”The beginning of 2024 was difficult with high interest rates, inflation, and a slowdown in economic growth. Yet many of the key figures showed an upturn when the Q3 report was completed,” Tom Pippingsköld, Finnlines’ President and CEO, said in the ferry and logistics’ company’s nine month 2024 review.
Finnlines Group’s revenue between January/September, 2024 totalled €547.2 mill (€513.2 mill in 2023). EBITDA amounted to €140.8 mill (€131.7 mill).
Cargo volumes transported during the nine month period totalled around 595,000 units, 63,000 cars (not including passengers’ cars) and 962,000 tonnes of freight not possible to measure in units.
In addition, some 764,000 private and commercial passengers were transported.
As anticipated, passenger travel increased considerably on Finnlines’ vessels during the summer season.
All of the four ro-pax routes performed well and the number of private passengers more than doubled on the service between mainland Finland, Åland and Sweden.
The growth on the Naantali/Långnäs/Kapellskär route during the period was 122%, compared to the previous year.
In addition, Finnlines opened a new freight service between Finland and the UK port of Sheerness on the River Medway.
Global economic prospects are gradually improving. In the Eurozone, including Finland, GDP is expected to rise by about 1.5% in 2025/2026.
As a result, the European Central Bank should continue to take further actions and continue to cut interest rates at a more rapid pace to boost industrial activity and growth, Finnlines said.
Since the beginning of this year, shipping has been included in the Emissions Trading Scheme. Starting next year, the Fuel EU Maritime regulation will also come into effect, shaping the future of shipping further.
To align with these environmental standards, Finnlines was forced to sell older vessels, which were not energy-efficient or which did not comply with the new regulations and emission requirements.
To comply with the new environmental regulations and to reach lower CO2 emissions, Finnlines has invested over half a billion euros in most advanced vessels currently available with huge battery banks and other advanced technology to reduce emissions.
Adding to this, Finnlines has a tender round on-going for selected shipbuilders to order three new ro-paxes, which will utilise green fuels.
They will serve the Helsinki/Travemünde route. Finnlines intends to sign the orders at the end of 2024, or at the beginning of 2025.
“In spite of somewhat unpredictable economic outlook and geopolitical challenges, Finnlines steams ahead. We are financially strong, we also have operationally and environmentally sound fleet, which will be further improved by new green-fuelled vessels, which will benefit Finnlines and also our customers when we both are reducing our emissions further,” Pippingsköld said.
