• 2021 July 29 11:46

    Ongoing travel restrictions continue to impact Tallink Grupp financial results in Q2 2021

    Tallink Grupp has today published its 2021 second quarter financial results, which continue to be impacted by the ongoing travel restrictions due to the COVID-19 pandemic.

    In the second quarter (1 April – 30 June) of the 2021 financial year, Tallink Grupp carried a total of 427 767 passengers, which is 10.2% more than in the second quarter last year. The number of cargo units transported increased by 6.0% in the same comparison and the number of passenger vehicles transported in Q2 2021 increased by 22.7% compared to the same period last year.

    The Group’s unaudited consolidated revenue increased by 32.5% or EUR 21.1 million in the second quarter of 2021 compared to the same period in 2020 and amounted to EUR 86.1 million. The unaudited EBITDA in the quarter was EUR 4.4 million (EUR 2.4 million in Q2 2020) and the unaudited net loss amounted to EUR 24.3 million (net loss of EUR 27.4 million in Q2 2020).

    Revenue from the company’s route operations (core business) increased in Q2 2021 by EUR 9.7 million compared to the same period in 2020 and amounted to EUR 66.1 million. Some of the other activities positively contributing to revenue increase during the quarter were the short-term charter of Silja Europa, various retail activities, including also Burger King operations and launch of the COVID testing service on board.

    The Group’s investments in second quarter of 2021 amounted to EUR 3.1 million (EUR 14 million in Q2 2020). 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. Investments were also made in the development of the online booking and sales systems as well as other administrative systems and in relation to the opening of Burger King restaurants.

    At the end of Q2 2021, the Group’s liquidity buffer remains strong at EUR 116.7 million (EUR 104.9 million at 30 June 2020) and the agreement by the Group at the end of the quarter with its financial partners on the amendment and the prolongation of the waivers of financial covenants and the postponement of principal payments under existing loan agreements, has provided further alleviation for the Group during the challenging times.

    Despite the challenges presented by the crisis, shareholder confidence in the group remains strong with the number of shareholders at the end of Q2 2021 being more than double compared to the end of 2019 and totalling 28 715 (13 670 at the end of 2019), out of whom more than 7000 are Finnish FDR holders.

    Commenting on the second quarter results, Tallink Grupp’s CEO Paavo Nõgene said:
    „The run-up and start of the 2021 high season has been very different from that of 2020. When in 2020 there was great hope and temporary relief in May and June that the world has beaten COVID and we were on the path to recovery, then this year we are all far more pragmatic, cautious and know that the world has not yet managed to defeat the pandemic and recovery is still a way off. With ongoing, but gradually reducing travel restrictions and a drop in traveller confidence due to strong messages from governments to only travel if you have to, the international transport and travel industry continues to face extreme difficulties, 17 months after the start of the pandemic.

    “In Tallink Grupp, the second quarter of 2021, was mostly spent on preparing for at least some operations and level of service during the summer high season, with our main focus on domestic cruises and services during tight restrictions, and a gradual re-opening of our regular routes as restrictions are lifted. It is positive to see that those passengers that do travel, are keen to enjoy everything on offer on our vessels and make the most of the shopping, dining, entertainment and relaxation opportunities available.

    “The start of the quarter still saw us offering very limited operations and services, but by the end of the quarter we managed to open up 3 of our hotels in Tallinn, saw marginally increased passenger numbers on the Tallinn-Helsinki route and were able to resume sailing with Silja Serenade on domestic routes and Silja Europa with no-disembarkation cruises, all of which have assisted with vital revenues, but also, just as importantly, staff morale and motivation.

    “The increase in EBITDA in the environment of continuously strict restrictions, significantly lower support measures and increasing fuel prices has been achieved only due to previously taken steps to increase cost efficiency and we will continue with tight cost control measures, careful planning and utmost flexibility, efficient operations and innovative approaches as we go into the second part of the year and I sincerely hope that the national vaccination progress will enable us all to avoid similar restrictions and lock-downs going forward that we have had to endure so far.“

    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 several ferry routes under the brand names of Tallink and Silja Line. AS Tallink Grupp employs around 4,000 people in Estonia, Finland, Sweden, Latvia, Russia and Germany. The shares of Tallink Grupp are listed on the Tallinn Stock Exchange and Nasdaq Helsinki Stock Exchange.

2021 September 24

15:03 Maersk invests in electrofuels startup company
14:40 International conference “Inland waterways: strategic potential for growth” focused on INFUTURE project was held on September 20
14:13 Dredge spoil disposal system planned for fairway deepening project
13:57 LAS Vice Admiral Kulakov went to the Atlantic
13:33 Wärtsilä ensures optimal performance and minimal carbon footprint for world’s most environmentally friendly ferry
13:09 Wan Hai Lines holds online ship naming ceremony for new vessels
12:38 Sredne-Nevsky Shipyard launched unmanned research ship Pioner-M
12:10 Record mid-year cargo volumes through the Port of Vancouver in 2021
11:46 SCF Group wins sci-tech award for development in Arctic exploration
11:02 Rolls-Royce and Overmarine continue cooperation with future-oriented mtu technologies
10:07 Tallink Grupp secures another short-term charter deal for vessel Silja Europa
09:59 MPA, SSA and GCNS sign MoU to raise carbon accounting capabilities amongst maritime companies in Singapore
09:41 MABUX: Global Bunker Market may continue firm upward trend on Sept 24
09:24 Crude oil prices continue increasing
09:09 Baltic Dry Index as of September 23

2021 September 23

18:05 Maersk calls Jafza home for its first Warehousing & Distribution facility in the UAE
17:25 GTT and Deltamarin receive AiP from American Bureau of Shipping for their new design applied for LNG fueled tanker
17:05 LR grows fleet optimisation offering with GreenSteam acquisition
16:25 The Port of Rotterdam Authority helps German DeltaPort to be a regional hydrogen hub
16:15 Panama Canal joins to the Call to Action for Shipping Decarbonization
15:39 Dry cargo vessel of RSD59 design, Alexander Ivanov, leaves for sea trials
15:21 ABS grants AIP for next generation liquified CO2 carrier JDP designs
15:05 Synergy Group to take over Maersk Tankers’ technical management business
14:37 DNV and LISCR award AiP to HHI for 40,000 CBM liquefied CO2 carrier design
14:17 Kaliningrad region and FESCO to cooperate in the field of logistics
13:48 Damen can build icebreaking ships for Russia’s Arctic projects within short timeframes
13:25 Sweden’s largest port solar cell system inaugurated at Stockholm Norvik Port
13:15 MABUX: Bunker Weekly Outlook, Week 38, 2021
12:56 Keel-laying of Damen tug series for Atomflot held in Saint-Petersburg
12:51 MSC invests in new efficiency solution to reduce emissions from fleet
11:00 13th Annual Capital Link Shipping & Marine Services Forum took place with great success on September 13, 2021
11:00 Rolls-Royce and Sea Machines sign partnership to cooperate on smart ship and autonomous ship control solutions
10:34 APM Terminals partners with Siemens for energy optimisation and emission reduction at terminals
09:58 Torqeedo and Fassmer Shipyard announce the CIT-E Ferry - a passenger ferry for public transport
09:46 MABUX: Global Bunker Market may demonstrate firm upward evolution on Sept 23
09:29 Crude oil prices continue increasing
09:14 Baltic Dry Index as of September 22

2021 September 22

18:05 ClassNK joins as signatory to Call to Action for Shipping Decarbonization
17:47 Localization level of LK-60 icebreakers estimated at 92% in finance terms
17:20 Torvald Klaveness joins over 150 industry leaders and organizations in call for decisive government action to enable full decarbonization of international shipping by 2050
16:55 SC Zvezda counts on signing contracts for 10 tankers under Vostok Oil project in October 2021
16:31 Transition to unmanned navigation and navigation with reduced crews will be possible in Russia in three years
16:30 LR, HHI and KSOE sign MoU to develop digital twin technology for an LNG carrier
16:10 APM Terminals Pipavav marks 1,000 days of safe operations
15:39 Wärtsilä and SHI agree to collaborate on ammonia fuelled engines for future newbuilds
15:14 NAVTEK proves first zero-emissions tugboat performance
14:43 Additional EUR 90 million to be invested in Saimaa Canal infrastructure development
14:14 Valmet AB orders Agilon automated warehouse solution and overhead cranes from Konecranes
13:57 Northern Sea Route will be covered with satellite communication services – expert
13:16 ABB’s Eero Lehtovaara appointed Chair of EU association Waterborne Technology Platform
13:13 LNG bunker terminal construction begins in Bilbao
12:04 Big Data Exchange, National University of Singapore and Sembcorp Marine to explore development of sustainable ocean Data centres
11:31 Russia’s Inland Water Transport Development Concept aimed at raising IWW cargo traffic by 65%
11:08 Pier T Terminal in the Port of Long Beach begins pilot program for 24-hour cargo pickup
10:40 Vadim Shpityak appointed as General Manager of Moby Dik and Yanino Logistic Park
10:15 Tollerort to become preferred hub for COSCO services
09:57 More than 300 ships to be built by 2032 under subsidized leasing programmes
09:40 Crude oil prices increase on reduction of reserves
09:39 MABUX: No firm price trend on global bunker market on Sep 22
09:22 Baltic Dry Index as of September 21