• 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 16

13:12 GTT upgrades its NO96 technology to further reduce the guaranteed Boil Off Rate
12:40 IMO asked to include industry standard on in-water cleaning in its on-going work
12:05 Valenciaport traffic up in March 2021
11:47 Consolidated marine container throughput of Global Ports declined 5.9% in Q1’2021
11:26 Tuapse Sea Commercial Port increased its throughput by 9% in 3M’2021
11:05 The newest ocean cruise ship “Viking Venus” delivered in Ancona
10:34 Rosterminalugol’s coal exports in 3M’21 totaled 6.05 million tonnes
10:12 Crowley begins use of biofuel to power tug Veteran
09:50 Finnish Government proposes amendments to Water Traffic Act
09:27 Oil prices are slightly up
09:09 Baltic Dry Index as of April 15

2021 April 15

18:45 The UAE aims to attain the No. 1 status in Global Food Security Index by 2051
17:58 Public Ferry Terminal in Gdynia to be completed in June
17:35 Tidewater chooses Topsoe’s HydroFlex™ and H2bridge™ technologies for renewable diesel production
16:57 Black Sea Fleet ships go to sea as part of a control check during the winter training period
16:40 Flex LNG and Cheniere enter into time charter party agreements
16:09 Jumbo Shipping and SAL Heavy Lift launch Jumbo-SAL-Alliance
15:44 Wärtsilä caps record-breaking year with scrubber order at Japan Marine United shipyard
15:32 ViaSea Shipping AS based in Norway launches its branch office in Gdynia
15:14 DNV awards world-first Smart notation to CMHI’s offshore rig
15:08 Bunker Weekly Outlook, Week 14, 2021
14:57 The company of the Riga Port produces world-class aluminum high-speed boats
14:36 Servicing Capesize vessels in the port of Riga facilitates access to new cargo and distant markets
14:31 Trafigura to co-sponsor development of MAN Energy Solutions ammonia engine
14:14 NextDecade and Mitsubishi Heavy Industries America sign ESA for carbon capture at Rio Grande LNG project in Texas
13:53 BHP, Oldendorff and GoodFuels successfully complete first trial with biofuel supplied in Singapore
13:35 Sparta III delivered cargo for construction of airfield in Arctic
13:13 UECC floats first of three LNG battery hybrid PCTCs
12:59 Cargo transit potential of Northern Sea Route estimated at several million tonnes per year
12:30 Seaports of Okhotsk Sea and Tatar Strait increased their throughput by 15% in 3M’21
12:11 DEME Offshore and Penta-Ocean establish JV to develop Japan’s offshore wind industry
11:41 Panama Canal Authority postpones planned price hike following calls from shipping industry
11:29 Atomflot estimates technical readiness of icebreaker Sibir at 88%
11:07 Georgia Ports Authority orders 28 Konecranes container cranes as larger ship traffic grows
10:34 BHP, Oldendorff and GoodFuels successfully complete first trial with biofuel supplied in Singapore
10:17 Traffic along the Northern Sea Route may become year-round in the near future – Vladimir Putin
10:16 Damen Shiprepair Amsterdam readies HNLMS Evertsen for voyage to Japan
09:52 Advanced technologies for HES waterproofing, repair and corrosion protection to be discussed at online webinar on April 27
09:33 Oil prices start decreasing after a period of growth
09:15 Baltic Dry Index as of April 14

2021 April 14

18:14 Stockholm Exergi orders Agilon automated warehouse solution from Konecranes
17:41 Throughput of Kaliningrad port in 3M’2021 fell by 13% Y-o-Y
17:41 Alblasserdam’s Container Transferium gets ready for further growth
17:12 ABS publishes guidance on shipping power and propulsion decarbonization technologies
16:53 Throughput of port Vyborg in 3M’2021 rose by 47% Y-o-Y
16:30 The Korean Register publishes technical report for ammonia fueled ships supporting the commercial adoption of ammonia as ship fuel
16:14 Throughput of port Vysotsk in 3M’2021 fell by 5% Y-o-Y
15:56 Throughput of port Primorsk in 3M’2021 fell by 22% Y-o-Y
15:32 GTT receives an order from Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of a new LNG carrier
14:47 Omsk River Port to arrange pilot voyage for grain exports to China by Irtysh river this year
14:25 ABS joins SOFC4Maritime fuel cell development JDP
13:43 Krasnoye Sormovo shipyard launches RSD59 ship Nikolai Leonov built for Alfa LLC
13:22 Wärtsilä signs an agreement with NYK and MTI to evaluate Expert Insight predictive maintenance service
12:59 Port of HaminaKotka throughput in 3M’20201 fell by 2.3% YoY
12:20 Port of Oakland imports up 45 percent in March 2021
12:06 Port of Ust-Luga throughput in 3M’2021 fell by 5% Y-o-Y
11:34 FESCO and NtechLab to collaborate in digital field
11:10 Grimaldi Group buys five ro/pax vessels and two terminals in the ports of Valencia and Barcelona from Armas Trasmediterránea Group
11:02 Panama Canal provides additional time for implementation of Transit Reservation fees adjustments
10:43 FESCO completed first intermodal transportation of containerized fish products from Russia to Germany