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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

Environmental

Update on Seagull Mobile apps for Crew

The Seagull mobile app for crew training status is set to revolutionise the way seafarers track their training records and receive critical safety alerts, by making

Proposed Changes to Long Island Sound Dredged Material Sites

The U.S. Environmental Protection Agency (EPA) is proposing to amend its 2005 rule that designated the Central and Western Long Island Sound Dredged Material Disposal Sites.

Next Generation Marine Power & Propulsion Conference

The Next Generation Marine Power & Propulsion Conference will be held at the Grand Harbour Hotel, Southampton, U.K. from April 26 to 28, 2016.    This unique

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Repair Ship Simulators 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: 0.0596 sec (17 req/sec)