March 2024:
- Passengers: 408,761 (↑14.9%)
- Cargo: 29,672 (↓8.9%)
- Vehicles: 54,205 (↓2.5%)
Q1 2024:
- Passengers: 1,102,738 (↑5.0%)
- Cargo: 84,950 (↓2.1%)
- Vehicles: 152,436 (↓3.3%)
Source: Tallink Grupp
March 2024:
Q1 2024:
Source: Tallink Grupp
The Supervisory Board of Tallink Grupp has approved changes to AS Tallink Grupp’s Management Board, accepting the resignation from the Management Board from Mrs Kadri Land, and appointing Ms Elise Nassar to the Management Board as a new member.
Source: Tallink Grupp
Tallink Grupp reports a strong profit of EUR 78.9 million for the year (EUR 13.9 million in 2022). During the year, Tallink Grupp managed to continue the steady path of recovery from the last four years of crises.
Outlook by Tallink Grupp’s CEO Paavo Nõgene
“In 2024 we will continue to focus on maintaining profitability while balancing the high and increasing costs of fuels and other products and services and the addition of new costs for the business, such as the emissions costs arising from shipping being included in the ETS scheme from 1 January 2024. As the climate crisis intensifies alongside the economic and geopolitical tensions, we are also increasing our efforts of searching for new technologies and solutions to play our part in tackling climate change. In 2023 we trialled a number of new technologies on board our vessels, all aimed at increasing energy efficiencies and reducing fuel consumption and thus also our emissions, but even greater collaboration and innovation is urgently needed to make a bigger difference. This is also one of our priorities for 2024.
Full details here.
Photo: MyStar, Tallink Grupp. Photo by Raul Mee.
Tallink Grupp signed the refinancing agreement of the company’s syndicated loan, as a result of which the company will repay several significant loans taken in recent years.
Tallink Grupp has consistently reduced the company’s debts in recent years, repaying various loans in the amount of 110 million euros in 2022 and in the amount of 175 million euros in 2023.
Tallink Grupp’s ISABELLE, long-term chartered by Bridgemans Services Group, is set to serve as on-site workforce accommodation for the Woodfibre LNG liquified natural gas export project near Squamish, BC, starting in spring 2024.
Read more on the Bridgemans Services website.
Five years ago, Baleària and Fred. Olsen Express started to jointly operate a maritime connection between Huelva and the Islands of Gran Canaria and Tenerife.
Baleària and Fred. Olsen offer three weekly departures between the ports of Huelva, Las Palmas de Gran Canaria and Santa Cruz de Tenerife.
The shipping companies have continued to operate with Ro-Pax MARIE CURIE, one of Baleària’s new generation vessels.
Baleària’s Director of Operations and Operations, David Fernández, stressed that “the figures show that the alliance for these routes is a guarantee of excellence for customers, both from the point of view of passengers, and for cargo, with a reliable and efficient service with tight delivery times. A third weekly departure also proves the commitment to the Canary Islands and the strategic importance of this market for the shipping company.”
Trends:
Outlook
“While the summer did not see huge price hikes that would have a significant impact on our business, September has already brought a rather rapid marine fuel price increase, which we will unfortunately have to continue to pass on to our customers through the fuel surcharge, which we monitor and review regularly.”
Paavo Nõgene, CEO of Tallink Grupp
In August 2023 AS Tallink Grupp transported
576,455 passengers, which is a 4.4% decrease compared to August 2022.
The number of cargo units decreased by 26.0% to 26,281 units and the number of passenger vehicles by 2.6% to 86,794 units year-on-year.
FINLAND – SWEDEN (Helsinki-Stockholm and Turku-Stockholm)
The cruise ferry GALAXY I stopped operating on the Turku-Stockholm route in September 2022 due to a charter contract.
ESTONIA – FINLAND (Shuttle services of MYSTAR and MEGASTAR)
The cruise ferry SILJA EUROPA stopped operating on the Tallinn-Helsinki route in August 2022 due to a charter contract.
ESTONIA – SWEDEN (Tallinn-Stockholm and Paldiski-Kapellskär)
Tallink Grupp announced that it will bring back the popular cruise service to the Tallinn-Helsinki route and the company’s vessel VICTORIA I will start operating on the popular route between the two Nordic capitals from Thursday, 12 October 2023.
This means that the company is increasing its daily departures between the two capital cities again to pre-pandemic levels, offering 14 departures between Tallinn and Helsinki daily.
„Passenger numbers on the Tallinn-Helsinki route have shown steady growth and customer demand is there for the cruise product to return, so I am pleased that we are able to meet that demand.”
Paavo Nõgene, CEO of Tallink Grupp
Tallink Grupp’s Q2 (April- June) financial results are revealing a swing back into profit following the minor loss in Q1.
Q2
H1
The strong results of Q2 mean that the company has delivered a profitable first half year for the first time since 2015.
Commenting on the results of the first half year of 2023, Tallink Grupp’s CEO Paavo Nõgene said:
“The results of the first half of 2023 are proof that the decisions we have made over the last few years to speed up our recovery following the Covid crisis with vessel charters, were the right ones. The positive impact of the vessel charters is undeniable, especially at this time when the increased cost of living is still putting pressure on people’s travelling choices. Our current strategy to operate our regular routes with the most optimal number of vessels and charter out other vessels, is helping us on our road to recovery.”
“Our focus now is on maintaining profitability into the next two quarters of 2023 while continuing to reduce our debts accumulated over the crisis periods. The vessels we currently have operating on our four core routes are performing well with some room for growth should passenger numbers from further afield than our home markets see some increases in the year or so ahead. The short-term plan is to continue operating with the same business model of the last few years, with a mix of regular traffic and charter contracts, until such time when demand on our current key routes or elsewhere increases and warrants additional capacity.”