Port of Helsinki saw a significant loss in 2020 revenue

The Port of Helsinki
The Port of Helsinki (Source: Wikimedia Commons).

An annual report highlights the port’s revenue loss due to the COVID-19 pandemic during the 2020 fiscal year.

By Michael McGrady, Maritime Direct Americas & Pacific Correspondent

HELSINKI — The second largest terminal in Finland announced its annual report for the 2020 fiscal year. Like much of the world’s port authorities, the Port of Helsinki has faced significant financial strain brought on by the ongoing global COVID-19 pandemic.

“During the challenging year, we have been able to respond quickly to the exceptional situations in cooperation with our customers and interest groups,” said Ville Haapasaari, the chief executive officer for the Port of Helsinki. “It has required flexibility and adjustment of operations. For this, we owe a thank you to our own staff and all the companies working at the [harbors] and their employees.”

“[O]ur spearhead projects progressed with determination. Here at the Port, we are ready for action once we recover from the COVID-19,” Haapasaari added.

Notably, the port saw a turnover of EUR 67.2 million. According to the company’s annual report, this turnover is a “large decrease.” It is directly tied to the halt of passenger transit, passenger and vessel charges, and cargo in a significantly lesser contributing capacity.

Bunkerspot, citing the annual report, notes that the company saw a 29.6 percent revenue fall in the 2020 fiscal year.

Despite the significant loss due to the passenger transit cash flow drying up, cargo volumes through the Port of Helsinki declined but remained consistent throughout much of the fiscal year.

“The negative effects of the COVID-19 pandemic on cargo traffic were smaller than initially estimated,” notes the annual report. “In the last months of the year, cargo volumes climbed back to the previous year’s level.”

The annual report also notes that the three largest trade partners through the Port of Helsinki were Estonia, Germany, and The Netherlands.

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