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CEO's review

CEO Kirsi Suopelto on 1st March 2024:

Our revenue in 2023 was around EUR 66 million, of which EUR 19 million was generated in the last quarter. In Marine Logistics, the demand for transport picked up and the utilisation rates of ships improved in the last quarter after a quieter third quarter. The demand for project shipments was particularly strong towards the end of the year. A transport project in the Mediterranean Sea that had been delayed because of changes in the customer’s schedule was launched at the end of the year.

Of the full-year revenue, around EUR 63 million came from Marine Logistics and EUR 3.4 million from Renewable Energy. The Group’s EBITDA was EUR 6.3 million, or 9.6% of revenue. 

The full-year revenue and EBITDA of Marine Logistics were weaker than in the comparison period. In 2022, the Russian attack on Ukraine caused a strong peak in transportation demand and freight prices, which increased the revenue for the comparison year. Revenue in 2023 also decreased because of lower fuel prices. In addition, at the beginning of the year, our project shipments suffered from the repairs to the damage incurred by a vessel (Meri) in an accident in late 2022. The proportion of bulk transport of revenue was more than 70% in the financial year, which is slightly higher than usual. Of the bulk transport, around 70% consisted of contract transport and around 30% consisted of spot sales. Correspondingly, the proportion of project shipments of revenue was slightly under 30%.

In Renewable Energy, we received the company’s largest order to date in the summer, and the delivery of the solar thermal system to Bauer Holzenergie GmbH began in October. At the end of the year, we strengthened the Renewable Energy business by acquiring Rasol Oy, a Finnish company specialising in solar power systems. The acquisition complements our renewable energy offering and creates new growth opportunities in solar parks, real estate energy solutions and energy sales, for example.

We believe that the demand for renewable energy solutions will grow as companies and communities strive to move to genuinely clean energy sources. The acquisition of Rasol Oy supports our goals to grow the Renewable Energy business and turn operations profitable.

In maritime transport, more difficult ice conditions and unrest in the labour market will weaken operational efficiency early in the year. However, thanks to our good contract portfolio, demand in 2024 is expected to remain at the same level as in 2023. We have been able to increase the bulk business contract portfolio, and the order backlog for project shipments is also strong.”

– Meriaura Group´s Financial statements bulletin, on 1st March 2024