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VIKING GLORY © George Giannakis

VIKING GLORY © George Giannakis

Viking Line 2023 Q3 financial results

FinanceViking Line had sales amounting to EUR 152.9 million (EUR 170.4 million) in Q3, which gave an operating income of EUR 35.3 million (EUR 26.9 million). During the first nine months of the year, 3,818,810 (3,726,104) passengers sailed on the company’s vessels and total cargo volume reached 93,565 cargo units (87,408).


(compared to January–September 2022) 

  • Sales amounted to EUR 379.2 million (EUR 370.2 million).
  • Other operating revenue was EUR 8.9 million (EUR 8.8 million).
  • Operating income totalled EUR 52.4 million (EUR 18.9 million).
  • Net financial items were EUR -9.0 million (EUR -7.5 million).
  • Income before taxes totalled EUR 43.4 million (EUR 11.4 million).
  • Income after taxes totalled EUR 34.6 million (EUR 9.5 million).
  • The outlook for the financial year 2023 is unchanged compared to the Half-Year Report as of 30 June 2023, which means that income before taxes is expected to be significantly better than last year provided that energy prices remain at current levels.  


(compared to the third quarter of 2022)

  • Sales amounted to EUR 152.9 million (EUR 170.4 million).
  • Other operating revenue was EUR 0.0 million (EUR 0.5 million).
  • Operating income totalled EUR 35.3 million (EUR 26.9 million).
  • Net financial items were EUR -1.1 million (EUR -2.8 million).
  • Income before taxes totalled EUR 34.2 million (EUR 24.1 million).
  • Income after taxes totalled EUR 27.6 million (EUR 19.3 million).


“Results for the third quarter exceeded expectations and provide grounds for a continued good full-year forecast. Passenger and cargo volumes continued to rise, despite the lower number of vessels, while the planned sales prices were reached. Bunker (vessel oil) prices have gradually fallen but are still very high compared to before the pandemic and Russia’s war of aggression against Ukraine.

On 9 August, we announced that Viking Line and Gotlandsbolaget were forming a joint venture entrusted with the task of developing and providing cruises using the former BIRKA STOCKHOLM. At the same time, the two companies agreed that Viking Line would acquire 50 per cent of the vessel for EUR 19 million. On 23 August, the joint venture was approved by the Swedish Competition Authority, and intensive work began. The initial contract period runs for five years with an extension option.

Starting in 2024, our traffic will be subject to the EU Emissions Trading System. This means that a cost will be imposed on us that we can only partly adjust to in the medium term through continued energy efficiency work. There are no fossil-free fuels available in a quantity and at prices that are economically viable. Implementation of a temporary island exemption for service between Finland and Åland is thus well justified since the transition to fossil-free fuel is determined not by the cost of emission rights but rather by the supply of alternative fossil-free fuels. We do not intend to lower our ambitions to reduce emissions from our service with the implementation of this island exemption. On the contrary, we will use the cost savings to continue our work to make the transition to fossil-free fuels and increase energy efficiency.

During the summer months of June–August, nearly 1.8 million passengers sailed with Viking Line’s vessels, and many departures during the holiday season were sold out well in advance. Reasons for the strong demand include local tourism, which is popular in both Finland and Sweden, and the recovery in international tourism for the Nordic region – and of course, the vessels, which many people want to experience.

During the first nine months of the year, 3.8 million passengers sailed on our vessels. Occupancy rates have been good on all the vessels. On the route between Turku, Åland and Stockholm, travel was intense on VIKING GRACE and the new VIKING GLORY. Market share for the first nine months was over 73%.

To summarize, I can note that the report period was very strong even excluding the income effect of the sale of ROSELLA.

I would like to extend my warm thanks to our customers and partners for their faith and good collaboration. I would also like to give a big thank you to our engaged staff, who contributed to our good results with their good work.”

Full report: https://www.vikingline.com/globalassets/documents/market_specific/corporate/investors/financial-reports/pressrelease-231027-business-review-for-the-period-jan1-sep-30-2023.pdf

© Shippax

Oct 27 2023

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