Finnlines will invest over €500M (US595M) in new technology, digitalisation and green shipping in the coming years
Its newly-published 2020 Annual Report said “Finnlines will determinedly continue to implement its strategy”.
Its €500M newbuilding programme proceeded as planned during the year, and its three new hybrid roro vessels are now at the production stage. Finneco I will be the first vessel to be completed and is scheduled to start operation in November 2021.
The design process of the Superstar ropax vessels has also continued. The annual report said “In the design, particular attention has been paid to fast and efficient cargo handling. These vessels, intended for the route between Finland and Sweden, will together provide over 40% more cargo capacity than today. In addition, special attention in the design has been devoted to a new kind of customer experience and a pleasant stay on board.
“The Superstar ropax vessels exploit technology and digitalisation. Furthermore, recycling and environment friendliness on board extends from the vessel’s technical details to choices of materials and products, partners, and even up to the service concept. The source of inspiration for the interior decoration has been the archipelago sea which is reflected in the interior layout and lighting. The panorama windows let in plenty of light and offer spectacular views over the archipelago.”
In addition to vessel orders, the company has started installing ballast water treatment equipment on ships. The project will be completed in 2023.
The CEO review in the annual report said that in the reporting period, there was a decrease of 16% in turnover compared to the same period in the previous year. But in his review, chief executive Emanuele Grimaldi wrote “At the end of the first quarter, Finnlines reacted promptly to the first signs of the widespread economic fallout of the ongoing crisis and initiated a cost saving plan to mitigate the Covid-19 impact. We were not, of course, immune, but our flexibility and agility, which are based on an in-depth industry knowledge, allowed us to successfully implement the cost savings plan.”
As a result, the company maintained a feasible profitability throughout the latter part of the year and the result for the reporting period was €69.7M (US$83M), “which we are very proud of”.
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