Cargo volumes boost Finnlines

2021-08-12T17:39:35+00:00 August 12th, 2021|Finance|

Finnlines Group’s revenue for January/June, 2021 was €270.8 mill, an increase of 14.6%, compared to the corresponding period in the previous year.

The result for 1H21 was €36.3 mill – an increase of 14.4% compared to €31.7 mill in January/June 2020. EBITDA, amounted to €71 mill, compared to €64 mill in 1H20.

Finnlines President and CEO, Emanuele Grimaldi (pictured), explained that profitability improved during the last quarter, mainly due to increased cargo volumes.

“We have noted that safe travel over the borders has gradually normalised in Europe and that the Finnish restrictions are gradually reaching the EU level. The total recovery of passenger travel is yet to come, but the more Finland aligns its travel restrictions with the rest of Europe, the more rapidly the passenger business by sea between Finland and EU returns to market terms and less state subsidies are needed. We continue to provide our environmentally friendly services on market terms without public support,” he said.

“More stringent regulations from EU and IMO force the shipping industry to find ways to cut emissions, and introduce new technology. Finnlines has adopted a green path in its strategy already several years ago when decisions were made on its €0.5 bill Green Newbuilding Programme.

“The first new ultra green hybrid ro-ro vessel will be delivered this autumn and two others will follow in early 2022. In addition, two eco-efficient Superstar ro-pax vessels will be delivered in 2023 and the construction of the first Superstar ro-pax vessel started in June, while the construction of the second is scheduled to start in October.

“On the whole, the programme comprises a total of five new vessels, which are all hybrid and state-of-the-art vessels from the environmental point of view.

“Finnlines, as a Finnish company and with its Finnish flagged fleet, has established itself as a key provider of maritime transport among customers, not to mention its importance for Finland’s security of supply.

“Now, with an extensive recruitment campaign ongoing to man the superb green and eco-efficient vessels, Finnlines stands strong and well positioned to pave the way for the new green path of the shipping industry,” he said.

In addition, Finnlines has appointed Marco Palmu as Head of Passenger Services starting 1st September, 2021.

He will join Finnlines Group’s Board and will report to Emanuele Grimaldi.

Palmu will join Finnlines from Tallink Silja, where he was most recently Commercial Director.