Tuesday April 13, 2021
Finnlines’ revenue drops by 16% in 2020
Published : 25 Feb 2021, 23:00
Updated : 25 Feb 2021, 23:02
The shipping operator Finnlines group’s turnover was EUR 484.0 (574.8) million in 2020, posting a 16% decline year on year, said the company in its financial statement released on Thursday.
“The EUR 91.0 million turnover reduction against last year consisted of a sharp passenger revenue loss due to the corona pandemic of EUR 21.4 million, and a freight turnover loss of EUR 70 million,”said Finnlines group President and CEO Emanuele Grimaldi, adding that quite importantly, EUR 47 million of the said freight turnover reduction stemmed from a reduction of bunker surcharges asked from clients during pandemic.
The bunker surcharge reductions awarded from Finnlines to clients as from March 2020 were far beyond what was awarded from Finnlines to clients during the previous years, and also far beyond what was awarded from Finnlines competitors to clients in the same period of 2019.
“We are proud to state that this policy resulted in a net saving for clients in one of the toughest period for Finnish economy, and it has been made possible thanks to the logistic efficiencies made by our group,” added Grimaldi.