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VIKING GRACE © Viking Line

VIKING GRACE © Viking Line

Viking Line Q1 2024 financial results

FinanceConsolidated sales decreased 0.7% to EUR 93.2m during the period 1 January–31 March, 2024 (EUR 93.9m). Operating income totalled EUR -10.4m (EUR -0.9m). Consolidated income before tax was EUR -14.2m (EUR -4.6m). The comparative figures include the capital gain from the sale of ROSELLA, which was EUR 8.6m. Income before tax excluding the capital gain in 2023 was EUR -13.2m.


Earnings for the first quarter of the year, excluding extraordinary items, were somewhat weaker than expected. After year-end, a downturn in demand was discernible in the market. Weak economic growth in Finland and Sweden has led to increased consumer cautiousness. This is mostly reflected in weaker onboard consumption compared to the same period last year. However, the good news is that we reached our targets for revenue generated from ticket prices in order to offset the cost of emission allowances introduced at the start of the year. 

Earnings for the quarter were affected by one-off costs in the joint venture Gotland Alandia Cruises for the launch of BIRKA GOTLAND. In addition, VIKING CINDERELLA underwent an extensive dry-docking prior to being reflagged under the Finnish flag. Above all, the cabins on the vessel were upgraded, with nearly 300 cabins undergoing a total refurbishment. Various public spaces were also completely refurbished. On 8 March, VIKING CINDERELLA was launched in service on the Helsinki–Mariehamn-Stockholm route, which once again is now served by two vessels. In February, BIRKA GOTLAND was dry-docked prior to cruise service between Stockholm and Mariehamn as well as to Visby on the Swedish island of Gotland. Service was launched on 20 March 2024. This dry-docking was also extensive, with a number of refurbishments carried out on board.  

As a result of these major redeployments, it was possible to reassign shipboard staff on VIKING CINDERELLA to new positions on BIRKA GOTLAND as well as the company’s other vessels. Throughout these labour-intensive operational changes, staff performance has been excellent, and a high level of service has been maintained. It is gratifying in this context to note that, due to the redeployments and expansion in service to Helsinki, we have recruited new shipboard staff.

Our operations are heavily impacted at present by increasingly stringent environmental standards. Starting in 2024, our operations are subject to the EU Emissions Trading System, which means that we are now obliged to shoulder the cost of emission allowances, which in the medium term we can only partly offset through our continued energy efficiency work.

Finally, I would like to note that the first quarter of 2024 has entailed changes in our operations, with expanded service to Helsinki and the launch of BIRKA GOTLAND in partnership with Gotlandsbolaget.   

I would like to extend my warm thanks to our customers and partners for the faith they have shown in us and their good cooperation. I would also like to give a big thank you to our staff, who worked hard and with great patience during the first quarter.

Outlook for the financial year 2024

There continues to be significant uncertainty due to the geopolitical situation and its impact on energy prices, inflation, interest rates and currencies as well as the effects these uncertainty factors may have on people’s propensity to travel, demand, consumption patterns and costs. In early 2023, ROSELLA was sold. Provided that energy prices remain at current levels and people’s propensity to travel is sustained, the Board of Directors expects that income before tax in 2024 will be on a par with the figure for 2023 if the EUR 8.6m capital gain from the sale of ROSELLA in 2023 is excluded, which is the same conclusion in the previous quarterly report.

Full report https://news.cision.com/viking-line-abp/r/viking-line-somewhat-weaker-first-quarter-demand,c3965022

© Shippax

Apr 23 2024

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