Port of Tallinn sees revenue dip after icebreaker fees drop
The part state-owned Port of Tallinn (Tallinna sadam) has reported a 7 percent fall in revenues to €30 million in the second quarter of 2025 (Q2 2025), and a 15 percent fall in profits to €3 million over the same period.
The Port of Tallinn's sales revenue for the first half of the year fell by 2.9 percent on year to €58 million, while profits exceeded €10 million.
The company reports the fall in sales revenue was the result of a fall in the charter fees of the Botnica icebreaker; revenues grew in the passenger and cargo port segments as well as in the provision of ferry services between the mainland and the larger islands.
Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 7 percent Q2 2025. In the half-year summary, sales revenues fell by 2.9 percent, adjusted EBITDA rose by 8 percent, and profit by 11 percent.
Valdo Kalm, Port of Tallinn board chair, noted the Botnica's utilization rate declined: It was chartered for 22 percent of the time, 63 percent less than in the same period last year.
As for shipping, passenger ferries demonstrated stability: While the number of trips decreased by 1.5 percent, the number of passengers grew by 2.4 percent and the number of vehicles by 3.4 percent, the Port of Tallinn reported.
Commenting on the overall results, Kalm said: "In the case of ship visits, I am especially pleased about the increased visits of cruise ships, which have a significant impact on our results. Despite the slight decrease in sales revenue, adjusted EBITDA and its margin are on an upward trend. Taking into account one-off factors affecting profit, we have reduced operating costs and increased operational profitability. The profit was most affected by the increase in the dividend income tax rate," Kalm.
The growth in vessel fee revenue was supported by an increase in the number of visits by passenger, cruise, and cargo ships, as well as higher fee rates. Cargo fee revenues grew by 18.5 percent over the year, the company reported.
Passenger numbers grew by 3.8 percent on year in the second quarter; cargo volumes by 8 percent. The number of ship visits rose by 2.1 percent over the same period.
The Port of Tallinn's volume of investments grew to €8 million in Q2 2025; meanwhile in the first half of the year, investments totaled €12 million.
Half-year investments mainly related to the construction of a quay for offshore wind farms in the Paldiski South Harbor, scheduled docking work for a passenger ferry, information technology, quay improvements in cargo ports, procurement of equipment for passenger ferries, and docking work for the Botnica.
Port of Tallinn subsidiary TS Laevad, which serves Estonia's two largest islands, Saaremaa/Muhu and Hiiumaa, agreed to add 485 crossings by the veteram Regula ferry over the summer season.
The Port of Tallinn is responsible not only for Tallinn Harbor, but also the port of Saaremaa, and the cargo ports of Paldiski and Muuga. It is part state owned and floated on the Tallinn Stock Exchange in 2018.
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Editor: Andrew Whyte, Barbara Oja
