Finnlines Initiates New Bunker-Saving Investment Programme

Finnlines says it has initiated a new bunker-saving capex initiative.
Image: Finnlines

Finnlines Plc (Finnlines) today, in its unaudited financial results for 2017's Q1, said it has initiated a new a new bunker-saving capex initiative, the Energy Efficiency and Emission Reduction Investment Programme, which will see the company lengthen its existing Ro-Ro vessels.

The company notes that the latest initiative comes after it successfully completed a €1 billion ($1.11 billion) capex programme in 2006–2016, which was focused on fleet renewal, noting that its €100 million ($111.36 million) Environmental Investment Programme will be completed this month.

"Today, we have a safe and reliable fleet which is modern and environmentally very sustainable," said Emanuele Grimaldi, Finnlines' CEO and President.

"The superb result improvement during these past four years has brought Finnlines Group's financial and operational performance to an all-time high and is based on those past investments and, also on our ability to quickly respond to the changes in the market."

During the January to March 2017 period, Finnlines says it exceeded its record year's corresponding period by approximately 35 percent, achieving €11.2 million ($12.47 million), compared to €8.3 million ($9.24 million).

"After a long period of sluggish economic development in Europe, there are positive signs in economic growth and especially in Finland the volume of exported and imported goods has increased over 10 percent during the first three months," said Grimaldi.

"We are geared for growth and with the Finnish market finally showing a positive development we trust we continue to perform well also during the latter part of the year."

As Ship & Bunker reported in February, Finnlines, which typically operates its vessels within Europe's Emissions Control Area (ECA), said that despite rising bunker prices the use of scrubbing technology during 2016 helped slash its annual bunker bill by 28 percent.