EMEA News
Viking Results Down, Despite Bunker Savings
Finnish ferry operator Viking Line Group (Viking Line) reports that its results fell into the red in the first half of 2014, despite a reduction of bunker costs.
The company reported a loss of €14.3 million ($18.8 million), compared with a €1.9 million ($2.5 million) profit for the same period last year, while sales fell 2 percent to €137.5 million ($181.2 million).
Viking Line cut its bunker expenses by 5.1 percent, or €1.6 million ($2.1 million) thanks to efforts to optimise vessel's fuel consumption, along with a decline in bunker prices.
The company also said a programme to improve operational efficiency is helping to keep operating expenses down.
In the passenger ferry sector, Viking Line's market share declined to 33.6 percent compared with 34.6 percent in H1 2013, while its share of the cargo market rose to 21.8 percent from 20.8 percent.
Viking Line is receiving support from the Finnish government for systems to reduce vessels' emissions in advance of new rules on sulfur emissions in Emissions Control Areas (ECAs) that take effect next year.
