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2014 another year of success for Smyril Line

30/03/2015

The year 2014 turned out to be another success for Smyril Line. It was a period of both operational and financial consolidation for the Company.

Smyril Line’s activities in 2014

The year 2014 turned out to be another success for Smyril Line. It was a period of both operational and financial consolidation for the Company.

Last year Smyril Line turned a profit of DKK 36.1 million. The Board and Management are very pleased with the results.  

The main drivers of this success are a steady growth in sales and effective operations.

 

Smyril Line is experiencing positive trends on almost every single front: sales are up, we have more passengers, carry more freight, offer better services and benefit from lower oil prices. We also celebrate the fact that no significant accidents or incidents have affected our passengers, employees, vessel or freight. The Faroese Maritime Authority acknowledged this by awarding Norröna the title Ship of the Year 2014.

 

If we look at the sales figures in more detail, we find that there has been a rise in passenger sales of approximately 5% and on board sales have grown by 3%, while freight sales remained at the 2013 level.

 

Smyril Line Cargo comes home

For financial reasons Smyril Line decided to outsource its freight operations to Blue Water in 2006.

However, in autumn 2014 an agreement was reached stipulating that on January 1, 2015, Smyril Line would take back freight operations from Blue Water in the Faroe Islands. With this transfer Smyril Line is now the only company based in the Faroes offering freight transport between the archipelago and the rest of the world. 

 

Insourcing Cargo is a major challenge for Smyril Line, but the prospects are excellent and the takeover enables Smyril Line to offer importers and exporters based in the Faroes an even better, more efficient and competitive integrated service. Our overarching objective is to stay focused on our client’s needs. If we keep our eyes on that objective, we will be perfectly placed to harness the solid growth potential in this segment.

 

Positive outlook

The Board concludes that the trend in recent years has been positive and that Smyril Line achieved great results both in 2013 and 2014. The Board also considers the outlook for 2015 very positive; in fact, the Company is poised to do even better in 2015 than in previous years. 

 

Smyril Line held its Annual General Meeting on March 27, 2015. At this meeting the 2014 Annual Accounts were presented and approved.

Smyril Line’s Board is made up of: Jens Meinhard Rasmussen, Chair, Hendrik Egholm and Arne Joensen, members.

The Smyril Line group employs a total of approximately 250 people. The Company’s main activity is passenger and freight transport in the North Atlantic Ocean.

 

For further information or comments, please contact: Rúni V. Poulsen, CEO, on +298  211 000

 

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Smyril Line runs the only passenger ferry to Iceland and the Faroe Islands. M/S Norröna has weekly departures from Denmark.

 

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