Financial review January-March 2022
The first quarter of 2022 a success for Finnlines
Emanuele Grimaldi, President and CEO, in conjunction with the review
“The Finnlines Group recorded revenue totalling EUR 157.0 (124.1) million in the first quarter of 2022, an increase of 27% compared to the same reporting period in the previous year. Shipping and Sea Transport Services generated revenue amounting to EUR 150.6 (117.8) million, of which passenger related revenue was EUR 7.5 (5.1) million. The revenue of Port Operations was EUR 12.1 (11.7) million. Cargo volumes are clearly above the 2021 level, and the number of passengers also increased compared to 2021. Revenue of Port Operations also increased due to the growth of cargo.
During the reporting period January–March 2022, Finnlines transported 199 (187 in 2021) thousand cargo units, shipped 36 (44) thousand cars, and carried 375 (305) thousand tons of freight not possible to measure in units, 117 (101) thousand private and commercial passengers travelled with us.
Europe is facing a Russia-Ukraine war at the moment. This affects the whole EU economy and could likely slowdown the Finnish economy as well. We have stopped our vessels operating to and from Russia along with the EU sanctions. The Russian traffic does not represent a meaningful share of our turnover, but it has complemented well our other lines. The volumes on each of our other lines we operate have increased in Q1 and positive cargo development is expected to continue.
Finnlines has sold MS Finnclipper ro-pax vessel to Grimaldi Group in March 2022, but will soon purchase MS Vizzavona (ex MS Finneagle) ro-pax vessel from the Parent to replace Finnclipper. The chartered ro-ro vessel, MS Eurocargo Savona, returned to Grimaldi Group in mid-March 2022. The Grimaldi Group’s and Finnlines’ ability to switch ro-ro and ro-pax vessels between the Mediterranean and Baltic Sea increases our capacity to provide services to our customers when needed and flexibility in our network when planning capacity.
The first Eco-series vessel, Finneco I, was delivered on 28 April 2022 at the Jinling Shipyard in Nanjing. The Finneco II and III will follow in May 2022, and the two beautiful Superstar ro-paxes in 2023. Shipowners around the world are undertaking steps to fulfil IMO’s and EU’s target to reduce CO2 emissions by 50% by 2050. The Grimaldi Group and Finnlines have made major investments in environmental technology, renewal of the fleet, lengthening of vessels and, moreover, in Green new building programmes worth billions of euros. Finnlines’ EUR 0.5 billion green new building programme will reduce the Baltic carbon footprint considerably and it will enable us to reach the IMO’s and EU’s target well in advance. Through this ambitious investment we can bring to our customers, not only economies of scale and increased frequency, but a green and well-scheduled infrastructure in the Baltic Sea, the North Sea, and reaching all the way to the Bay of Biscay.”
For further information, please contact
Vice President and Deputy CEO, CFO
phone +358 40 519 5041
Communications Department, email@example.com
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.