Finnlines Earnings Steady Despite Finnish Trade Growth Slowdown
Finnish RoRo and passenger services operator Finnlines stayed in the black during the first quarter of 2019, despite a slowdown in the growth of Finnish exports and imports compared to the previous year.
The company reported EUR 137.6 million (USD 154.1 million) of revenue for the period ended March 2019, an increase of 2.0 per cent compared to the same period last year.
Earnings for the period amounted to EUR 16.2 million, slightly less than the EUR 16.5 million earned between January and March 2018.
“This result can be considered to be very good taken into account the fact that the growth of Finnish exports and imports has slowed down compared to the previous year,” Emanuele Grimaldi, Finnlines CEO, commented.
Based on the statistics by Traficom for January–February, the Finnish seaborne imports carried in container, lorry and trailer units (measured in tons) decreased by 2 percent and exports decreased by 6 percent. During the same period, private and commercial passenger traffic between Finland and Sweden decreased by 4 percent.
Finnlines further noted that it redelivered MS Finncarrier from a temporary bareboat charter arrangement back to its owners in the beginning of January 2019, after the last lengthened vessel, MS Finnsea, returned to traffic after conversion at the end of 2018.
Grimaldi also highlighted the company’s EUR 500 million investment in three green RoRo vessels that would add up further 17,500 lane meters and a new series of modern large green RoPax vessels, set for delivery within a time span of three to four years.
“We have already improved the utilization of our existing fleet and this way we continue our efforts on further improving our operational and environmental efficiency,” Grimaldi said.
“These major investments will further contribute to reducing fuel consumption as well as CO2 and other emissions.”
“Reducing fuel consumption and emissions means we remain both competitive and firm in our commitment to contribute to cleaner shipping. We are also on track to deliver a very good result again in 2019, and to achieve our strategic goals – both financial and environmental.”