Finnlines Unveils LoI for Three New Ro-Ro Ships
- Business & Finance
Finland-based ro-ro and passenger services operator Finnlines has signed a letter of intent for the construction of three new 7,300 lane metre ro-ro vessels.
The move was made in response to growing volumes and market demand, as the company continues to invest in its fleet.
Finnlines did not unveil any further details related to the shipbuilding order. The company revealed the letter of intent as part of its financial results for the fourth quarter of 2017.
During the three-month period ended December 31, 2017, Finnlines recorded a 17.1 percent rise in its revenue, which stood at EUR 131.8 million at the end of the quarter, compared to EUR 112.6 million reported in the same period a year earlier.
The company’s result for the reporting period was also up to EUR 14.9 million from EUR 7.3 million seen in the fourth quarter of 2016.
“Looking to 2018 and beyond, there are three strictly connected key elements in the way we are running our shipping business, worldwide in the Grimaldi Group, and also in Finnlines, that is – to grow together with the customers, to increase efficiency of capital employed on our fleet and to continue investing in sustainable development,” Emanuele Grimaldi, President and CEO, said.
Under Finnlines’ investment programme, launched in 2017, the company was to lengthen four of its Breeze series ro-ro vessels, built in 2012 and 2013. After the works are finalized, the ships’ capacy will increase by 30 percent to 4,200 lane metres of rolling cargo.
Two vessels have already been lengthened successfully and the remaining two will be completed by the end of April.