Port of Tallinn Sees Dramatic Growth and Record Profit in First 6 Months of Year

7/29/2014 2:20 PM
Category: Economy

The Port of Tallinn announced Tuesday that it saw a 16 percent rise in profits during the first six months of the year, and a 7 percent increase in turnover.

The figures, which are still unaudited, show a net profit for the state-owned company of 20.2 million euros in the first half-year, with a turnover of 59 million euros.

During the period, the ports of the Port of Tallinn were recording 1,051 cargo ship visits and 2,327 cruise ship stops. Cargo volume increased by 2 percent to 15.2 million tons. The number of passengers rose by 5 percent to a record of 4.4 million, led by growth on the Tallinn-Helsinki ferry route.

"The first half of this year introduced the best ever figures for Port of Tallinn, both financially and concerning the record number of passengers," said Ain Kaljurand, the chairman of the management board, in a prepared statement.

"The best ever turnover and profit were accomplished due to the revenue of traditional port activities, as well as employing the icebreaker Botnica at the offshore-duties during the summer navigation period," Kaljurand said.

The company paid a record amount of dividends - 42 million euros - and made a tax payment of 11.2 million euros. Operating expenses increased 3.3 percent, reaching 26.4 million euros during the same period.

In May, the Port of Tallinn opened a new 9.34 million euro cruise ship dock in Vanasadam Harbor. The quay enables Tallinn to moor cruise ships up to 340 meters in length, up to 42 meters in width, and with a draft of up to 9 meters. The company has finished Muuga Harbor’s container terminal infrastructure, and the company said the terminal is now functioning as scheduled.


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