The year in review for Smyril Line
10th March 2022
Today, The Smyril Line Group held its annual general meeting. The result for 2021 showed a surplus of 16 million DKK.
Total sales at Smyril Line increased from 849 million DKK in 2020 to 1.191 million DKK in 2021, and the operating result was 119 million DKK compared to 76 million DKK in 2020. The total amount of personnel in Smyril Line was 549 in 2021, about 100 employees more than in 2020.
Freight activities have generally exceeded our expectations; however, activities in Norway had a negative impact on the profits for the year.
The route between Rotterdam and Hitra was discontinued in November 2021 while a new route was added between Rotterdam, Thorslakshøfn and Tórshavn.
As in the previous year, passenger sales in 2021 were severely affected by the Covid-19 pandemic. The total number of passengers was 40% lower than before the pandemic.
Norröna went through a major refurbishment during the winter 2020/2021 and re-entered service in March 2021. 50 cabins were added to the ferry, out of which 32 are delux cabins. The upgrade has increased the ferry's standard as well as the demand for travel.
Work has begun on a new harbour project which will include a new ferry terminal, warehouse, and an office building in Tórshavn. This project will allow Smyril Line to provide better services and, at the same time, increase activities.
Sales' prospects for 2022, concerning both freight and tourism, are looking reasonably good. After two years of low passenger numbers, the demand has increased again, and the increasing demand for travel is seen in the hotels.
On the other hand, conflicts in Europe, increased oil prices and third-party fees have a negative effect on Smyril Line's operations.
Smyril Line will not allocate dividend for 2021.