• Home
  • News
  • Tallink Grupp reports the first quarterly profit since the start of the COVID pandemic
  • 2021 October 28 11:38

    Tallink Grupp reports the first quarterly profit since the start of the COVID pandemic

    Tallink Grupp has today published its 2021 third quarter financial results to the stock exchange with the company, which has been hard hit by the Covid crisis since 2020, reporting its first quarterly profit since the start of the pandemic.

    In the third quarter of 2021 the Group’s unaudited net profit was EUR 5.5 million (net loss of EUR 23.9 million in Q3 2020). Third quarter EBITDA was EUR 35.1 million (EUR 5.7 million in Q3 2020). The Group’s unaudited revenue for the third quarter in 2021 increased by 18.6% compared to the same period in 2020, totalling EUR 170.5 million (EUR 143.7 million in Q3 2020). The biggest contributors to the revenue increase being on board restaurant and shop sales, ticket revenue and charter revenue.

    During the third quarter of 2021, the company strengthened its liquidity position by taking out the loan from the Nordic Investment Bank and carrying out an additional shares emission of the company’s stock in early September. This has enabled the company to secure new capital, creating a strong liquidity buffer for the challenging low season ahead. The total liquidity buffer (cash, cash equivalents and unused credit facilities) as at 30 September 2021 amounted to EUR 252.5 million (EUR 115.0 million at 30 September 2020).

    The Group’s investments in third quarter of 2021 amounted to EUR 3.7 million (EUR 54 million in Q3 2020).

    In the first 9 months (1 January – 30 September) the Group’s unaudited revenue decreased by 14.7% compared to the same period in 2020 and amounted to EUR 310.3 million. Unaudited EBITDA for the first 9 months was EUR 33.2 million (EUR 6.9 million in 2020) and the unaudited net loss was EUR 53.2 million (EUR 81.5 million loss in 2020).

    Commenting on the financial results of the third quarter and the first nine months of 2021, Tallink Grupp’s CEO Paavo Nõgene said:

    „Despite high fuel prices and the continuing COVID impacts on our sector and company, I am pleased that we have been able to earn the first quarterly profit since the start of the continuing pandemic. This result has been achieved through a great team effort from everyone at Tallink across all our shores as well as extremely tight cost control measures. It is the first ray of light we have seen after a period where we have made a net loss of more than EUR 151 million in roughly a year and a half.

    „The quarter’s results were supported by the re-opening of some of our routes for the first time since the start of the pandemic in March 2020 and short-term charter agreements for two of our vessels. For the first time since spring 2020, we only had one vessel suspended in port and all others operating, which has meant revenue, but most importantly work for our people whose numbers at the end of quarter three this year totalled just over 4500.

    „Although investments were not as significant in Q3 2021 as they were this time last year, we made significant progress with the construction of our new vessel MyStar, celebrating the significant milestones of christening and launching of the vessel in August. I am sure all our customers are awaiting the new vessel as eagerly as all our employees and we are looking forward to establishing our green bridge between Tallinn and Helsinki with two LNG vessels, using the greenest available fuel option in the maritime sector right now, from spring 2022 onwards.

    „So, although the Q3 results have given us a glimmer of hope, we have unfortunately just reached the low season and the high COVID rates in Estonia and Latvia, in addition to the challenging employment market and high fuel prices, are all indicating it will be yet another tough winter ahead. Taking out the loans and the company’s shareholders’ further investments into the business through the share emission have therefore all been vital for the long-term sustainability of the company and for the company being well prepared for the tough winter months and low season ahead. We remain hopeful that late spring and early summer 2022 will show improvement in the overall situation and we anticipate seeing a marked increase in the number of passengers then.“

    AS Tallink Grupp is one of the leading providers of passenger and cargo transport services in the northern Baltic Sea region. The company’s fleet consists of 15 vessels and the company operates various routes under the brands of Tallink and Silja Line. Tallink Grupp’s shares are listed on the Nasdaq Tallinn Stock Exchange and Nasdaq Helsinki Stock Exchange.

2021 November 28

11:57 HAROPA PORT elected “Best Green Seaport 2021”
11:33 Contract award for MPSV Siem Dorado
10:48 Port of Dunkerque announces new appointments to its Executive Board

2021 November 27

14:38 Liquid Wind secures SEK 151 million for production of fossil free fuel
13:21 TECO 2030 receives NOK 50 million in government support for fuel cell development
11:09 Inmarsat offers future-proof remote control connectivity for latest sea-kit uncrewed surface vessel trials
10:54 J.P. Morgan and Havfram AS announce a series of next generation wind turbine installation vessels

2021 November 26

18:17 TECO 2030 is leading a project group that will build a hydrogen-powered high-speed vessel for the Port of Narvik
18:00 TransContainer’s IFRS-based net profit in 9M'2021 increased by 51% to RUB 14.8 bln
17:35 Royal Niestern Sander signs contract for walk to work vessel conversion
17:26 PortNews offers final edition of its magazine for 2021
17:15 Konecranes and Cargotec note CMA’s announced Provisional Findings regarding the planned merger of Konecranes and Cargotec
17:03 IMO appoints Special Advisor on Maritime Security
16:55 Nord Stream 2 delay weighs on gas prices - Gasum
16:40 Nevsky Shipyard lays down two research vessels of Project 17050
16:25 BIMCO calls for continued naval support in Gulf of Guinea after piracy incident
16:05 Alfa Laval and Orcan Energy sign a cooperation agreement for the marine market
15:43 Wärtsilä launches power limitation solutions for EEXI compliance
15:25 Hiab launches HIAB iQ.1188 HiPro loader crane with new control system
14:47 RF Government approves Transport Strategy of Russia until 2030 with forecast until 2035
13:59 Sredne-Nevsky Shipyard launches Anatoly Shlemov minesweeper of Project 12700
13:11 The Port of València hosts a rescue drill for a crane operator
12:10 GTT obtains tank design order for three new LNG Carriers from Hyundai Heavy Industries and Hyundai Samho Heavy Industries
11:54 Phase 2 of Bagayevsky hydrosystem construction begins
11:52 Ardmore moderates COP26 ‘ShipZero’ panels, discussing the realities of zero emission ships
11:17 ClassNK signs MOU on cybersecurity with Panama Maritime Authority (PMA)
10:51 MSC starts new In-Transit Cargo service
10:32 MABUX: Global bunker market to keep slight irregular fluctuations with no firm trend on Nov 26
10:22 Oboronlogistics' Ambal ferry obtaines certificate on safety management from RS
09:48 MPA and maritime partners maintain cybersecurity readiness through inaugural exercise
09:33 Baltic Dry Index as of November 25
09:17 Oil prices decrease on concerns over reduction of demand

2021 November 25

18:06 Rolls-Royce and Zhenjiang Shipyard to jointly promote tugs and workboats with mtu engines in China
17:44 Delo Group presented own Digitalization Strategy
17:16 Keppel awarded FSRU conversion and FPSO integration work worth around S$200 million
16:25 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 14% in 2021
16:03 Great Lakes Dredge & Dock announces receipt of $92.5 mln Houston Ship Channel widening and improvement project 11 award
15:59 Damen Shipyards achieves official EU Stage V certification for its Emission Reduction system
15:30 RF State Duma ratifies Nairobi Wreck Removal Convention, 2007
15:02 Navigator Holdings announces approval in principle for new CO2 carrier designs for its Dan-Unity CO2 joint venture with Evergas
14:59 RINA, ABB, Helbio, the Liberian Registry, Wärtsilä and an Energy Major enter in proposal with hydrogen as fuel to meet IMO2050 targets
14:44 Rosterminalugol shipped 21 million tonnes of export coal over 10M’2021
14:21 BAE Systems launches next-generation power and propulsion system to help marine operators reach zero emissions
13:55 MABUX: Bunker Weekly Outlook, Week 47, 2021
13:12 Kongsberg Maritime and Norsepower MoU agreement facilitates Rotor Sail integration for shipowners
12:31 Sea Port of Saint-Petersburg allocated over RUB 21 million for implementation of its environmental programme
12:06 Port of Kiel describes path to climate neutrality by 2030
11:06 Third Finnlines hybrid ro-ro launched in China Merchants Jinling Shipyard
10:35 Mitsubishi Heavy Industries receives a major turbomachinery order for Ust-Luga LNG export plant
10:31 MABUX: Bunker prices may demonstrate slight upward changes on Nov 25
10:30 Navigation season closed on Volga-Baltic Waterways
10:06 Port of Long Beach named the best West Coast Seaport in North America
09:41 Oil market sees mixed price movements
09:22 Baltic Dry Index as of November 24
09:08 The second of Damen’s new Shoalbuster 2711 class handed over to Ports of Jersey in christening ceremony
08:16 Port of Los Angeles issues zero-emissions truck request for proposals
06:00 Stockholm fairway smart buoy powered by solar energy

2021 November 24

18:35 Wan Hai Lines awarded “Container Shipping Line of The Year India-Far East Trade Lane”
17:33 Volga Shipping's freight transported this year’s inland shipping season reached 8.2 million tonnes
17:25 Bahri bags four prestigious awards