EBITDA and this, of course, is the result of our significant efforts in cost control, increasing efficiencies and also the various support measures we have been able to utilise. In comparison with the Q1 of a normal operating year 2019, our revenue decreased by EUR 152 million, but the total impact on our EBITDA was roughly EUR -10 million. So, we are grateful to our governments and all our employees for the support and effort in helping us keep our nose above water during this difficult time.

    “I am personally very pleased to see that the number of Tallink Grupp’s shareholders has continued to grow in these challenging times, reaching a total of 25702 shareholders to date. To me this is a clear sign of our shareholders’ faith and trust in us and the steps we continue to take to secure the sustainability of our business, and we plan to do everything in our power to offer our shareholders a good dividend yield again in the future.

    “We sincerely hope that we are able to implement at least some scenarios we have prepared for the summer this year in the near future and thus ensure that the results for the next quarters of 2021 will start to show better results. The team here at Tallink Grupp is certainly ready and motivated to make it happen.”

    AS Tallink Grupp is one of the leading providers of passenger transport and cargo transport services in the northern part of the Baltic Sea region. The company owns 15 vessels and operates a number of ferry routes on the Baltic Sea under the brand names of Tallink and Silja Line. AS Tallink Grupp employs around 4000 people in Estonia, Finland, Sweden, Latvia, Russia and Germany. In 2020, the year of the global COVID-19 pandemic, Tallink Grupp provided services to 3.7 million travellers and transported nearly 360 000 units of cargo. The shares of Tallink Grupp are listed on the Tallinn Stock Exchange and Nasdaq Helsinki Stock Exchange.

2021 May 14

18:46 Pilbara Ports Authority posts results for April 2021
18:23 Onezhsky Shipyard launches Ice Arc5 tug Pomor built for Rosmorport
18:06 Port of Southampton announces second Shore Power connection
17:53 Warships of RF Navy's Pacific Fleet completed visit to Singapore
17:36 ICS releases Vaccination Roadmap to quicken seafarer jab rollout
17:16 Maersk secures daily rail services from Felixstowe to respond to Brexit and COVID-19
16:54 Throughput of Murmansk Sea Fishing Port in 4M’2021 fell by 3.7% YoY
16:31 DNV, the University of Bristol and Percepetual Robotics launch new research project to develop automated verification of offshore wind turbine inspection results
16:11 Port of Los Angeles container volumes up 37% to 946,966 TEUs in April 2021
15:25 Fincantieri and Amazon Web Services team up to power the digitization and competitiveness of Italy with cloud computing
14:56 Rosneft reports its 1Q 2021 net income of RUB 149 bln
14:17 Port of Liepaja throughput in 4M’2021 climbed by 1.6% Y-o-Y
13:34 Nevsky Shipyard delivers cargo-passenger vessel of Project PV22, Pavel Leonov, to the customer
12:25 Throughput of port Kavkaz in 4M’2021 fell by 15% Y-o-Y
12:03 Austal Australia delivers two cape-class patrol boats to Trinidad and Tobago Coast Guard
11:58 Port of Oakland sets all-time cargo record in April 2021
11:49 Daphne Technology seeks financing through crowdfunding platform
11:28 Throughput of Russian seaports in 4M’2021 fell by 4.2% Y-o-Y
11:09 Rosmorport commences dredging at the port of Arkhangelsk
10:46 Rosmorport announces competition on dam strengthening at Kaliningrad Maritime Channel
10:17 HCS and CyberLogitec partner in TOS implementation at finished-car logistics terminal in Yarimca, Turkey
10:13 Acceptance certificate signed for Phase 1 (preparation) of Bagayevsky hydrosystem
09:45 Oil prices decrease on demand concerns
09:28 Höegh Autoliners onboard more vessels to Kongsberg Digital’s Vessel Insight
09:12 Baltic Dry Index as of May 13
08:24 Port of Ayr completes £2.2m investment strategy with new crane delivery

2021 May 13

18:41 DFDS ferry volumes up 50% in April 2021
18:13 Sealand adds weekly Port of Wilmington call to its NAE service
17:54 Sparta III delivered yet another cargo to Franz Josef Land
17:37 COP26 in focus as UNGC gathers leaders at Nor-Shipping’s Ocean Now
17:30 Oboronlogistics took part in BREAKBULK RUSSIA 2021
17:02 Admiral Makarov University took part in ARCSAR workgroup
16:28 IAPH renews ties with WCO
16:05 VoltH2 and Virya Energy sign cooperation agreement for development of green hydrogen plant in North Sea Port
15:37 12th Arctic Council Ministerial meeting convenes in Reykjavík
15:13 Bunker Weekly Outlook, Week 19, 2021
15:04 Klaveness joins collaboration project to evaluate the potential role of carbon capture in meeting shipping’s near-zero emissions target
14:52 Wärtsilä Cargo Handling and Fuel Supply Systems again selected for Oriental Energy vessels
14:32 Capital Link Maritime Forum - Norway to take place on 26-27 May 2021 as digital event
13:48 Cargo traffic within Azov-Don Basin of Russia’s IWWs grew fell by 26% in 4M’21
12:46 Shell Marine expands shipcare network, offering customers greater convenience and smoother operations
12:29 Small anti-submarine ships of White Sea naval base commence training maneuvers at sea
12:00 Mitsubishi Shipbuilding holds christening and launch ceremony in Shimonoseki for large ferry built for Meimon Taiyo Ferry
11:50 Singapore and Rotterdam successfully complete trial with electronic bill of lading
11:37 Bunker sales at Vladivostok port in 4M’2021 fell by 26% YoY
11:09 Port of Long Beach container volumes up by 43.6% to 746,188 TEU in April 2020
10:42 TSUNEISHI SHIPBUILDING collects actual operation data by IoS-OP
10:33 RF Government approves new composition of its Marine Board
10:09 Bureau Veritas partners with North Sea Energy program
09:44 Damen launches RoPax 6716 for the Port Authority of Timor-Leste
09:41 Oil market sees downward price correction
09:24 Baltic Dry Index as of May 12
09:08 RINA certifies the improvement of the energy efficiency of Grimaldi ro-ro fleet
08:45 UN launches the Human Rights Due Diligence Tool for seafarers

2021 May 12

18:36 Rolls-Royce to supply mtu generator sets for U.S. Navy frigate program
18:06 COSCO SHIPPING Ports successfully launches green finance framework
17:54 Severnaya Zvezda shipped second batch of equipment for Taimyr coal cluster facilities
17:36 High demand sees Teesport Bulks Terminal sign third major deal in eight months
17:16 Port of Antwerp and the City of Antwerp kick off The Tall Ships Races 2022
16:53 Valenciaport exceeds one million export containers for the first time in a year