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Color Line CEO Trond Kleivdal

Color Line CEO Trond Kleivdal

Color Line 2023 financial results

FinanceIn 2023, Color Line had revenues of NOK 6.3 billion (NOK 5.8 billion) and an operating profit (EBITDA) of NOK 1.4 billion, including one-off effects, up from NOK 1.2 billion in 2022. The shipping company had an ordinary operating profit (EBIT) of NOK 819 million in 2023, up from NOK 598 million in 2022.

- Despite continued geopolitical unrest and macroeconomic uncertainty, 2023 was a good year for Color Line. It shows that we have a portfolio of very attractive and robust products, where increased demand from our foreign markets compensated for the effects of a weakened Norwegian currency, says CEO Trond Kleivdal.

Color Line carried a total of about 3.5 million passengers and 180,000 freight units (12-m equivalents), compared to about 3.6 million passengers and 190,000 freight units in 2022. In 2023, Color Line sailed with a fleet consisting of five ships of four international routes between Norway, Denmark, Sweden and Germany, after selling COLOR VIKING and the freighter COLOR CARRIER towards the end of 2022.

Color Line has reduced CO2 emissions by over 40% measured from 2000 through fleet renewals, the early introduction of shore power and a number of measures for energy efficiency and climate optimisation.

- In the future, the shipping company will seek to further strengthen its position in the green transition, including adapting operations to the phasing in of shipping in the EU's climate quota system (EU ETS), says Kleivdal.

At the same time, Color Line is further developing its digital systems and capabilities, including with a focus on increased cyber security through cloud-based solutions. The digital transformation will also provide better distribution of the shipping company's product portfolio, and contribute to further streamlining operations.

Color Line is also experiencing good demand in 2024, and expects a high season in line with 2023. The shipping company focuses on continuous improvement and efficiency in all parts of the organisation, in order to be best equipped to meet future demands and expectations.

- In the coming years, the maritime sector will go through both the green shift and the digital transformation. However, Norwegian shipping is experiencing a gradual weakening of its framework conditions, which challenges the industry's ability to adapt, says Kleivdal.

Net outstanding interest-bearing debt as of 31 December 2023 is NOK 3,750 million (not including hybrid bonds of NOK 627 million, which is down NOK 173 million from the previous year), which is down NOK 655 million from NOK 4,405 million as of 31 December 2023. December 2022. Available liquidity at the turn of the year is approx. NOK 1,100 million.

Full report (in Norwegian) https://secure.viewer.zmags.com/publication/4e2b89e8#/4e2b89e8/1

© Shippax

Mar 21 2024

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