Tallink Grupp’s total investments in 2023 amounted to EUR 28.1 million (EUR 203.3 million in 2022, mainly relating to the new shuttle vessel MYSTAR).

At the end of the 2023 financial year, the group’s total liquidity buffer (cash, cash equivalents and unused credit facilities) remained strong and amounted to EUR 116.9 million (EUR 249.9 million 31 December 2022). During the financial year 2023, Tallink Grupp repaid loans in the total amount of EUR 487.6 million, which includes refinancing of loans in the amount of EUR 298.0 million.

Tallink Grupp and its subsidiaries contributed a total of EUR 76 million in various taxes to the state of Estonia budget.

Commenting on the financial results, Tallink Grupp’s CEO Paavo Nõgene said:

“The financial results that we are reporting today have come at a price of significant effort, continued hard work, countless sleepless nights and many sacrifices made by all Tallink Silja Line employees, so all credit for this milestone result must go to all the hard-working colleagues across all our home markets over the last four years and in 2023. Our 4,900 employees have slowly and steadily rebuilt this strong foundation that we can now build our future on.

“The travel and transport sectors continue to be under pressure from weak economies, increased and increasing prices, wavering consumer confidence, geopolitical turbulence, tightening regulation and increased demands for investments into greener futures and innovation, so the challenge to remain competitive and profitable in these market conditions is stronger than ever. But we have, I believe, found the right course and strategy for ourselves for managing these risks for the foreseeable future with the mix of vessels in operation and vessels chartered, and this approach has helped us achieve the positive results despite all the challenges.

“In addition to the charters supporting the bottom line, we have seen some of our core routes and operational vessels perform well in 2023, with the Tallinn-Helsinki route seeing the strongest recovery in 2023, but also Tallinn-Stockholm route slowly edging in the right direction with increasing demand and thus warranting a trial addition of a second vessel to the route for the summer high season in 2024. Our newest fleet member MYSTAR has performed as we hoped in 2023, attracting both repeat business as well as many new customers to the Tallinn-Helsinki route and thus contributing significantly to the business during its first year in operation.

“In 2024 we will continue to focus on maintaining profitability while balancing the high and increasing costs of fuels and other products and services and the addition of new costs for the business, such as the emissions costs arising from shipping being included in the ETS scheme from 1 January 2024. As the climate crisis intensifies alongside the economic and geopolitical tensions, we are also increasing our efforts of searching for new technologies and solutions to play our part in tackling climate change. In 2023 we trialled a number of new technologies on board our vessels, all aimed at increasing energy efficiencies and reducing fuel consumption and thus also our emissions, but even greater collaboration and innovation is urgently needed to make a bigger difference. This is also one of our priorities for 2024.

“I am pleased that in 2023 Tallink Grupp was able to repay a significant amount of the loans we were forced to take out during the crisis years, and we have thus been able to repay the trust our governments and home markets’ tax payers have in us as a business. The fact that we have contributed a significant amount of our earnings in the form of different taxes to our state budget in Estonia hopefully also proves that offering Tallink Grupp help in our times of need was the right decision and our company’s survival and success will also continue to play a significant role in the ultimate success of our countries’ economies in the years to come. We will continue to work hard to earn and build this trust. ”

Tallink Grupp’s Management Board, with the approval of Tallink Grupp’s Supervisory Board, will propose paying a dividend of EUR 0.06 per share based on the 2023 financial results.

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