TS Laevad's sales revenue increased to €37 million last year
TS Laevad (TS Ships), a ferry company which operates two routes between the Estonian mainland and the islands of Hiiumaa and Muhu in the Baltic Sea, made almost 23,000 trips last year, 0.6 percent more than the previous year. Ticket sales amounted to €14.7 million, while the state subsidy was €20.6 million.
According to the unaudited annual report of the Tallinn Port, the turnover of TS Ships, a subsidiary of the Tallinn Port, was €34.8 million in 2022, but increased to €36.6 million last year. TS Laevad's adjusted operating income before depreciation and amortization (EBITDA) was €15.3 million, the adjusted EBITDA margin was 41.8 percent and the operating income was €9.7 million.
"Revenues in the cruise segment increased both due to the effect of indexation of contract rates and the higher number of trips," said Tallinna Sadam (Tallinn Port).
Ferry fuel consumption decreased last year as a result of lower fuel prices and lower costs per trip due to the mild winter. At the same time, repair costs increased, partly due to the lower cost base in the previous year, but also due to the purchase of necessary spare parts in the second half of the year.
The total number of trips was 22,972, and an additional 484 trips were made by the backup vessel between June and October.
Last year, TS Laevade ferries carried 2.4 million passengers on the Saaremaa and Hiiumaa routes, which is 5 percent more than the year before. The number of vehicles transported also increased by more than 3 percent to 1.1 million.
The company's ferries generated €14.7 million in ticket sales and the government paid €20.6 million in subsidies.
In ferries, the most important investments were the replacement of main engine coolers and the purchase of critical equipment to ensure the smooth operation of ferry traffic.
A public procurement to find a new operator for the Virtsu-Kuivastu and Rohuküla-Heltermaa ferry routes, currently operated by TS Ships, for a period of seven years from autumn 2026 to autumn 2033 has been launched and the deadline has been extended to March 5.
The terms of the tender included a requirement for a profit margin of up to 8 percent over the life of the contract, with competitive bids. At the end of the tender period, in 2033, the government plans to put new, environmentally friendly ships into service.
At the end of last year, Tallinna Sadam had two subsidiaries – AS TS Shipping and AS TS Laevad – and one 51 percent owned associate, AS Green Marine.
The majority shareholder of Tallinna Sadam is the state, which holds 67.03 percent through the Ministry of Climate.
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Editor: Karin Koppel, Kristina Kersa
