news A TRUE SUCCESS STORY DURING THE WORST CRISIS OF THE CENTURY SAFETY AT SEA REQUIRES MANY STEPS 1/2016 a Grimaldi Group Company

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1 a Grimaldi Group Company news 1/2016 A TRUE SUCCESS STORY DURING THE WORST CRISIS OF THE CENTURY SAFETY AT SEA REQUIRES MANY STEPS >> Modern >> Reliable >> Efficient

2 EDITORIAL CREATING VALUE, BRINGING BENEFITS TO ALL Contents Editorial 2 Finnlines: a true success story during the worst crisis of the century 3 SAFETY FIRST: from factory gate to consumer the transport chain has many players 8 Schedules Issue 1/2016 seq. no. 17 Editor in Chief: Printed by: Published by: Finnlines K-Print news Finnlines Plc Komentosilta 1 FI Helsinki press@finnlines.com The news spread across the Finnish media on 12 October 2015: The Grimaldi Group had acquired a 10.58% stake in Finnlines from Finnish Mutual Pension Insurance Company Ilmarinen, thereby increasing its stake to over 91%. The purchase came with the right and obligation under chapter 18, section 1 of the Finnish Companies Act to redeem remaining shares held by Finnlines other shareholders at what was considered a fair price. When the press release appeared stating that on October 12 Grimaldi had taken its shareholding to over 91%, a good bottle of champagne was opened at the Finnlines headquarters. For those based in the headquarters of both Grimaldi and Finnlines, this piece of news meant that a long story dating back to 2006 had come to a happy end. Finnlines is today almost completely run by Finnish managers, with the exception of the CEO and a few experienced managers, particularly in the outside agencies: managers who bring knowledge and help coordinate with the parent company, Grimaldi. The new generation of managers forged and formed in the Finnlines reshuffle will bring precious know-how to the country s maritime establishment for decades. Over the years of the turnaround, criticism of Grimaldi management found other supporters. The positive results that had been achieved were far from accepted. Only one year before American Marine Money had nominated Finnlines as world leader in return to shareholders, a local Finnish newspaper was still calling the company a debt mine and one of the worst investments in the field. The article was published just the week after I was nominated CEO for the second time. But opinions are opinions, and facts are facts. The mine produced profits instead of debts, and at last year s pace the company is not only able to fully finance itself, but also to pay back all its debt in no more than 3/4 year s time. The misunderstanding with part of the press never threatened to slow the momentum of change. The effects of the company reorganisation were not only economical and financial; they had an impact on more than just company managers and shareholders. By reducing costs and increasing competitiveness, Finnlines passed a substantial part of its efficiency gains onto its clients, which saw their service quality guaranteed and their seafreight costs decrease. Finnlines refound wealth was also now acting as a guarantee for its staff and crew, for its suppliers, for the Finnish State and the Finnish flag. The Finnish logistics platform which very much relies for geographic reasons on seaborne transport acquired a green footprint, guaranteed frequency and tonnage, a renovated fleet, and renewed control over national ports and line operations. Printed in February Circulation: 20,000 copies

3 FINNLINES: A TRUE SUCCESS STORY DURING THE WORST CRISIS OF THE CENTURY FOR THOSE BASED IN THE HEADQUARTERS OF BOTH GRIMALDI AND FINNLINES, NEWS ABOUT GRIMALDI GROUP S STRENGTHENED POSITION MEANT THAT A LONG STORY DATING BACK TO 2006 HAD COME TO A HAPPY END. AS IN OLD-FASHIONED MOVIES, AFTER A TOUGH STRUGGLE, THE GOOD GUYS HAD WON THE DAY. It was in that year that Grimaldi first took majority control of Finnlines. It was a perfect match: world leading ro-ro and ro-pax player Grimaldi, born in the Mediterranean and educated on the European and Atlantic trades to Africa and the Americas, joined the board of Finnish ro-ro/ro-pax specialist Finnlines, which for its part focused on Baltic and North Sea transport, in many cases with ice-class ships. There was plenty of potential for synergies, and the European economy was booming: most shipping companies were reporting comfortable bottom line results, Finnlines included. The Grimaldi family didn t impose any plans or suggest names for inclusion in the Finnlines organogram. The company s managers were given room to express their potential. THE PERFECT STORM The fairytale became a nightmare at the end of 2008, when the health of the world economy took a nasty turn for the worse. There had already been warning signs. Lehman Brothers bank had collapsed in 2007, but nobody could tell if and when the financial crisis would spill over into the real economy. The Grimaldi family understood the situation and started paying regular visits to Helsinki to take Finnlines pulse. >>> 3

4 THE WORST CAME TO THE WORST IN THE WINTER OF 2008/2009. >>> The worst came to the worst in the winter of 2008/2009. By the end of March 2009, the value of Finnlines shares on the Helsinki stock exchange had plunged from EUR 17 to around EUR 4, a record low. Finnlines ravaged financial ratios were under serious scrutiny by banks and financial institutions. Tax authorities and stock exchange inspectors began making calls. It became essential to address ailing ac- counts in order to avoid a crash that was perhaps months or even weeks away. Stormy conditions compelled the Grimaldi family to take action. THE SHAKEUP In January 2009 Emanuele Grimaldi put in a team of managers including Domenico Ferraiuolo (ports), Antonio Raimo (line management), and Ferdinando Marino (purchasing). They spent long weeks at the Helsinki headquarters studying documents, talking with anyone who could provide key information, and planning countermeasures. When ideas cristalised, the Board agreed on the termination of the CEO, Mr Antson, and asked Mr Grimaldi to take the helm of the company for an interim quarter period. It was 23rd March The company was turned upsidedown: some managers were fired, others left; every stone was turned to find new ways to cut costs, gain volume and simplify corporate structures. A plan was laid out for reducing REASONS MULTIPLIED FOR JUSTIFYING SWIFT INTERVENTION BY THE PARENT COMPANY: 4 a) The macroeconomic landscape deteriorated from one day to the next, spreading from the financial markets to the real economy. Between January and February 2009 Finnish seaborn imports of unitized goods fell by 25%, and exports by 33%, in comparison with the corresponding period of the previous year. Passenger volumes were also languishing, with passenger traffic between Finland and Germany decreasing by 19%. Finnlines core business was simply evaporating, while costs were untouched or rising. b) Competition became a matter of survival. Cutthroat rate quotations started appearing on the market, appalling operators and dampening business sentiment further. Revenues were 46% down, ship occupation rates were at a historic low, and on top of this the company was committed to paying instalments for 19 ships and multiannual charter rates on another 22 ro-ro units. Before the Grimaldi era, the Finnlines fleet was mainly comprised of small vessels; not one of the ro-ro units was owned. Another balance sheet item was of deep concern: control over fuel bills had been lost due to unpredictable price trends dictated by nervous international oil markets. There were management problems too: several sources suggested a number of managers weren t actually accepting passengers onboard their vessels in order to simplify their own jobs. Finnlines results were splattered with red ink. In December 2008 there was a loss that no-one had ever expected to see: EUR 17 million, not less than 40% of the monthly turnover. c) Finnlines was in the middle of a multiannual fleet renewal programme. The last ship orders had been placed just a few months before. It was decided that a huge longterm plan was necessary, focusing on the acquisition of 15 new ships (increased to 18 five years later). The plan was to wean the company off its chronic need for chartered vessels, which made it prone to the tonnage scarcity and the price volatility of the iceclass market. Five giant ro-pax, six large ro-ro newbuildings and four second hand ro-ro were added to fleet between 2006 and 2013: an investment of around EUR 861 million. Coming at a troubled time, the ambitious renewal could have rapidly turned into a headache for top management by burdening the company with heavy debts and exposing it to a continuous need for fresh cash from banks, right at the height of the credit crunch. d) In that same month, December 2008, the company was also finalising a EUR 100 million plus investment in Helsinki s Vuosaari port, as well as hiring a great deal of machinery and staff, mainly to serve the Russian business: another cash-consuming activity condemned by circumstance to start out with outright losses. Over 80% of certain freight flows to Russia passed through Finnish ports, making them a fortune. Around this time, Russian authorities declared their intention to almost completely put an end to this traffic, and for good. As a result, authorities began to check Finnlines port and line assets with a view to possible impairment actions. This was a real timebomb for balance sheet stability. e) As turnover became scarcer, other Finnlines problems became visible for the first time, such as the byzantine company structure created by former CEOs. A maze of 45 subsidiaries somehow managed to invoice each other more than they invoiced their clients. Taxation errors had put the company in a delicate position vis-a-vis public authorities in both Germany and Sweden. By way of example, in 2013/14 the parent company had to pump more than EUR 56 million into the German subsidiary to settle impairments.

5 THE OWNERS PUT IN PERSONAL APPEARANCES WITH BANKING PARTNERS IN ORDER TO SECURE THE FINANCIAL RESOURCES NEEDED. the fleet so that it comprised fewer, larger and more efficient units in order to exploit corporate commercial network synergies through hubs like Antwerp. QUEST FOR CONTRACTS The quest for car, paper, trailer, and logistics contracts became the positive obsession of everyone in the commercial department. Agency and IT strategies were totally rethought and integrated into the corporate structure. Real estate expenses were x-rayed and a cost cutting strategy launched in this domain too. Staffing levels were reduced, especially in agency and port departments. Margins for overspending were cancelled and internal spending procedures tightened. Non-core assets were sold, including three ports, ships and a good deal of equipment. Whilst fighting on several fronts, the owners put in personal appearances with banking partners in order to secure the financial resources needed for completing the planned fleet investments, as well as to finance restructuring plans, run current operations and settle tax matters. GOING AGAINST THE GRAIN Some decisions made by former managers were the result of an amateurish, incompetent or ambiguous approach, and had gone awry. Amazingly, one line manager was giving to some of his close clients rebates which were superior than the service rates applied. Gold-plated pension and company car benefits as well as petty cash expenses were also out of control. One at a time, these problems were addressed. If doing the right thing sometimes means going against the grain, then managing Finnlines in those years was a case in point. Some minority shareholders raised voices of dissent, and in 2008 engaged in a legal battle with the aim of extracting dividend from the distressed company. The demand >>> WHEN THE GOING GETS TOUGH, THE TOUGH GET GOING ALL OPTIONS CAME WITH A RISK OF FAILURE. A Sulphur Emission Control Area was established by international authorities in the North Sea and the Baltic, obliging all shipping operators to reduce sulphur emissions down to 0.10% from the beginning of Shipping companies that wanted to stay in business had to either use a 100% more expensive type of bunker fuel inflating their own costs or to invest EUR 2 to EUR 6 million (plus maintenance costs) for every ship in order to purchase and install emissions abatement technology. The first option meant Finnlines risked paying some EUR 300 per ton more for the 330,000 tons of fuel it consumed, an extra cost of EUR 100 million every year. Considering that only around half of these costs could have been passed onto clients, the bottom line effect would have been disastrous. The second option implied an audacious investment, modifying ships once more, and betting substantial amounts on abatement technologies that were still not proven, as well as fuel blends whose availability and price could not be taken for granted. Finnlines had to make a decision quickly that involved all its ships (it has one of the biggest fleets in the Baltic). Due to its size, the decision was likely to turn a still convalescent company into a Baltic profit champion, or to again unleash problems of weakening competitiveness, losses and serious financial trouble. All options came with a risk of failure, and all errors in this domain could have been fatal. Despite poor data regarding both fuel price trends and technology, the decision had to be taken by the beginning of 2014 in order not to miss the supply windows dictated by the marine technology market. Intensive hands-on work restarted in Helsinki. After in-depth studies and consulting engineers and managers, Mr Grimaldi opted for so-called scrubber technology as a way of purifying funnel emissions and complying with the oncoming sulphur rules. In order to reduce the risks of opting for an unproven technology, he teamed up with the world s three biggest scrubber manufacturers, diversifying the supply risk and shortening the leadtime for the delivery of equipment. From the end of 2013, orders were issued for 41 scrubbers for 20 ships. Mr Grimaldi also accelerated plans for bunker consumption reduction that had been set in motion in 2009, as part of a plan to reduce overall fuel cost risks and to improve the environmental footprint of the company. In addition to ongoing fleet and schedule rationalisations, orders were issued for nine re-bladings and rudder retrofits. The latest generation of silicon hull paints was tested on a couple of ships. All in all, the green plan ammounted to a EUR 100 million investment. This was unprecedented in Finnlines and was a clear signal within the competitive Baltic shipping market. The green campaign was achieved without neglecting the company turnaround initiated in The reform was accelerated again on all fronts, and its effects are evident today. 5

6 PLANS WERE IMPLEMENTED, THEREBY CONSOLIDATING THE BREAKEVEN RESULTS AND SIMPLI- FYING THE FINNLINES STRUCTURE. THIS DID NOT OCCUR WITHOUT FRICTION. >>> came in the same months that cash was desperately needed to settle impairments and the debts of subsidiaries, to pay bank instalments, to finance ongoing investments, to shut down unprofitable branches, and to temporarily keep loss making activities running. In a break with the past, the current CEO and President Emanuele Grimaldi decided not to take a penny in salary or dividend from Finnlines. Finnlines has never paid a penny also to Grimaldi company managers for their long hours of successful consultancy work, synergies suggestions and support. On the contrary, in the space of a few short months, owners had to twice take money from their own pockets to refill the company s empty coffers and address operational issues, fiscal problems and mistakes made by previous management. The dividend requests were awkward, and the Grimaldis had to dismiss them at first, and then defend this decision in front of the judges in court not only in the name of company value, but also in the name of the shareholder value, including the shareholders that had brought the case in the first place. THE ROAD UPHILL In June 2009 Mr Grimaldi moved to Executive Chairman role and left the CEO position to Uwe Bakosch. By that time Finnlines was still weak and engaged in numerous battles, but it had now clear targets. Above all, it had broken even once again. The position was maintained the three following years. Plans laid down by Mr Grimaldi were implemented, thereby consolidating the breakeven results and simplifying the Finnlines structure. This did not occur without friction. Several administrative and operational managers left, including the CFO and a COO in By the end of 2013, new ambitious challenges appeared on the horizon for marine operators in the Sulphur Emission Control Areas (see previous page box), and also due to that, by that time Mr Grimaldi stepped back as CEO/President of Finnlines. CHANGES IN FLEET, TOO Since 2013 to present, vessel occupation rates have improved: passenger business has clearly been on the up in terms of both volume and turnover. Important contracts and partner ships have been set up with leading car, paper and trailer companies. Unprofitable lines have closed whilst new links have opened. The fleet has shrunk from 42 mostly old, small and chartered units to 22 large, owned ships. A lot has been invested in the environmental technology and the fleet has undergone a great deal of improvements to meet the new sulphur emission regulations. Due to the extensive investments and the modern fleet, Finnlines now stands as a frontrunner in the Baltic Sea. Fuel consumption has decreased from 460kt to 300kt, and so have emissions and fuel costs. Staffing levels ashore were down sized from to about 700 people, while the number of subsidiaries was reduced from 45 to 21. FINALLY, GOOD NEWS FROM THE COURT At last, after three long judgement rounds and seven years, the minority shareholder case was won at the end of In the very same week that the Finnish High Court of Justice rendered its positive decision in the dividend case, another Finnish court honoured Finland s rule of law tradition by rejecting injunction requests from a major Finnish port aimed at rescinding significant multi-annual concessions granted to Finnlines port subsidiaries. This was just one of the fierce attempts by third-party public and private actors to damage Finnlines legitimate position in the port sector, and by doing so Finland s own logistics interests. BRIGHT FUTURE AHEAD As forecast, and welcome news, company results moved from breakeven in 2013 into profit. In 2014 Finnlines made more profit, on less revenue, than it did before the Grimaldi takeover, with a better margin on revenues than all other shipping companies in the Baltic. The American shipping finance magazine Marine Money ranked Finnlines as the number one stock-listed shipping company in the world for return to shareholders ratios. The first nine months of 2015 have seen even better ratios and results. STRONG SUPPORT BACKING CHANGE 6 The actions undertaken by Mr Grimaldi were only possible thanks to a supportive Board of Directors, with all members backing the changes. On the board alongside Emanuele Grimaldi was his brother Gianluca and brotherin-law Diego Pacella representing the Italian parent at the highest corporate level while a pool of Scandinavian experts gave key contributions when delicate decisions were made. At the top of this list was Jon-Aksel Torgersen, who headed the meetings as Chairman. In his capacity as President of Astrup Fearnely AS, one of the world s biggest shipping brokerage, research and consultancy companies, he added his deep knowledge and personal experience to decision-making. Beside him sat Olav Rakkenes, a true shipping man and key player over the decades in the development transatlantic ro-ro and container traffic. Board expertise was complemented in 2012 by the election of Christer Backman, former senior manager of the successful Finnlines Sweden Finland line. Last but not least, in the same year Tiina Bäckman joined, a seasoned manager of large Finnish companies and organisations. She brought her specific knowledge and experience in legal and administration matters. Mrs Bäckman s contributions added value especially when it came to company governance decisions in a maritime world otherwise often governed by men. The achievements of those years were also made possible thanks to the close support of the Finnlines management team. Indeed, as a result of the crisis, the Board of Managers was almost totally renewed. Today, top managers and junior managers regularly meet to steer the company; all

7 IN 2014 FINNLINES MADE MORE PROFIT, WITH A BETTER MARGIN ON REVENUES THAN ALL OTHER SHIPPING COMPANIES IN THE BALTIC. are committed to improving results. Core team members, beside Mr Raimo and Mr Ferraiuolo, include Tom Pippingsköld, an expert in finance and the Finnlines CFO (he was the architect of the company s lean financial structure); Staffan Herlin, who steers key commercial and ro-ro divisions (and has already managed to become part of the institutional memory of Finnlines); Cpt. Tapani Voionmaa, who has a long employment history in Finnlines, and who today heads both Finnlines legal and insurance departments, as well as the Finnish Shipowners Association; Kielo Vesikko, who has firm control over the complex German core business, and who recently deservedly acquired passengers as part of her management portfolio, with great results so far; Thomas Doepel and Mikael Lindholm, who respectively head the purchasing and the technical and shipmanagement offices, managing the fleet and are steering the huge investment plan to a successful conclusion. A good dozen other motivated managers complete the management picture, adding value and competence in operational, commercial, IT, HR, onboard sales, audit and accountancy, and agency functions. Mr Grimaldi could count also on the cooperation from Grimaldi Mother Co. of his assistant Luca Marciani in closely auditing costs. He also involved his son Guido and his top manager Costantino Baldissara to coordinate commercial activities in the shortsea and truck-and-trailers domain, and the car business respectively. Expertise from the parent company was also transferred to Finnlines via the young manager Blasco Majorana, who joined ro-ro line operations, whilst Dario Bocchetti was assigned the delicate task of assisting Finnlines in drawing up and implementing fleet efficiency plans; he was at that time head of the Corporate Energy Saving Department. 7

8 SAFETY FIRST ARTICLE SERIES ON THE SAFETY ISSUES IN SHIPPING The Safety First -series introduces safety matters concerning the shipping business: issues like securing the cargo, protecting the environment and assuring the health and safety of the personnel. The first part covered some of the principal international regulations and standards on multimodal transport chain. The series will continue in the upcoming Finnlines News issues. FROM FACTORY GATE TO CONSUMER THE TRANSPORT CHAIN HAS MANY PLAYERS PREPARATIONS FOR THE SEA CARRIAGE START OFTEN AS EARLY AS IN THE FACTORY. AS A RULE, A FORWARDING AGENT ORGANISES THE DIF- FERENT ELEMENTS OF THE TRANSPORT CHAIN. SINCE THERE ARE MANY PLAYERS INVOLVED, CLOSE CO-OPERATION AND COMMUNICATION ARE OF UTMOST IMPORTANCE TO SHARE BEST PRACTISES. ifferent modes of transport are used in carrying the freight from the consignor to the consignee. Goods are exposed to many hazards irrespective of the transport mode. With appropriate design of the packaging, adequate securing and lashing methods and equipment, many of the risks can be eliminated. Finnlines Customer Service advises in detail of the necessary procedures and equip- ment, because all cargo must be carefully fitted for chosen stowage to ensure the safety of the sea crossings. DESIGNING SOLUTIONS Transported products include all varieties of liquid and dry bulk in tank units, machinery and components for building and production, consumer products in packages and industrial raw materials of numerous physical and chemical compositions and properties. Safe and efficient transport is based on the knowledge of the items, available transport methods, equipment and infrastructure. Design of products and packages may easily and efficiently solve many issues that can lead to often expensive problems before the item even reaches the points of handling, lifting or securing. A designer aware of the transport techniques could include simple solutions into the product packaging, thus already avoiding the problems on the drawing board. HIGH AND HEAVY Special cargo often refers to boilers, different types of engines and machines which are higher and heavier and have exceptional dimensions. The customer supplies the technical data, including exact dimensions, weight, 8

9 TRAINING PROFESSIONALS Many different kinds of skills and professional training both ashore and at sea are needed for carrying goods from place A to place B in due time and without damages. The ships crew has vocational training and years of sea-going experience. The officers and engineers are graduates from maritime colleges. Since seafaring is a strictly controlled line of business, seafarers must attend refreshment courses and renew their certificates of proficiency on a regular basis. The international STCW Convention defines the training and certification requirements for all professional seafarers. Continuous training also applies to stevedores. Education on safety is the first step before starting work at the port. Theoretical studies and practice under supervision are necessary for operating cranes and other cargo-handling equipment, securing different types of units and handling hazardous cargo to name but a few tasks. Stevedores must be familiar with national and international rules and regulations, as well as with company-specific quality requirements and instructions. Finnlines employees working on cargorelated issues ashore often have a background as a master mariner or a naval architect. However, no formal education can guarantee all the necessary skills for the job. On-the-job training and refresher courses are an integral part of the work. transport plan or drawings, and the position of the centre of gravity. Finnlines Cargo Securing team uses this data to calculate how to fit the item on a cargo deck, how it can be lifted onto a roll trailer and the location, the type and the number of lashings to be used. The Cargo Securing team gives advice and information on any cargo-related subject. Loss prevention being the most important target, the team also supervises cargo handling procedures onboard ships and inside terminals. Finnlines Cargo Handling Equipment manages the system for maintaining heavy equipment, including roll trailers, containers and cassettes, and lashing equipment, such as chains, web lashes, belts and trailer trestles. Its tasks also include the storage of lashing and securing equipment and supplying ships with whatever gear is needed. REELS ON WHEELS In ro-ro-traffic carriage takes place on wheels, which means that the goods are loaded on a truck, trailer or on a roll trailer. The haulier is responsible for the road transport. When the driver picks up the trailer at the warehouse, it is his or her task to check the lashings and securings. Trailers and trucks are often loaded together with the driver and the warehouse personnel. International standards and guidelines (introduced in the previous Finnlines News 2/2015) are consulted as a source material. In ports, Finnlines performs continuous ad-hoc inspections to monitor securings and lashings inside the cargo units. If any deficiencies are detected, the unit will be stopped until corrective action is taken. This way we can ensure safe carriage throughout the voyage. A loading plan is drawn up by the port s superintendent and the ship s chief officer, but the actual loading, unloading, lashing and unlashing of cargo is carried out by stevedores as agreed with the crew. Whenever adverse weather is forecasted, additional securings and lashings are used. Roll trailers are loaded and unloaded in the port. In Vuosaari harbour this is done by Finnsteve s professionals in large terminals where goods arrive and depart. EN ROUTE AT SEA During the sea voyage, the ship s Master bears the overall responsibility for the safety of the crew, ship and cargo. The crew makes regular fire patrols on cargo decks during the voyage not only to detect possible sources of fire, but also to control temperatures, lashings, ventilation and units containing chemicals. 9

10 OUR NET WORKS. RELIABLE. PRECISE. SAFE. FINNLINES BRANCH OFFICES AGENT Subject to alterations without notice TransRussiaExpress Ro-ro service GERMANY FINLAND Lübeck Helsinki Phone +49 (0) Phone Fax +49 (0) Fax RUSSIA St. Petersburg Phone RUSSIA St. Petersburg TRANS-LOG LLC Phone +7 (812) Fax +7 (812) LOADING COUNTRY DISCHARGING COUNTRY LOADING PORT DISCHARGING PORT DEPARTURE HRS ARRIVAL HRS GERMANY RUSSIA Lübeck St. Petersburg Sat 13:00 Tue 07:00 RUSSIA GERMANY St. Petersburg Lübeck Tue 16:00 Fri 13:00 10

11 Helsinki St. Petersburg Wallhamn Aarhus Esbjerg Cork Bristol Southampton Antwerp Subject to alterations without notice Setubal Valencia BalticEuroMed Service FosMarseille Savona Livorno Tunis Civitavecchia Palermo Malta Tripoli Salerno Piraeus Izmir Yenikoy Gemlik Alexandria Mersin Limassol Lattakia Tartous EUROMED SERVICE QUARTERLY SCHEDULE 2016 GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. GRA. BRET ELLADE MED EUR SCA BRET ELLADE MED EUR SCA BRET ELLADE MED EUR SCA BRET ELLADE MED EUR SCA 01/16 01/16 01/16 01/16 01/16 02/16 02/16 02/16 02/16 02/16 03/16 03/16 03/16 03/16 03/16 04/16 04/16 04/16 04/16 04/16 SALERNO SAVONA SETUBAL BRISTOL ( PRBY) CORK ESBJERG WALLHAMN ANTWERP SOUTHAMPTON VALENCIA SALERNO PIRAEUS IZMIR ALEXANDRIA LIMASSOL ASHDOD Beirut Ashdod 11

12 HansaLink Passengers & ro-ro service FINNLINES BRANCH OFFICES FINLAND Helsinki Phone Fax FINLAND > GERMANY DEPARTURE ARRIVAL Helsinki Travemünde Mon 17:00 Tue 21:30 Tue 17:00 Wed 21:30 Wed 17:00 Thu 21:30 Thu 17:00 Fri 21:30 Fri 17:00 Sat 21:30 Sat 17:00 Sun 21:30 GERMANY Lübeck Phone +49 (0) Fax +49 (0) GERMANY > FINLAND DEPARTURE ARRIVAL Travemünde Helsinki Tue 03:00 Wed 09:00 Wed 03:00 Thu 09:00 Thu 03:00 Fri 09:00 Fri 03:00 Sat 09:00 Sat 03:30 Sun 09:30 Sat * 18:00 Mon 06:45 Sun 03:00 Mon 09:00 * Only ro-ro service on Saturday evening departures from Travemünde Subject to alterations without notice PASSENGER BOOKING: passenger@finnlines.com FINLAND: +358 (0) passenger@finnlines.com GERMANY: passagierdienst@finnlines.com SWEDEN: passenger@finnlines.com 12

13 FinnLink Passengers & ro-ro service NordöLink Passengers & ro-ro service FINNLINES BRANCH OFFICES Subject to alterations without notice FINLAND Naantali Phone +358 (0) RUSSIA St. Petersburg Phone Fax +358 (0) FINLAND > SWEDEN SWEDEN > FINLAND DEP. ARR. DEP. ARR. DEP. ARR. DEP. ARR. Naantali Långnäs Långnäs Kapellskär Kapellskär Långnäs Långnäs Naantali Mon 09:30 14:30 14:45 17:00 Mon 09:15 13:45 14:00 19:00 16:15 21:00 21:15 23:15 21:45 02:10 02:25 07:15 Tue 22:45 03:45 03:55 06:00 Tue Tue 09:15 13:45 14:00 19:00 Tue 09:30 14:30 14:45 17:00 21:45 02:10 02:25 07:15 Wed 16:15 21:00 21:15 23:15 Wed 01:00 05:30 05:40 10:40 22:45 03:45 03:55 06:00 Wed 09:15 13:45 14:00 19:00 Wed 09:30 14:30 14:45 17:00 21:45 02:10 02:25 07:15 Thu 16:15 21:00 21:15 23:15 Thu 01:00 05:30 05:40 10:40 22:45 03:45 03:55 06:00 Thu 09:15 13:45 14:00 19:00 Thu 09:30 14:30 14:45 17:00 21:45 02:10 02:25 07:15 Fri 16:15 21:00 21:15 23:15 Fri 01:00 05:30 05:40 10:40 22:45 03:45 03:55 06:00 Fri 09:15 13:45 14:00 19:00 Fri 09:30 14:30 14:45 17:00 21:45 02:10 02:25 07:15 Sat 16:15 21:00 21:15 23:15 Sat 01:00 05:30 05:40 10:40 22:45 03:45 03:55 06:00 Sat 09:15 13:45 14:00 19:00 Sat 09:30 14:30 14:45 17:00 21:45 02:10 02:25 07:15 Sun 22:45 03:45 03:55 06:00 Sun Sun 01:00 05:30 05:40 10:40 Sun 09:30 14:30 14:45 17:00 09:15 13:45 14:00 19:00 22:45 03:45 03:55 06:00 Mon 21:45 02:10 02:25 07:15 Mon GERMANY Travemünde Phone +49 (0) Fax +49 (0) SWEDEN Malmö Phone +46 (0) Fax +46 (0) GERMANY > SWEDEN SWEDEN > GERMANY DEPARTURE ARRIVAL DEPARTURE ARRIVAL Travemünde Malmö Malmö Travemünde Mon 03:00 Mon 11:45 Mon 16:00 Tue 00:45 22:00 Tue 07:00 22:00 Tue 07:00 Tue 02:30 Tue 11:15 Tue 10:00 Tue 19:00 10:00 Tue 19:00 16:00 Wed 00:45 22:00 Wed 07:00 22:00 Wed 07:00 Wed 02:30 Wed 11:15 Wed 10:00 Wed 19:00 10:00 Wed 19:00 16:00 Thu 00:45 22:00 Thu 07:00 22:00 Thu 07:00 Thu 02:30 Thu 11:15 Thu 10:00 Thu 19:00 10:00 Thu 19:00 16:00 Fri 00:45 22:00 Fri 07:00 22:00 Fri 07:00 Fri 02:30 Fri 11:15 Fri 10:00 Fri 19:00 10:00 Fri 19:00 16:00 Sat 00:45 22:00 Sat 07:00 22:00 Sat 07:00 Sat 03:00 Sat 11:45 Sat 10:00 Sat 19:00 11:00 Sat 20:00 13:30 Sat 23:00 22:00 Sun 07:00 23:00 Sun 08:30 Sun 01:00 Sun 10:15 Sun 16:00 Mon 01:15 22:00 Mon 07:00 22:00 Mon 07:00 HansaLink FinnLink NordöLink LÅNGNÄS NAANTALI HELSINKI KAPELLSKÄR MALMÖ TRAVEMÜNDE 13

14 Rauma Uusikaupunki Helsinki Turku Kotka Hanko St. Petersburg Paldiski Hull Immingham Aarhus Travemünde Lübeck Malmö Rostock Gdynia Finnlines North Sea & Baltic ro-ro El Ferrol Santander Tilbury Bilbao Amsterdam Antwerp Zeebrugge FINNLINES BRANCH OFFICES BELGIUM Antwerp Phone +32 (0) Fax +32 (0) DENMARK Aarhus Phone Fax FINLAND Helsinki Phone Fax GERMANY Lübeck Phone +49 (0) Fax +49 (0) GREAT BRITAIN Hull sales.uk@finnlines.com Phone +44 (0) Fax +44 (0) POLAND Gdynia sales.pl@finnlines.com Phone +48 (0) Fax +48 (0) LOADING LOADING HRS DISCHARGING DISCHARGING HRS COUNTRY PORT DEPARTURE DEP COUNTRY PORT ARRIVAL ARR BELGIUM ANTWERP Sat 22:30 Finland Helsinki Tue 15:30 ANTWERP Thu 18:00 Finland Helsinki Sun 15:30 ANTWERP Sat 22:30 Finland Kotka Thu 06:00 ANTWERP Thu 18:00 Finland Kotka Mon 06:00 ANTWERP Sat 22:30 Estonia Paldiski Fri ( * 06:00 ANTWERP Thu 18:00 Finland Rauma Tue 15:30 ANTWERP Sat 22:30 Russia St. Petersburg Wed 07:00 ZEEBRUGGE Sat 14:00 Spain Bilbao Tue 08:00 ZEEBRUGGE Fri 14:00 Estonia Paldiski Fri ( * 06:00 DENMARK AARHUS Fri 22:00 Finland Helsinki Mon 06:45 AARHUS Tue 18:00 Finland Helsinki Thu 16:45 AARHUS Tue 18:00 Germany Rostock Wed 04:00 AARHUS Tue 18:00 Russia St. Petersburg Mon 07:00 AARHUS Fri 22:00 Germany Travemünde Sat 10:00 FINLAND HANKO Fri 22:30 Poland Gdynia Sat 20:00 HANKO Mon 20:00 Poland Gdynia Tue 15:00 HANKO Wed 21:00 Poland Gdynia Wed 16:00 HANKO Sat 13:00 Germany Rostock Sun 20:00 HANKO Tue 22:30 Germany Rostock Thu 09:00 HELSINKI Fri 22:30 Denmark Aarhus Mon 07:00 HELSINKI Tue 19:00 Denmark Aarhus Thu 16:00 HELSINKI Fri 15:00 The Netherlands Amsterdam Wed 08:00 HELSINKI Fri 15:30 Belgium Antwerp Thu 14:00 HELSINKI Mon 15:30 Spain Bilbao Tue 08:00 HELSINKI Mon 15:30 Spain El Ferrol Mon ( * 14:00 HELSINKI Sun 20:00 Great Britain Hull Sat 15:00 HELSINKI Fri 22:30 Germany Rostock Sun 14:00 HELSINKI Thu 22:30 Germany Rostock Sat 10:00 HELSINKI Tue 19:00 Germany Rostock Thu 03:00 HELSINKI Mon 15:30 Spain Santander Mon/Tue 14:00 HELSINKI Sun 13:00 Russia St. Petersburg Mon 07:00 HELSINKI Tue 00:00 Russia St. Petersburg Wed 07:00 HELSINKI Fri 15:30 Great Britain Tilbury Tue 08:00 KOTKA Wed 22:00 The Netherlands Amsterdam Wed 08:00 KOTKA Tue 14:00 Spain Bilbao Tue 08:00 KOTKA Mon 22:00 Great Britain Hull Sat 15:00 KOTKA Wed 22:00 Germany Lübeck Fri 17:00 KOTKA Wed 22:00 Great Britain Tilbury Tue 08:00 KOTKA Tue 14:00 Belgium Zeebrugge Sat 14:00 RAUMA Thu 23:00 Spain Bilbao Tue ( ** 08:00 RAUMA Thu 15:30 Spain El Ferrol Mon ( * 14:00 RAUMA Wed 15:30 Great Britain Hull Sat 15:00 RAUMA Thu 15:30 Spain Santander Mon/Tue ( ** 14:00 TURKU Fri 22:30 Germany Travemünde Sun 09:00 TURKU Thu 02:30 Germany Travemünde Fri 09:00 UUSIKAUPUNKI Fri 12:30 Germany Travemünde Sun 09:00 UUSIKAUPUNKI Mon 23:00 Germany Travemünde Wed 08:00 UUSIKAUPUNKI Wed 20:00 Germany Travemünde Fri 09:00 GERMANY ROSTOCK Sun 18:00 Denmark Aarhus Mon 07:00 ROSTOCK Thu 06:00 Denmark Aarhus Thu 16:00 Subject to alterations without notice 14

15 LOADING COUNTRY LOADING PORT DEPARTURE HRS DEP DISCHARGING COUNTRY DISCHARGING PORT ARRIVAL HRS ARR ROSTOCK Mon 09:00 Finland Hanko Tue 15:30 ROSTOCK Thu 22:00 Finland Hanko Sat 07:00 ROSTOCK Sat 20:00 Finland Helsinki Mon 06:45 ROSTOCK Wed 06:00 Finland Helsinki Thu 16:45 TRAVEMÜNDE Sun 18:00 Finland Turku Tue 07:00 TRAVEMÜNDE Wed 17:00 Finland Turku Fri 00:00 TRAVEMÜNDE Sat 18:00 Finland Uusikaupunki Mon 07:00 TRAVEMÜNDE Sun 18:00 Finland Uusikaupunki Tue 15:30 TRAVEMÜNDE Wed 17:00 Finland Uusikaupunki Fri 07:00 GREAT BRITAIN HULL Sat 18:00 Finland Helsinki Tue 15:30 HULL Sat 18:00 Russia St. Petersburg Wed 07:00 TILBURY Tue 15:30 The Netherlands Amsterdam Wed 07:00 TILBURY Tue 15:30 Belgium Antwerp Thu 14:00 TILBURY Tue 15:30 Finland Helsinki Sun 15:30 TILBURY Tue 15:30 Finland Kotka Mon 06:00 TILBURY Tue 15:30 Finland Rauma Tue 15:30 TILBURY Tue 15:30 Russia St. Petersburg Thu (HEL 07:00 POLAND GDYNIA Sun 03:00 Finland Hanko Mon 07:00 GDYNIA Thu 21:00 Finland Hanko Fri 17:30 GDYNIA Tue 20:00 Finland Hanko Wed 17:00 RUSSIA ST.PETERSBURG Mon 19:00 Denmark Aarhus Thu 16:00 ST.PETERSBURG Wed 19:00 The Netherlands Amsterdam Wed ( ** 07:30 ST.PETERSBURG Wed 19:00 Belgium Antwerp Thu ( ** 14:00 ST.PETERSBURG Wed 19:00 Spain Bilbao Tue ( *** 08:00 ST.PETERSBURG Wed 19:00 Spain El Ferrol Mon ( ** 14:00 ST.PETERSBURG Mon 19:00 Finland Helsinki Tue 09:00 ST.PETERSBURG Wed 19:00 Finland Helsinki Fri 07:00 ST.PETERSBURG Wed 19:00 Finland Helsinki Thu 07:00 ST.PETERSBURG Tue 16:00 Finland Kotka Wed 06:00 ST.PETERSBURG Wed 19:00 Finland Kotka Thu 06:00 ST.PETERSBURG Wed 19:00 Finland Kotka Thu 06:00 ST.PETERSBURG Wed 19:00 Germany Rostock Sat 12:00 ST.PETERSBURG Wed 19:00 Spain Santander Mon/Tue ( *** 14:00 ST.PETERSBURG Wed 19:00 Great Britain Tilbury Tue 08:00 SPAIN BILBAO Tue 20:00 Belgium Antwerp Sat 14:00 BILBAO Tue 20:00 Finland Helsinki Tue ( ** 15:30 BILBAO Tue 20:00 Finland Kotka Thu ( ** 06:00 BILBAO Tue 20:00 Estonia Paldiski Fri ( ** 06:00 BILBAO Tue 20:00 Finland Rauma Wed ( *** 07:00 BILBAO Tue 20:00 Russia St. Petersburg Wed ( ** 07:00 EL FERROL Mon 14:00 Belgium Antwerp Sat ( * 14:00 EL FERROL Sat 14:00 Finland Helsinki Tue ( * 15:30 EL FERROL Sat 14:00 Finland Kotka Thu ( * 06:00 EL FERROL Sat 14:00 Finland Paldiski Fri ( * 06:00 EL FERROL Sat 14:00 Finland Rauma Wed ( * 07:00 EL FERROL Sat 14:00 Russia St. Petersburg Wed ( * 07:00 SANTANDER Sat/Sun 20:00 Belgium Antwerp Sat 14:00 SANTANDER Sat/Sun 20:00 Finland Helsinki Tue ( ** 15:30 SANTANDER Sat/Sun 20:00 Finland Kotka Thu ( ** 06:00 SANTANDER Sat/Sun 20:00 Finland Paldiski Fri ( ** 06:00 SANTANDER Sat/Sun 20:00 Finland Rauma Wed ( *** 07:00 SANTANDER Sat/Sun 20:00 Russia St. Petersburg Wed ( ** 07:00 THE NETHERLANDS AMSTERDAM Wed 16:00 Finland Helsinki Sun 15:00 AMSTERDAM Wed 16:00 Finland Kotka Mon 06:00 AMSTERDAM Wed 16:00 Finland Rauma Tue 15:30 AMSTERDAM Wed 16:00 Russia St. Petersburg Thu 07:00 Subject to alterations without notice RUSSIA St. Petersburg sales.ru@finnlines.com Phone SPAIN Madrid sales.es@finnlines.com Phone Fax AGENTS THE NETHERLANDS Amsterdam VERENIGD CARGADOORSKANTOOR B.V. info@vcklogistics.nl Phone +31 (0) Fax +31 (0) FRANCE Radicatel GRIMALDI ACL FRANCE Phone +33 (0) RUSSIA St. Petersburg TRANS-LOG LLC marketing_sales@translog.org Phone +7 (812) Fax +7 (812) SPAIN Bilbao CONSIGNACIONES TORO Y BETOLAZA S.A. consignaciones@torobe.com Phone Fax Ferrol PÉREZ TORRES MARITIMA Ignacio.prados@ptmar.com Phone Santander CANTABRIASIL, S.A. eal@cantabriasil.com cra@cantabriasil.com Phone SWEDEN Gothenburg GRIMALDI MARITIME AGENCIES SWEDEN AB, info@grimaldisweden.se Phone +46 (0) Malmö REDERI AB NORDÖ-LINK, booking@nordoe-link.com Phone +46 (0) Fax +46 (0) * every second week ** next week *** week after next **** biweekly ***** next week, biweekly HEL via Helsinki 15

16 Join Finnlines Star Club! Join Finnlines Star Club Loyalty Program now and enjoy discounts on your travels and benefits aboard. As a Star Club Member you will always get your trip for the best price. Welcome onboard Finnlines! Read more and join for free finnlines.com/starclub