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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

Offshore O&G: Cuts, Delays in Norway as Costs Soar

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Environmental

SCAA Supports International Oil Spill Conference

As the Voice of Spill Response Professionals, the Spill Control Association of America (SCAA) is supporting and assisting with the planning and coordination of IOSC 2014 on May 5-8 in Savannah, Ga.

Rolls-Royce Wins Heyerdahl Award

Rolls-Royce has been awarded the maritime Heyerdahl Award 2014. The award was presented by His Majesty King Harald at the Norwegian Shipowners’ Associations Annual Conference in Oslo March 31.

Marine Diesel Purification Breakthrough by SurePure

Liquid photopurification specialist company SurePure Inc. apprises of a breakthrough in the microbiological purification of contaminated marine diesel fuel, using

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0845 sec (12 req/sec)