AS Tallinna Sadam 2018 Q2 passenger and cargo flows

In 2018 Q2 5.1 million tonnes of cargo and 2.9 million passengers passed through the harbours of Tallinna Sadam. Compared to the same period of previous year the cargo volume increased 2.5% and the number of passengers increased 0.2%. There were 1967 ship calls in 2018 Q2.

In 2018 6 months the cargo volume of Tallinna Sadam totaled 10.1 million tons, increasing by 1.4% compared to 6 months cargo volume of the previous year. In the first half of 2018 4.8 million passengers visited the harbours of Tallinna Sadam, which is 0.2% more than in the comparable period of 2017.

Cargo volume by type of cargo and number of passengers by route in 2018 Q2 and 6 months is presented in the table below:

  Q2 2018 Q2 2017 change 6M 2018 6M 2017 change
Cargo volume by type of cargo 
(th tonnes)
5 072 4 948 2.5% 10 091 9 948 1.4%
Liquid bulk 2 063 1 873 10.1% 4 281 4 238 1.0%
Ro-ro 1 410 1 319 6.9% 2 729 2 506 8.9%
Dry bulk 933 1 116 -16.4% 1 784 1 902 -6.2%
Containers 502 434 15.7% 951 898 5.9%
     in TEUs 57 256 47 830 19.7% 108 922 102 346 6.4%
General cargo 164 205 -20.3% 346 401 -13.9%
Non-marine 0 1 -82.2% 0 2 -90.1%
Number of passengers by routes (thousand) 2 903 2 898 0.2% 4 827 4 819 0.2%
Tallinn-Helsinki 2 340 2 362 -0.9% 4 026 4 044 -0.4%
Tallinn-Stockholm 275 271 1.2% 491 482 1.8%
Tallinn-St.Petersburg 29 25 14.5% 31 32 -3.3%
Cruise (traditional) 244 215 13.8% 244 215 13.8%
Other 15 25 -39.8% 34 47 -26,3%
Number of vessel calls by vessel type 1 967 2 055 -4.3% 3 676 3 733 -1.5%
Cargo vessels 432 421 2.6% 828 874 -5.3%
Passenger vessels (incl. Ro-Pax) 1 398 1 513 -7.6% 2 711 2 738 -1.0%
Cruise vessels (traditional) 137 121 13.2% 137 121 13.2%

 

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2017 serviced 10.6 million passengers and 19.2 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel m/v Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of a joint venture AS Green Marine, which provides waste management services. Tallinna Sadam group’s sales in 2017 totaled EUR 121.3 million, adjusted EBITDA EUR 66.5 million and net profit EUR 26.4 million.

Additional information:

Marju Zirel
Head of Investor Relations
AS Tallinna Sadam
m.zirel@ts.ee

The subsidiary company of AS Tallinna Sadam, OÜ TS Shipping, signed an agreement with Baffinland Iron Mines LP for chartering m/v Botnica for the 2018 summer period and, subject to certain conditions, also for the summer periods during the years 2019-2022. Baffinland Iron Mines LP is a Canadian mining company, engaged in the mining of iron ore on Baffin Island in Northern Canada. According to the agreement m/v Botnica will provide escort ice management services, oil spill and emergency response services.

 

For chartering m/v Botnica during winter periods, OÜ TS Shipping has an agreement with the Estonian Maritime Administration, which is valid until 2022, under which m/v Botnica provides ice-breaking services in Estonian coastal waters.

 

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2017 serviced 10.6 million passengers and 19.2 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel m/v Botnica for icebreaking and construction services in Estonia and offshore projects abroad. Tallinna Sadam group is also a shareholder of a joint venture AS Green Marine, which provides waste management services. Tallinna Sadam group’s sales in 2017 totaled EUR 121.3 million, adjusted EBITDA EUR 66.5 million and net profit EUR 26.4 million.

 

Additional information:

 

Marko Raid

Chief Financial Officer/Member of the Management Board

AS Tallinna Sadam

m.raid@ts.ee

On 28 June 2018 AS Tallinna Sadam (hereafter “Tallinna Sadam”) signed a cooperation agreement and a building title agreement with MPG AgroProduction OÜ (hereafter “MPG”) for the development of an oilseeds processing and logistics complex at Muuga Harbour. The agreements were signed for a term of 99 years. According to the agreements, MPG will construct a plant for processing oilseeds, a superstructure for loading and unloading raw material and end products on the quays, as well as loading facilities for transporting raw material and end products to and from Muuga Harbour using the railway and road network. MPG’s investment into the superstructure and facilities is estimated to be approximately EUR 200 million. The complex, covering an area of approximately 50 ha, will be situated in the eastern part of Muuga Harbour, which was formerly used by Coal Terminal AS (currently under bankruptcy proceedings).

 

The project development is planned to be executed in full capacity during the next five years, subject to the processing of relevant construction and environmental permits and confirmations by the local municipality. The complex is expected to start operating in 2020 at the earliest and is expected to reach full capacity by 2024 at the earliest. Total processing capacity of the complex is estimated to be 1.5 million tonnes per year which could result in total additional annual cargo volume of 2.5 million tonnes for Tallinna Sadam.

 

MPG is an Estonian company established in 2017 by a group of European investors. It is expected that approximately 300 direct jobs and 1000 indirect jobs will be created after the complex starts operating at full capacity.

 

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2017 serviced 10.6 million passengers and 19.2 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel m/v Botnica for icebreaking and construction services in Estonia and off-shore projects abroad. Tallinna Sadam group is also a shareholder of a joint venture AS Green Marine, which provides waste management services. Tallinna Sadam group’s sales in 2017 totaled EUR 121.3 million, adjusted EBITDA EUR 66.5 million and net profit EUR 26.4 million.

 

Additional information:

 

Marko Raid

Chief Financial Officer/Member of the Management Board

AS Tallinna Sadam

m.raid@ts.ee

In 20 June 2018 Harju County Court dismissed the claim filed in the civil case No 2-18-2058 against AS Tallinna Sadam (hereinafter: “Tallinna Sadam”) based on the application of Vesta Terminal Tallinn OÜ (hereinafter: “Vesta Terminal”). On 8 February 2018 Vesta Terminal submitted a claim against Tallinna Sadam applying for the change of the terms of the cooperation agreement signed between the parties. The basis for the claim of Vesta Terminal and the description of the related potential risks to Tallinna Sadam are included in the offering, listing and admission to trading prospectus, which is publicly available on the website of Tallinna Sadam https://investor.ts.ee/ .

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2017 serviced 10.6 million passengers and 19.2 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel m/vBotnica for icebreaking and construction services in Estonia and off-shore projects abroad. Tallinna Sadam group is also a shareholder of a joint venture AS Green Marine, which provides waste management services. Tallinna Sadam group’s sales in 2017 totaled EUR 121.3 million, adjusted EBITDA EUR 66.5 million and net profit EUR 26.4 million.

 

Additional information:

 

Marju Zirel

AS Tallinna Sadam

Head of Investor Relations

m.zirel@ts.ee

 

Nasdaq (NDAQ) announces that the shares of AS Tallinna Sadam (Port of Tallinn) (trading ticker: TSM1T), the biggest port in Estonia, were listed on the Nasdaq Baltic Main List by Nasdaq Tallinn as of today, June 13, 2018.

The listing of the shares of Port of Tallinn follows the company’s initial public offering to retail investors in Estonia and to institutional investors globally from May 25 to June 6. The total gross proceeds of the offering were EUR 147.4 million. In total, 13,723 Estonian retail investors and 102 institutional investors from 22 countries participated in the offering. The IPO was oversubscribed by more than three times.

The sole owner of the company before the offering was the Republic of Estonia. After the offering, the Republic of Estonia will remain the major shareholder in the company by owning 67% of the shares.

“Port of Tallinn’s listing is the first state-owned company listing in Estonia in almost 20 years. The results of the offering clearly show that this was an event much awaited by the investors: It was the second largest IPO in terms of retail investor participation in Estonia,” said Kaarel Ots, CEO of Nasdaq Tallinn stock exchange. “By listing a company like Port of Tallinn, the Estonian government is achieving several major goals: providing both local retail investors, local pension funds and also international institutional investors an opportunity to invest and at the same time creating all preconditions for the company to become much more transparent and even more efficiently governed.”

“Port of Tallinn has shown strong financial results and been a high dividend-paying company throughout its history, and this definitely helped to increase the investors’ confidence in our company during the offering,” said Valdo Kalm, the Chairman of the Management Board of Port of Tallinn. “Raising equity capital and having new shareholders will sharpen our focus on the business and make the company stronger. We have to guarantee that all the material information will be disclosed to all investors at the same time and all investors would be treated equally with the major shareholder – the Republic of Estonia.”

Port of Tallinn is the biggest port authority in Estonia. The activities of Port of Tallinn are divided mainly between the following areas: cargo and activities related to handling it, passengers and activities related to serving them, real estate development, and shipping.

About Nasdaq

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Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius securities markets as well as Nasdaq CSD. Learn more at nasdaqbaltic.com.

Media Relations Contact:
Ott Raidla
+ 372 5552 4824
ott.raidla@nasdaq.com

AS Tallinna Sadam (hereafter “Tallinna Sadam”) and the Urban Planning Department of the City of Tallinn signed a memorandum of understanding (hereinafter “MoU”), declaring mutual interest of the parties in developing Old City Harbour area into a modern, attractive and lively city center, with high-quality public space. According to the MoU, Tallinna Sadam and the Urban Planning Department of the City of Tallinn will make a joint effort to implement the Old City Harbour development plan “Masterplan 2030”, which was composed by architectural bureau Zaha Hadid Architects in 2017, considering the principles of the Tallinn Seaside Vision.

The MoU provides that Tallinna Sadam and City of Tallinn will establish a joint council, the task of which will be to advise Tallinna Sadam on spatial planning and urban development in preparing the detailed plans of the Old City Harbour area. The next step in implementing “Masterplan 2030” is arranging a public procurement for engaging a partner to draft the detailed plans for the area and apply for the initiation of proceedings for such detailed plans.

The comprehensive report of “Masterplan 2030” in English and its translation into Estonian are available on the webpage of Tallinna Sadam, at: http://www.portoftallinn.com/old-city-harbour-development-plans .

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region, which in 2017 serviced 10.6 million passengers and 19.2 million tons of cargo. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel “Botnica” for icebreaking and construction services in Estonia and off-shore projects abroad. Tallinna Sadam group is also a shareholder of a joint venture AS Green Marine, which provides waste management services. Tallinna Sadam group’s sales in 2017 totaled EUR 121.3 million, EBITDA EUR 66.5 million and net profit EUR 26.4 million.

 

Additional information:

 

Marju Zirel

AS Tallinna Sadam

Head of Investor Relations

m.zirel@ts.ee

The initial public offering of the shares of AS Tallinna Sadam, the offering period for which commenced on 25 May 2018, has been successfully priced today. The offering consisted of an offer of 86,704,968 ordinary shares of the company, including 75,404,968 new ordinary shares and 11,300,000 existing ordinary shares (the „Offering“). The current sole shareholder, the Republic of Estonia (acting through the Ministry of Economic Affairs and Communications) has approved a final price of EUR 1.70 per share, in the top quartile of the EUR 1.40 – 1.80 price range. All offer shares will be distributed to investors on the basis of allocations now confirmed, implying the total gross proceeds of the Offering to be EUR 147.4 million. In total 102 institutional investors from 22 countries and 13,723 Estonian retail investors participated in the Offering. The Offering was oversubscribed by more than three times at issue price of the Offering. Further details of the results of the Offering are included in the Pricing Statement appended to this announcement.

Estonian institutional demand comprised approximately 29% of the total institutional demand, of which the majority was generated by Estonian pension funds. Total Baltic institutional demand comprised 34% of the total institutional demand, with the rest of demand coming from institutions in the Nordics 27%, UK 21%, the rest of Europe 8%, U.S. 8% and others 1%.

Estonian retail demand comprised 23% of the total demand. The aggregate allocation to retail investors is 18,404,968 shares, representing approximately 21% of the total number of the offer shares.

All retail investors are allocated 100% of their subscribed amount up to 1,000 shares. For subscriptions of up to 3,000 shares, the allocation for retail investors for the part exceeding 1,000 shares is 51.34% The supervisory board, management board and employees of AS Tallinna Sadam group companies are allocated 100% of their subscribed amount up to 2 000 shares and for subscriptions of up to 3,000 shares, the allocation for the part exceeding 2,000 shares is 51.34%. Above 3,000 shares, all retail investors are allocated 4.5% of subscribed shares.

51% of retail investors subscribed for up to 1,000 shares and 78% of all retail investors subscribed for up to 3,000 shares.

Shares allocated in the Offering will be eligible for any dividends paid on the Shares for the financial period starting on 1 January 2018, and for any subsequent financial period.

Shares allocated to investors will be transferred to the securities accounts of investors on or about 12 June 2018. Trading in the shares of AS Tallinna Sadam on Nasdaq Tallinn Stock Exchange Baltic Main List is expected to commence on 13 June 2018.

 

Valdo Kalm

AS Tallinna Sadam

Chairman of the Management Board / CEO

 

Additional information:

Marju Zirel

AS Tallinna Sadam

Head of Investor Relations

m.zirel@ts.ee

 

 

IMPORTANT NOTICE

This announcement is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State of the European Economic Area which has implemented the directive, the “Prospectus Directive“) and/or the Estonian Securities Market Act (the “SMA”).
These materials shall not constitute or form part of any offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of the Company (“Shares”) in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. In the European Economic Area, with respect to any Member State, other than Estonia, that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for the Shares in the United States. The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act“), and may not be offered or sold in the United States unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The issuer of the Shares has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States. Any Shares sold in the United States will be sold only to qualified institutional buyers (as defined in Rule 144A under the Securities Act) in reliance on Rule 144A, or another available exemption from the registration requirements of the Securities Act.
This communication is for distribution only to, and is directed solely at persons who: (i) are outside the United Kingdom; (ii) are investment professionals, as such term is defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order“); or (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial Promotion Order; (all such persons together being referred to as “relevant persons“). This communication is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.
In any member state of the European Economic Area, other than the Republic of Estonia, the Shares are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor. For these purposes, a “retail investor” means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (“MIFID II“); (ii) a customer within the meaning of Directive 2002/92/EC, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MIFID II; or (iii) not a qualified investor as defined in the Prospectus Directive.
In relation to the Offering, Citigroup and Carnegie Investment Bank AB are acting as joint global coordinators and joint bookrunners (the “Joint Global Coordinators“). Erste Group Bank AG and Swedbank AS are acting as joint bookrunners (the “Joint Bookrunners”). AS LHV Pank is acting as Joint Lead Manager (together with the Joint Global Coordinators and the Joint Bookrunners, the “Underwriters“).
The Underwriters are acting exclusively for the Company and no one else in connection with the Offering. None of the Underwriters will regard any other person (whether or not a recipient of this announcement) as a client in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients nor for the giving of advice in relation to the Offering or any transaction, matter, or arrangement referred to in this announcement.
In connection with the Offering, the Underwriters and any of their respective affiliates, acting as investors for their own accounts, may subscribe for and/or acquire Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in this announcement to the Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue, offer, subscription, acquisition, dealing or placing by, the Underwriters and any of their affiliates acting as investors for their own accounts. In addition, the Underwriters (or any of their respective affiliates) may enter into financing arrangements (including swaps) with investors in connection with which such Underwriters (or any of their respective affiliates) may from time to time acquire, hold or dispose of Shares. None of the Underwriters intends to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
The Underwriters and their respective affiliates may have engaged in transactions with, and provided various investment banking, financial advisory and other services to, the Company and its current sole shareholder, the Republic of Estonia (the “Government Shareholder”), for which they would have received customary fees. The Underwriters and any of their respective affiliates may provide such services to the Company, the Government Shareholder and any of their respective affiliates in the future.
In connection with the offer or sale of the Shares, Swedbank AS (the “Stabilising Agent”) acting on behalf of Citigroup (the “Stabilising Manager”), may effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail for a period of 30 days following the commencement of trading. Any stabilisation action (which may or may not occur) will be conducted by the Stabilising Agent in accordance with all applicable laws and rules and may cease at any time.
None of the Underwriters or any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever, or makes any representation or warranty, express or implied, for the contents of this announcement, including its truth, accuracy, completeness, verification or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, the Government Shareholder and their affiliates, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. All information presented or contained in this announcement is subject to verification, correction, completion and change without notice. However, the Company does not undertake to provide the recipient of this announcement with any additional information, or to update this announcement or to correct any inaccuracies.
This announcement does not constitute a recommendation concerning the Offering. The price and value of securities and any income from them can go down as well as up. Past performance is not a guide to future performance. Information in this announcement or any of the documents relating to the Offering cannot be relied upon as a guide to future performance. Before purchasing any Shares, persons viewing this announcement should ensure that they fully understand and accept the risks, which are set out in the Prospectus.
Forward-looking statements
Certain statements contained in this announcement, including any information as to the Company’s strategy, plans or future financial or operating performance constitute “forward-looking statements”. These forward-looking statements can be identified by the use of forward looking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “aims”, “plans”, “predicts”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts.
By their nature, forward-looking statements address matters that involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
The forward-looking statements contained in this announcement speak only as of the date of this announcement. The Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

 

Aktsiaselts TALLINNA SADAM (registry code: 10137319, address: Republic of Estonia, Tallinn, Sadama tn 25, 15051; hereinafter “Tallinna Sadam”) hereby announces the public offering of its shares (the “Offering”). The Offering  will be carried out on the basis of the prospectus prepared by Tallinna Sadam and approved by the Estonian Financial Supervision Authority (the “EFSA”) on 7 May 2018 (the “Prospectus”) and its supplement, approved by the EFSA on 24 May 2018 (the “Prospectus Supplement”), published on the date of this announcement on the websites of the Tallinna Sadam and the EFSA, as may be supplemented. Full details of the Offering are set out in the Prospectus and its supplement(s).

Notice of the Public Offering

ASi Tallinna Sadam Prospectus

ASi TALLINNA SADAM Prospectus Supplement ENG

Port of Tallinn announced on Tuesday, 8 May, about its intention to proceed with company’s Initial Public Offering and to list on Tallinn Stock Exchange.

ITF announcement

In the first quarter of 2018, 5.01 million tons of cargo and 1.92 million passengers passed through the harbours of Port of Tallinn. The cargo volume increased by 0.3% and passenger number by 0.2% compared to the same period last year. The total revenue of Port of Tallinn group was EUR 29.4 million and profit EUR 11.8 million.

According to Port of Tallinn’s CEO Valdo Kalm the comparison of the results of the first quarter shows a positive sign in cargo volume in a long time. “The decline in cargo volume has stopped and even shows a slight increase, mainly due to the growth of ro-ro and dry-bulk goods transported through the harbours of Port of Tallinn. The increase in the number of passengers served occurred mainly on the Tallinn-Stockholm line.”

In the first three months, the revenue of the Group was EUR 29.4 million, showing a slight decrease of 1%, caused mostly by the decrease in vessel dues. The decrease was due to decline of liquid bulk and container volumes.

The adjusted EBITDA or profit before interest, taxes, depreciation and write-downs was EUR 17.6 million, decreasing by EUR 1.6 million. The Group’s first quarter profit decreased by EUR 2.5 million to EUR 11.8 million. The decrease of the adjusted EBITDA and profit was caused by the decrease of other income compared to 2017, when it included penalties income from shipyards for delaying the delivery of new ferries.

In addition to the parent company, the Port of Tallinn group includes the subsidiaries TS Laevad OÜ and TS Shipping OÜ.