The first quarter results were positively impacted by marginally increased passenger numbers in Q1 2024 compared to the same period last year, by ongoing charter contracts for four of the company's vessels and the sale of company vessel ISABELLE.

The group's investments in the first quarter of 2024 amounted to EUR 6.3 million and were mostly made into in vessel technical works as well as interior upgrades. The group also continued to invest in the improvement of its IT systems.

The company continues to maintain a strong liquidity buffer of EUR 123.9 million, combined in cash and unused credit lines.

Commenting on the first quarter results, Tallink Grupp's CEO Paavo Nõgene said:

"The small profit achieved for the first quarter in extremely challenging economic conditions, is a combination of hard work, our current business model where some of our vessels continue to be chartered out, and the successful sale of our vessel ISABELLE. Tallink continues to be a slim-fit organisation and more efficient than before, and our team continues to work hard to maintain efficiencies. The economic situation in our region and globally is very challenging, export is under extreme pressure and consumer confidence in our markets remains low. There are a number of different challenges we need to work on daily to find good solutions.

"Our focus now for the months ahead is on delivering the nicest summer holiday cruises for all our customers, so their positive experiences on board would bring them back to sail with us again and again. "

© Shippax