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

Finance

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

Viking Orders 2 Liebherr Cranes

An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices

Environmental

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

Oil-coated Pelicans Being cleaned at Rehab Center

Several petroleum-stained pelicans rescued from the blackened muck of California's latest oil spill spent the day on Friday being gently, painstakingly scrubbed

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair
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: 0.2784 sec (4 req/sec)