Finnlines’ Financial Review January–June 2022
28. July 2022
Tom Pippingsköld, President and CEO, in conjunction with the review
“The Finnlines Group recorded revenue totalling EUR 356.9 (270.8) million during January–June 2022, an increase of 32% compared with the same reporting period in 2021. Shipping and Sea Transport Services generated revenue amounting to EUR 343.8 (258.1) million, of which passenger-related revenue was to EUR 25.6 (14.2) million. The revenue of Port Operations was EUR 24.8 (24.1) million. Cargo volumes were above the 2021 level.
During the reporting period, Finnlines transported 393,000 (391,000 in 2021) cargo units, shipped 73,000 (90,000) cars, and carried 742,000 (682,000) tons of freight not possible to measure in units, 286,000 (228,000) private and commercial passengers travelled with us.
Due to EU sanctions Finnlines stopped calling Russian ports in early March, which naturally has resulted in loss of revenue. However, the increased cargo volumes on other lines have compensated for this loss and the passenger business has also recovered and reached pre-pandemic figures.
Finnlines is proud to introduce new tonnage with a lower carbon footprint and upgraded services. The three Finneco series hybrid ro-ro vessels were all delivered during the late spring and early summer of 2022 at the shipyard in China. The vessels have entered Finnlines’ North Sea and Bay of Biscay services and Finnlines can now fulfil customers’ request for more capacity in several routes since the former North Sea/Biscay vessels have been transferred to strengthen the Baltic services.
Finnlines expanded its route network in mid-July when a new service was launched between Rosslare, Ireland, and Zeebrugge, Belgium. The route is operated by a ro-ro vessel, which offers two weekly departures from both ports. The route provides a crucial link for Irish industry, but the Finnish, German, Estonian and Spanish industries also have an easier access to Ireland via our transhipment in Zeebrugge.
The ro-ro vessel Finnmerchant in Poland-Finland route was chartered out in early July but she was replaced by Finnmill vessel to support the increased volumes.
The Superstar newbuilding programme proceeded when the keel laying of the first ro-pax vessel, Finnsirius, was celebrated on 1 April in China. The keel laying of the sister vessel, Finncanopus, is scheduled to take place in August. Green values have been considered throughout the vessel from energy generation to lighting management. Although the Superstars are larger than any ro-pax vessel in the current fleet, they are expected to consume considerably less fuel than the existing Star class vessels, thus providing lower CO2 emissions.
Despite uncertain economic and geopolitical times, Finnlines has maintained its position as a reliable and important carrier of goods. Our utmost thrive to continuously improve both our operational and economic efficiency ensures that we can continue to grow and invest in our fleet and also in well-being and training of our employees.”
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Finnlines is a leading shipping operator of ro-ro and passenger services in the Baltic Sea, the North Sea and the Bay of Biscay. The Company is a part of the Grimaldi Group, one of the world’s largest operators of ro-ro vessels and the largest operator of the Motorways of the Sea in Europe for both passengers and freight. This affiliation enables Finnlines to offer liner services to and from any destination in the Mediterranean, West Africa as well as the Atlantic coast of both North and South America.
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