EMEA News
Viking Line Reduces Bunker Costs by 5.4%
Finnish passenger and cargo shipper Viking Line ABP (Viking Line) Thursday announced a 5.4 percent fall in bunker costs for the third quarter of 2014 (Q3 2014) despite increased passenger and cargo volumes.
The group's bunker costs fell by EUR2.5 million ($3.1 million) in Q3 2014 helping to keep operating expenses almost flat year-on-year.
"The decrease is explained by lower average bunker prices and the Group's continued efforts to optimize the bunker consumption of its vessels," said Viking Line.
Sales for Q3 2014 were down 2.6 percent year-on-year to EUR160.1 million ($200.5 million) from EUR164.4 million ($205.9 million) during the same period last year.
The company said revenues had dropped "primarily explained by the prevailing pressure on prices in today's tough competitive situation."
Operating profit, too, was down EUR26.6 million ($33.3 million) in Q3 2013 to EUR22.0 million ($27.6 million) in Q3 2014, representing a drop of 17.3 percent.
Amongst its fleet, Viking Line operates the world's largest liquefied natural gas (LNG)-powered passenger ferry, Viking Grace, in the Baltic Sea.
