Baltic ferry company, Eckerö has recorded its second highest full year result last year.
Eckerö transported 189,656 cargo units, 8% more than 2023’s 176,351 units.
This was the highest number of transported cargo units carried by the company during a full year.
In addition, 3,121,470 passengers were carried in 2024, which was 0.6% less than 2023 (3,140,221 pax).
Despite the drydockings of ‘Finlandia’ and ‘Eckerö at the beginning of the year, which resulted in 3% fewer scheduled departures, passenger traffic developed well.
During the period February to December, 2024, a passenger record was achieved on the company’s two routes.
The sale of ro-ro ‘Shipper’ was completed on 22nd January, at a price of €4.5 mill. The result effect before taxes was €3.2 mill
Sales amounted to €222.9 mill, which was slightly above 2023’s €221.5 mill.
Eckerö’s operating result was €22.4 mill (€21.4 mill for 2023), which was the best operating result yet recorded, the company claimed.
Adjusted for the sales of two ro-ros, the operating result was €19.2 mill (€17.6 mill in 2023).
The net result for the year amounted to €15.6 mill (€11.5 mill for 2023), which was the second best result.
On the Finland/Estonia route, the company’s passenger market share was 28% (29% in 2023) and the market share for cargo was 40% (37% in 2023).
During the year, the market share between Åland and Sweden was estimated to be over four-fifths of the total number of passengers travelling on that route.
Last year’s net debt amounted to €6.8 mill as of 31st December (€7.2 mill in 2023), which means that the company’s cash and cash equivalents now exceed the total interest bearing liabilities.
For the fourth quarter of last year, the number of cargo units carried was 49,100, 10% more than during 4Q23 (44,793 units).
In addition, 698,780 passengers travelled on the company’s vessels during 4Q24, which was 6% more than during the same period the year before (656,622 pax).
This figure was also the highest number of passengers to travel on the company’s vessels during a fourth quarter.
Sales amounted to €51 mill, which is 5% better than 4Q23 (€48.7 mill).
The operating result was €2.2 mill, which is an increase of 44%, compared to the same period last year (€0.9 mill), while the net result for the period was €0.9 mill (€0.2 mill).
On the Finland/Estonia route, passenger market share was 28% (28% in 4Q23). During the quarter, Eckerö’s market share for cargo increased to 44% (39% in 4Q23), making the company the largest operating on this route during the period.
During the fourth quarter, the market share for passengers between Åland and Sweden was again estimated to be over four-fifths of the total travelling on that route.
Eckerö started the year with extensive drydockings focusing on energy efficiency improvements on two of the company’s vessels.
As a result, the company had 3% fewer scheduled departures in 2024, compared to 2023. However, volume growth remained strong on the company’s routes throughout 2024, both in cargo and passenger traffic.
The cargo business has shown strong performance throughout the year, achieving a record-high number of transported cargo units in 2024.
In the second half of 2024, the company became the market leader in cargo transport on the Finland/Estonia route for the first time. A passenger record was also achieved on the route for the full year, despite ‘Finlandia’s’ extensive drydocking.
On the Åland/Sweden route, the number of passengers decreased by 3% last year compared to 2023. This can is explained by the drydocking of ‘Eckerö’ in January.
During the drydockings, both vessel’s hulls were painted with low friction paint and ‘Finlandia’s’ rudder and propeller arrangements were optimised to reduce fuel consumption.
The most significant change in costs was found within the goods and services categories, where the cost of the bunkers is included. Bunker consumption was 8% lower than in 2023.
