EMEA News
Finnlines Cuts Bunker Costs by 28% Despite Rising Prices
Finnlines Plc (Finnlines), which typically operates its vessels within Europe's Emissions Control Area (ECA), today said that despite rising bunker prices the use of scrubbing technology during 2016 helped slash its annual bunker bill by 28 percent.
Total bunker costs for 2016 were EUR54.1 million ($57.3 million) compared to EUR75.3 million ($79.7 million) in 2015.
"In 2016, most of the vessels were operated using less expensive fuel oil, which had a positive impact on the result even though bunker prices started to increase globally during the fourth quarter," said Finnlines.
However, the company also noted lower bunker surcharges during the period hit revenue, which for the 12 months ended December 2016 fell 7.3 percent to EUR473.7 million ($501.1 million) compared to EUR 511.2 million ($540.7 million) in 2015.
The firm's result before interest, taxes, depreciation, and amortisation (EBITDA) grew 9.6 percent to EUR 139.1 million ($147.1 million) compared to EUR 126.9 million ($134.1 million) in 2015.
