Finnlines Highlights Bunker-Saving Initiatives Alongside "Best First Half Year Result"

The January–June 2017 period marked "the best first half year result in Finnlines’ history." Image Credit: Finnlines

Highlighting efforts toward bunker-savings, Finnlines Plc (Finnlines), in a report on its financial results for the the January–June 2017 period, also said the company saw "the best first half year result in Finnlines’ history," achieving an approximately 16 percent year-on-year improvement, reaching €35.4 million ($41.29 million) in the first half of 2017, compared to €30.5 million ($35.57 million) during the same period of the previous year.

Further, Finnlines says it also marked its "best second quarter ever" with results amounting to €24.2 million ($28.22 million), up from €22.2 million ($25.89 million) during the same period of 2016.

"Finnlines has invested heavily during the past decade to become more and more environmentally friendly and a more sustainable shipping company. We have successfully completed our €100 million Environmental Technology Investment Programme, implementing technology designed to reduce ship emissions and fuel consumption," said Emanuele Grimaldi, CEO and President of Finnlines.

"Our new capex programme, the Energy Efficiency and Emission Reduction Investment Programme, is a well-designed programme towards sustainable shipping. This investment programme, in which we will lengthen our Breeze series ro-ro vessels, further improves our safe, reliable and environmentally sustainable fleet by providing us with increased capacity and even more cargo flexibility."

Finnlines' revenue for 2017's first half totalled €259.3 million ($302.62 million), compared to €230.7 million ($269.24 million) during the same period of 2016 - a 12.4 percent year-on-year increase.

"The Shipping and Sea Transport Services segment's revenue continued to develop positively due to higher cargo volumes especially in Finland–Germany trade. Also, higher bunker surcharge has increased the turnover since rising fuel prices has grown the costs," said Finnlines.

Last month, Ship & Bunker reported that Finnlines had signed a €50 million ($55.56 million) loan agreement with the European Investment Bank (EIB), set to be used to enhance its operations for emission control area (ECA) compliance through Finnlines'Environmental Technology Investment Programme.