“We deliver a result for 2024 in line with 2023, which was the best ever for the shipping company. This goes to show that Color Line has a portfolio of very attractive products, and that we have the ability to quickly adapt to market developments as a result of a very volatile world situation,” says CEO Trond Kleivdal.

Color Line transported a total of about 3.7 million passengers and 160,000 freight units (12-m equivalents) in 2024, compared to about 3.5 million passengers and 180,000 freight units in 2023. The shipping company carried out nearly 4,700 sailings, distributed across a fleet consisting of five ships and four international routes between Norway, Denmark, Sweden and Germany.

”Even though the weak Norwegian currency impact demand within our Norwegian markets, this effect is balanced by increased demand from foreign guests. At the same time, we see that our freight activity was somewhat lower last year than in the previous year due to the low level of activity in European freight markets” says Kleivdal.

Color Line expects to realize strong results also in 2025, although the overall result for year will be impacted by extensive dockings this spring to meet new environmental requirements in the years ahead.

Color Line on track in the green transition In 2024, shipping was included in the EU Emissions Trading System (EU ETS), requiring larger ships to redeem climate quotas for 40% of emissions in 2024, 70% in 2025 and 100% in 2026. This represents significant climate costs for Color Line's high-frequency routes, and the shipping company is therefore working purposefully and methodically to reduce and – in the long term – eliminate its climate emissions.

Color Line's sustainability program includes a wide range of measures, which in 2024 included route optimization, increased use of biofuels and silicone-based antifouling, as well as digital assistance systems to make operations energy-efficient and climate-optimized. In addition, Color Line is exploring various low-emission fuels and hybridization, thereby increasing knowledge about which solutions will constitute the most cost-effective alternatives for the shipping company's ships and routes in a long-term perspective.

For 2024, Color Line reports in accordance with the EU's Sustainability Reporting Directive (CSRD), which aims to increase transparency, standardization and quality in sustainability reporting.

The annual report shows that the shipping company is on track in relation to its transition plan in relation to the climate goals for 2030 and 2050. Net outstanding interest-bearing debt as of 31 December 2024 was NOK 3 613 million (excluding hybrid bond loan of NOK 800 million, which was up NOK 173 million form the previous year), which is down NOK 136 million from NOK 3 749 from 31 December 2023. Net interest-bearing debt as of 31 December 2024 also included around NOK 360 million from the ONS Ship Finance transaction. Available liquidity at year-end was NOK 1 700 million.

Full report here https://www.colorline.no/polopoly_fs/7.169960.1743755914!/Color%20Group%20-%20Annual%20report%202024.pdf