Profits Up for North European Shipping Company

by Ship & Bunker News Team
Thursday November 8, 2012

North European liner shipping company Finnlines reports pre-tax profits rose 32.6% to €8.1 million ($10.3 million) on revenues of €161.3 million ($205.7 million) for the third quarter of 2012, up from pre-tax profits of €6.1 million ($7.8 million) and revenues €161.2 million ($205.4 million) in the same period last year.

For the nine months to September 30, 2012 the company has increased its profits 247.0% to €9.5 million ($12.1 million).

The company, which runs freight and passenger transport services mainly in the Baltic and North Sea and provides port services in Helsinki, Turku, and Kotka, shifted its focus slightly, adding two newbuildings at the beginning of 2012 while reducing employment in its Port Operations division.

Finnlines, which is part of the Italian Grimaldi Group, has been re-structuring its fleet and organisation to improve the cost-efficiency of its ships and its logistics systems.

It has improved its results since running a pre-tax loss of €5.4 million ($6.9 million) for the full 2011 calendar year.

"The Board expects that the remaining part of the year 2012 will still be volatile and challenging," it said, but "the Company is well prepared to face the market challenges."

Finnlines has been focused on adding newbuildings to its fleet in recent years, announcing the delivery of the first two of six vessels in August 2011.

The company said that the new ships were built with a focus on reducing their carbon footprint and minimising environmental impacts per unit of cargo.

Ship & Bunker News Team
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