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Despite Russia, DFDS reports Q2 growth

COPENHAGEN: DFDS Group, the European short-sea and logistics operator has reported revenue of DKK3.3 billion for the second quarter (Q2) of 2014 – up eight percent over the same period last year.

Profit before tax was DKK217 million – an increase from DKK93 million in Q2 2013.

DFDS SUECIA SEAWAYSRevenue for the first half of 2014 rose DKK389 million to DKK6.15 billion and the profit before tax increased to DKK100 million from a loss of DKK25 million in the same period last year.

The group says it now expects a 2014 full year EBITA between DKK1.3 billion and DKK1.45 billion.

DFDS CEO Niels Smedegaard said the quarterly result was ahead of expectations: "We expect our North European shipping and logistics services to continue to grow moderately, whereas the conflict between Russia and Ukraine is adversely impacting certain routes in our Baltic Sea network," he added.

In June the company launched a new ro-ro service between Travemünde in Germany and Klaipeda in Lithuania. In August it announced a suspension of the service due to the ongoing EU trade dispute with Russia that has hit volumes.

Next month DFDS will stop operating its Esbjerg (Denmark)-Harwich(UK) route due to the financial impact of new EU sulphur emission rules from January 2015.

The EU has awarded the company a grant of DKK47 million for the installation of scrubbers on five ships deployed on two routes between Sweden, England and Belgium to ensure compliance with the new rules. The company says it expects to complete a DKK750 million scrubber program by 2017.

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