Finnlines Discusses Financial Prospects

Monday, October 29, 2001
The Finnlines Group recorded net sales totalling EUR 450.9 ($402.4) million. The operating profit was EUR 45.8 ($42.3) million. The profit before extraordinary items was EUR 35.7 ($33.2) million. The volume of Finnish exports of unitised cargo by sea derceased by almost 4% and paper export by 2.5%. Imports of unitised cargo, including transit traffic, rose roughly 5%. The volume of unitised cargo destined mainly for Russia via Finland increased 31% on the same period last year.

In April Finnlines acquired 68.2% of Team Lines GmbH & Co. from its German owners, the shipping companies Johannes Ick, Mathies Reederei GmbH and Ernst Russ GmbH & Co. Finnlines; former ownership in the company was 31.8%; after this deal Finnlines owns the company 100%. The net sales of Team Lines in 2000 were EUR 100 million and the operating profit was EUR 1.2 million. The balance sheet amounted to EUR 14 million at 31 December 2000. The purchase price was EUR 10 million.

Team Lines, headquartered in Hamburg, is one of the biggest container feeder operators in Northern Europe. Its time-chartered fleet consists of 22 container vessels. The company offers regular scheduled transport services from the ports of Hamburg and Bremerhaven to Norway, Denmark, Sweden, Finland, Russia, Lithuania and Poland. This deal will strengthen Finnlines; position in the southern part of the Baltic Sea and in services between third countries. The approval of the relevant competition authorities was received in July.

Finnlines sold three old roro vessels in July: MS Railship (built 1975), MS Finnwood (1973) and MS Finnmaid (1972). The first two of these were operated by the company itself and the third was chartered outside the company.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Environmental

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Panama Canal Suspends Draft Restriction

The Panama Canal Authority (ACP) has lifted scheduled vessel draft restrictions brought on by lingering draught conditions in the region.   The ACP had previously set restrictions of 11.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.4293 sec (2 req/sec)