Baltic shipping firm Tallink is celebrating “strong” financial results as full-year passenger numbers and profits both climb in 2023.

While cargo volumes sank by 20% year-on-year to 323,990 units, passenger numbers grew to 5.7 million, with total group revenues at €835.3m. Gross profit skyrocketed by almost 80% to €203.8m.

Retail operations are counted within the ‘Other’ segment alongside vessel chartering and accommodation sales. Revenue increased by €48.6m, hitting a total of €196.0m. 

At the end of the year, the group operated a total of 15 vessels. Two cargo and shuttle vessels were joined by five cruise ferries. An additional five were charted out, with one in a lay-up.

“Declining global fuel prices, the optimal fleet size and strict cost control had a positive impact on the Group’s cost base,” Tallink noted in its statement. 

Customers on the Estonia-Finland route increased by 10.8% year-on-year to 3.5m passengers. Passengers on Estonia-Sweden routes soared by 19% to reach around 600,000. 

The Finland-Sweden route declined by 9.9%, contributing 1.7m passengers. Tallink attributed the declines to having fewer vessels in operation.

Investments over 2023 were mostly in the maintenance and repair of Tallink’s vessels. It is currently preparing Victoria I for operations between Tallinn and Helsinki.

In addition, it has upgraded the interiors of Baltic Queen, and undertaken repairs on board Silja Serenade, Silja Symphony and the Baltic Princess.

Last year, Ukrainian vodka brand Nemiroff partnered with Tallink Grupp to enhance its presence and expand its reach in travel retail.