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Finnlines’ Financial statements 2023 and Financial review January–December 2023

Finnlines Plc, Press release, Helsinki, 7 March 2024

Tom Pippingsköld, President and CEO, in conjunction with the review

“The Finnlines Group’s revenue in January–December 2023 amounted to EUR 680.7 (736.1 in 2022) million, a decrease of 8 per cent compared to the corresponding period in 2022. The result for the reporting period was EUR 60.3 (133.3) million. Earnings before interest, taxes, depreciation and amortisation, EBITDA, amounted to EUR 166.3 (221.2) million.

Finnlines transports a third of the 1 million trucks carrying goods between Finland, Sweden, and Continental Europe every year. In 2023, Finnlines transported 710,000 cargo units, shipped 157,000 cars, and carried 1,344,000 tons of non-unitised freight. In total, 695,000 passengers travelled with us.

The high interest rate environment has negatively affected private consumption, construction sector and industrial demand. Finnlines had to face multiple of issues during 2023 which weakened our result, apart from higher interest rates were, strike in February, start-up costs of a new vessel, dockings of several vessel to name few. The same matters seem to continue at the beginning of this year, but we are seeing now improved industrial activity and private consumption has bottomed out. ECB should now understand to quickly bring the interest rates down in order to prevent neither a stagnant nor recessionary development in EU area, instead, their task is now to fuel growth in EU.

Finnlines focuses on adjusting its fleet, improve its cost-efficiency and find new growth. We are finally, closer than ever, to open a new ro-pax line between Sweden and Poland, from Malmö to Swinoujscie. We already have Zeebrügge–Rosslare line which has established itself well in the market even though we are a new operator on the Belgium–Ireland connection. We also have opened a new service from Vigo, Spain to Zeebrügge, Belgium at the beginning of this year.

Finnlines EUR 500-million Green Investment Programme was completed when the second Superstar vessel, Finncanopus, was delivered in December at the Weihai shipyard in China. The sister vessel, Finnsirius, entered service on the Naantali–Långnäs–Kapellskär line on 15 September 2023. These vessels will increase the cargo and passenger capacity by 24 per cent and 50 per cent, respectively, on the Finland–Sweden route and they will offer a higher service level than the previous two Star-class vessels. Finnlines continues to focus on cargo, but on this line we will also address a wider passenger segment, such as foot passengers. With these modern and high-class cargo-passenger vessels we can offer an attractive option for travellers on Finland–Åland–Sweden route.

Sustainable shipping has been a key issue in the industry for several years, and therefore Finnlines’ next newbuilding orders, whether ro-pax or ro-ro, will have improved environmental and technical efficiency and include the use of alternative fuels. We have continuously invested in new vessels and brought more capacity to the Baltic Sea and to Biscay and North Sea traffics. The new vessels support our customers in their transition towards sustainability and environmental responsibility. Therefore, Finnlines continues its green transition and thus makes its best efforts to enable our customers to grow in the most sustainable way.”


More information

Tom Pippingsköld, President and CEO, Finnlines Plc, +358 40 519 5041

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Finnlines Plc

Finnlines is a leading shipping operator of freight 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 several destinations in the Mediterranean, West Africa, Atlantic coast of both North and South America as well as Asia and Australia.