• 2021 November 11 13:24

    Finnlines published its financial review for January–September 2021

    Finnlines has published its financial review for January–September 2021.

    In January-September, the company’s revenue totaled EUR 425.9 (363.1 in 2020) million, increase 17%. Result before interest, taxes, depreciation and amortisation (EBITDA) - EUR 121.2 (107.2) million, increase 13%. Result for the reporting period - EUR 69.0 (54.2) million, increase 27%. Interest bearing debt increased by EUR 8.4 million and was EUR 371.2 (362.8) million at the end of the period.

    In July-September, revenue totaled EUR 155.1 (126.7 in 2020) million, increase 22%. Result before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 50.2 (40.8) million, increase 23%.  Result for the reporting period EUR 32.7 (22.5) million, increase 45%.

    KEY FIGURES MEUR

    1–9 2021

    1–9 2020

    7–9 2021

    7–9 2020

    1–12 2020

    Revenue

    425.9

    363.1

    155.1

    126.7

    484.0

    Result before interest, taxes, depreciation and amortisation (EBITDA)

    121.2

    107.2

    50.2

    40.8

    140.8

    Result before interest and taxes (EBIT)

    72.5

    58.7

    34.0

    24.5

    76.2

    % of revenue

    17.0

    16.2

    21.9

    19.3

    15.7

    Result for the reporting period

    69.0

    54.2

    32.7

    22.5

    69.7

    Stakeholders’ equity/share. EUR

    14.69

    13.89

    14.69

    13.89

    14.07

    Equity ratio, %

    59.2

    58.9

    59.2

    58.9

    60.7

    Net debt/EBITDA

    2.4

    2.9

    2.4

    2.9

    2.3

    Interest bearing debt, MEUR

    371.2

    362.8

    371.2

    362.8

    331.7

    Net gearing, %

    48.4

    50.5

    48.4

    50.5

    45.5

    Emanuele Grimaldi, President and CEO, commented in conjunction with the review:

    “The Finnlines Group’s revenue for January–September 2021 was EUR 425.9 million, an increase of 17% compared to the corresponding period in the previous year (EUR 363.1 in 2020). The result for the reporting period was EUR 69.0 million, an increase of 27% compared to EUR 54.2 million in January–September 2020. Earnings before interest, taxes, depreciation and amortisation, EBITDA, amounted to EUR 121.2 (107.2) million.

    During the reporting period January–September 2021, Finnlines transported 583 (536 in 2020) thousand cargo units, shipped 124 (102) thousand cars, and carried 1,041 (811) thousand tons of freight not possible to measure in units, 439 (390) thousand private and commercial passengers travelled with us.

    An upward trend continued during the third quarter when cargo volumes increased nearly on all routes. The automotive industry suffered from shortage of components and the summer stoppage was longer than anticipated. However, as the Finnlines fleet consists of vessels in different sizes, capacity could be moved from routes with temporarily declining demand to others where larger capacity was needed. When travel restrictions were gradually eased, recreational travel recovered although passenger numbers remained far below the normal level.

    While the global shortage of containers has challenged importers and exporters and led to world-wide supply-chain disruptions, roll-on-roll-off vessels have proved to be efficient and competitive modes of transport. Finnlines has carried freight uninterruptedly throughout the Covid-19 pandemic, offering around 170 departures each week.

    Finnlines has made substantial investments in environmental technology and in its fleet renewal during the past years, but new challenges lie ahead. Both globally and within the European Union, numerous proposals are being discussed. The European Commission intends to reduce greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. Previously, IMO has set the minimum reduction target of 50%, compared to 2008.

    The EU Commission has also proposed to include maritime transport in the emissions trading system, which has covered energy-intensive industries and flights within EU for nearly two decades. Furthermore, the planned FuelEU Maritime Initiative will set a maximum limit on the greenhouse gas content of energy used by ships. The EU Taxonomy Regulation directive aims to promote clean technologies and discourage the use of fossil fuels. The carbon levy, i.e. a tax, which the International Chamber of Shipping has put forward in September 2021, is intended to expedite the creation of a market that makes zero-emission shipping viable.

    To reach the ambitious goal of becoming carbon neutral, it may be necessary to modify existing ships with new tanks and engines so that they can run on new types of fuel. However, at current rates of production, zero-carbon fuels are not commercially available at the scale needed for the global fleet. Today, Finnlines concentrates on new battery technology, hydrodynamic design in vessels, air lubrication systems and solar panels on its newbuilds. Several existing ships will be equipped to use onshore power where available. Moreover, gradual transition to carbon-free and renewable fuels is being investigated.

    The construction of three hybrid ro-ro vessels and two state-of-the-art ro-pax vessels is proceeding. Although we have an ambitious EUR 0.5 billion Newbuilding Programme, in Finnlines, we have understood that it is of crucial importance to focus intensively on energy efficiency of the fleet because energy savings is the best way to reduce the emissions and reach immediate results.”




2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat