Smyril Line’s 2023 Year in Review

Smyril Line had its annual general meeting at Hotel Hafnia today. At the meeting, the annual report for 2023 was presented. EBITDA for 2023 was 267 million DKK, compared with 201 million DKK in 2022. The profit after tax was 122 million DKK, compared with 77 million DKK in 2022. This is therefore a record year for the company. Smyril Line is paying a 10 million DKK dividend for 2023.

The number of employees at the Smyril Line group was 595 in 2023. This was about the same as the previous year. The cargo operations were generally successful, and on the passenger side, there was a reasonable increase in demand for Iceland, while the demand for the Faroe Islands decreased slightly in 2023 compared to 2022.

The largest investment by Smyril Line in 2023 was the cargo ship Glyvursnes, which joined the company in December. Glyvursnes sails the route between Tórshavn, Þórlakshöfn, and Hirtshals. With the purchase of Glyvursnes, Smyril Line can service the entire route network with its own fleet.

The outlook for 2024 is reasonably good. We expect steady development both within travel and cargo operations. This assessment is based on the current trend and outlook, but factors such as rising fuel prices, duties, interest rate hikes, inflation, and the political situation can change the conditions.

It is of great importance that Smyril Line continuously renews and future-proofs its fleet. We are pleased that in January this year, we made a contract to build two new cargo ships, which will join the fleet in 2026. Thus, the renewal of the fleet has begun. This means that we can also in the future provide our customers with good service and lead the company towards a greener energy solution.

Board: The board consists of Tummas Justinussen, Arne Joensen, Helga á Borg, and Jens Meinhard Rasmussen.

If you have questions, you are welcome to contact Jens Meinhard Rasmussen, CEO, on tel. no. 794910.