Stena Line posts losses in half year figures

STENA has posted major losses for the first six months of the year after the pandemic devastated ferry travel.

Coronavirus has seen passenger numbers slashed and freight reduced on Stena Line’s key routes – including those from Holyhead, Liverpool and Heysham to ports in Ireland and Northern Ireland.

Now Stena AB Group has posted figures from the first six months of the year.

The Stena Line ferry operation had losses of –1,014 Swedish Krona (SEK) (Around -£87m) over the period – the bulk of these losses in the first three months of the year.

For the overall Stena AB Group the result before taxes amounts to SEK –2,707 million (-£234m) for the sixmonth period ended 30 June 2020, compared to SEK –220 million for the six-month period ended 30 June 2019.

Isolated the second quarter 2020 indicated a strong improvement from

SEK –2,101 million for the first quarter to SEK –606 million for the second quarter.

The report states: “Significant drop in number of passengers, cars and decreasing freight volumes as a consequence of the outbreak of Covid-19.

“Freight volumes have improved significantly during the second quarter 2020 compared to the first quarter 2020.”

It adds: “Car volumes decreased 53%, passenger volumes decreased 52% and freight volumes decreased 11% compared to the corresponding period last year.

“Stena Line has taken steps to mitigate the financial impact of the Covid-19 situation. This includes closure of routes, reducing costs and number of employees.”

Despite the difficult short term problems they said the liquidity position remained strong.

As of June 30 available liquidity amounted to SEK 20.9 billion.