The Group’s revenue grew to EUR 149 million in the first quarter and the net loss decreased to EUR 22 million. This represents a strong improvement compared to the same period last year. Passenger numbers increased by nearly 7%, while the number of cargo units carried grew by more than 13%.

“Passenger and cargo volumes were on a clear upward trend, even though global and regional tensions persist and continue to affect overall market confidence. This makes the improvement in results especially encouraging,” said Peep Jalakas, CEO of AS Tallink Grupp. “The impact of the Middle East conflicts was not yet significant in the early months of the year, as fuel prices began rising only from March and may affect results going forward if the crisis persists,” he added.

In March, Tallink signed a charter agreement for the passenger vessel SUPERFAST IX, and work continues to identify the best operational use for the cruise vessel ROMANTIKA, which returned to Estonia this spring.

The maintenance works carried out on three cruise vessels – BALTIC QUEEN, SILJA SYMPHONY and VICTORIA I – lasted a total of 47 days during the quarter, with investments exceeding EUR 14 million. Due to changes in the EU Emissions Trading System, the share of allowances to be surrendered increased to 100% from the beginning of the year, raising the company’s cost base. Loan repayments and interest expenses amounted to nearly EUR 15 million in the first quarter.

“Docking periods always affect passenger and cargo volumes, but these investments ensure high service quality and vessel reliability. The increased cost base also pushes us to accelerate energy-efficiency and environmental initiatives – for example, our Tallinn–Helsinki shuttle vessels are planned to switch fully to biomethane in the near future,” Jalakas noted.

© Shippax