Finnlines’ Financial review January–June 2024
Finnlines Plc, Press release, Helsinki, 30 July 2024
Tom Pippingsköld, President and CEO, in conjunction with the review
The Finnlines Group’s revenue in January–June 2024 amounted to EUR 358.0 (336.4 in 2023) million. Earnings before interest, taxes, depreciation and amortisation, EBITDA, amounted to EUR 83.7 (89.6) million.
During the reporting period January–June Finnlines transported 400,000 (356,000 in 2023) cargo units, 47,000 (86,000) cars, and 658,000 (707,000) tons of non-unitised freight. In total, 409,000 (306,000) private passengers and professional drivers travelled. The number of private passengers has more than doubled on the route between Finland and Sweden via Åland Islands (Naantali–Långnäs–Kapellskär) after the introduction of two new Superstar vessels.
Finnlines opened a new line between Malmö (Sweden) and Świnoujście (Poland) on 10 April 2024 and an official inauguration took place on 28 May 2024 in Malmö port. The Polish economy has grown faster compared to many other European countries during the last 30 years. The line has opened a new important sea bridge between Sweden and Poland and, therefore, secures an important commercial trade route between the two ports and countries. The new route employs our ro-pax vessel, MS Finnfellow.
The prospects for the global economy seem to be gradually improving during the second half of 2024. In June, the European Central Bank (ECB) finally decided to decrease the interest rates by 0.25 percentage points. This decision should give a small boost to private consumption. However, rapid rate cuts are still needed by ECB in order to generate more industrial activity and real economic growth in the EU area.
Our EUR 500 million Green Newbuilding Programme was completed in February this year when our new ro-pax vessel, Finncanopus, started to operate from Naantali via Långnäs to Kapellskär. During the last two years, four other new vessels, one other ro-pax vessel, Finnsirius, and three Finneco ro-ro-vessels, which all have considerably added our fleet capacity and all are equipped with many energy-saving and advanced green technology equipment, have been delivered to us and started in our traffic. Therefore, we are able to reduce our older fleet and cut our costs for greater efficiency and for improved logistic service. We are also seeking further improvement by adjusting our fleet operations so that we can combine cargo flows more efficiently and fully utilise the economies of scale of our vessels and the whole fleet. This also includes that we sell vessels, which have too small capacity and/or no longer fulfil our environmental requirements.
Finnlines has a clear vision in its green strategy and we will therefore invest even more in sustainability and in safeguarding the environment. Finnlines is currently evaluating another EUR 400–500 million Green Investment Programme on the Finland–Germany route (Helsinki–Travemünde route). By continuing to invest more in green technology and in green fuel powered vessels, will also lower our clients’ CO2 footprint even further and the investments enable us to remain the number one Green carrier in the Baltic Sea.
More information:
Tom Pippingsköld, President and CEO, Finnlines Plc
tom.pippingskold@finnlines.com, +358 40 519 5041
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Finnlines Plc
Finnlines is a leading shipping operator of freight and passenger services in the Baltic Sea, the North Sea and the Bay of Biscay. The company is a part of the Grimaldi Group, one of the world’s largest operators of ro-ro vessels and the largest operator of the Motorways of the Sea in Europe for both passengers and freight. This affiliation enables Finnlines to offer liner services to and from any destination in the Mediterranean, West Africa, North and South America as well as Asia and Australia.