• 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 June 21

18:26 The Port of València to eliminate one million plastic bottles
17:37 Elcome expands presence in Europe
17:06 Jan De Nul Group installs 72 wind turbines for the 604 MW Kriegers Flak wind farm
16:59 ICC Greenland joins the Arctic Economic Council
16:12 DNV completes successful concept verification review of Odfjell Oceanwind’s WindGrid™ floating wind power system
16:08 USCG conducts medevac 10 miles north of Manasquan Inlet, New Jersey
14:58 Port of Gdynia reports record high handling of liquid fuel
14:29 PortNews offers new edition of its magazine
13:10 Stena Line takes delivery of Stena Scandica
12:46 Average spot market price for Russian M100 product fell to RUB 22,767 pmt
12:03 KENC wins contract for design noise mitigation deployment system
11:45 State Customer Directorate announces competition for construction of 18-MW multifunctional rescue ship
11:29 Robust growth puts Inchcape Liner Division in pole position
11:13 Damen reaches major milestone in fully - electric tug project
11:01 CMA CGM announces FAK rates from the Middle East Gulf to North Europe
10:29 India to host Multimodal Logistics - Transport Summit on 29-30 September 2021
10:10 Port of Gdynia throughput in January-April 2021 rose by 6.7% YoY
10:00 Port Authority of Jamaica’s new Damen Utility Vessel 3911 arrives
09:47 MABUX: bunker indexes may rise on June 21
09:21 Oil market opens week with growing prices
09:07 Baltic Dry Index as of June 18

2021 June 20

15:12 Puerto Rico Ports Authority welcomes JAXPORT leadership to San Juan
14:32 10 consecutive months of positive year-over-year growth in the Port of Savannah
13:24 Fincantieri Marinette Marine team celebrates the keel laying of the LCS 31
12:08 IMO adopts key mandatory measures to reduce ships’ carbon intensity; establishes ship rating system
11:02 USCG invistigating allision between USS Cod and Coast Guard Cutter Morro Bay

2021 June 19

15:37 BIMCO welcomes updated IMO Compendium to advance electronic data
14:19 TradeLens digital shipping platform adoption grows in China
13:49 Bimco launches initiatives to address shipping’s plastic footprint
12:31 First cruise passengers of the year in Gothenburg go ashore in a bubble
11:23 Austal Australia delivers 11th Guardian-class patrol boat

2021 June 18

19:30 Royal IHC hands over the second cutter suction dredger to Suez Canal Authority
18:02 Consolidated cargo turnover of NCSP Group in 4M’2021 fell by 18.7% YoY
17:39 Safety management of Sparta IV complies with the ISM Code
17:15 Oboronlogistics' Sparta III allowed to sail in Northern Sea Route waters
16:47 Acceptance/delivery certificate signed for non-self-propelled suction hopper dredger of Project 4395 built for Kama Basin
16:14 BIMCO publishes new standalone Refund Guarantee for Shipbuilding Contracts
15:51 FESCO opened seasonal transportation to the ports of Chukotka
15:30 CMA CGM to enhance its BSMAR service connecting Black Sea & Turkey with Morocco
15:22 Production of Icon of the Seas began at Meyer Turku shipyard
14:56 Wärtsilä signs multiple vessel support agreement with Nakilat
14:53 Multipurpose Reloading Complex puts into operation two new 5-cbm clamshell buckets
14:17 Singapore: Seven start-up grant recipients announced at launch of Smart Port Challenge 2021
13:48 The Lepse floating maintenance base no longer poses a nuclear threat to the Arctic
13:21 GLDD agrees to $1 million fine
12:59 Rosatomflot organized icebreaker escorting of LNG carrier Nikolay Urvantsev
12:54 Stena RoRo takes delivery of the lengthened vessel Stena Scandica from the Turkish shipyard
12:30 CMA CGM announces Overweight Surcharge from Asia to North Europe
11:45 Number of lock through operations on Russia’s IWW rose by 2.81%
11:02 ATLAS A-CLASS new WTIV tailored for large-scale Wind Farm Installations
10:38 Glavgosexpertiza of Russia approves project of in-depth modernization of Onezhsky Shipyard
10:02 CMA CGM announces Hazardous Surcharge from Asia to North Europe
09:53 Port of Oakland posts results for Jan-May 2021
09:40 Baltic Dry Index as of June 17
09:24 Oil prices continue decreasing
09:07 MABUX: bunker indexes may decline on June 18
08:59 DNV launches new digital EEXI Calculator

2021 June 17

18:37 PD Ports commended with top ‘Gold’ award for ongoing commitment to health and safety
18:07 Maersk advises logistics planners on hurricane season preparation
17:40 Trials of innovative smart navigation marker at Stockholm Norvik Port