Tallink Grupp Extends Superfast Vessel Charter

Estonian shipping company Tallink Grupp informed that its subsidiary Baltic SF IX Limited has extended a charter agreement with Canada-based Marine Atlantic for a Superfast vessel. 

The current charter for MV Atlantic Vision will be extended for a period of one year, until November 2018.

MV Atlantic Vision has been on the long-term bareboat charter since November 14, 2008.

The announcement follows the company’s financial results for the second quarter of this year, which show that Tallink Grupp and its subsidiaries recorded an 83.2 percent increase in their net income, which stood at EUR 17.9 million (USD 21.01 million), compared to EUR 9.8 million (USD 11.5 million) seen in the same period a year earlier.

The group’s revenue for the second quarter increased by 6 percent to the total of EUR 259.9 million from EUR 245.2 million. Additionally, EBITDA for 2Q 2017 rose by 35.1% to the total of EUR 48.9 million from EUR 36.2 million in 2Q 2016.

As explained, the second quarter growth was driven by higher passenger number from holiday season effects and added capacity, more optimal operating cost on Tallinn – Helsinki route with three vessels but the result was also impacted by higher fuel cost compared to same period last year.

During the three months ended June 30, 2017, the group’s vessels carried 2.6 million passengers, an increase of 6.8% compared to the second quarter last year.

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