Following losses in recent years, the Finnish shipyard Meyer Turku is once again reporting significant profits.
Turnover amounted to around € 1.8 billion, which corresponds to growth of 28% compared to the previous year. The shipyard is thus developing as expected.
The shipbuilding company’s net profit amounted to € 68.9 million (3.8% of turnover). In 2023, the shipyard had generated sales of around € 1.4 billion and improved compared to 2022, but was more than € 100 million in the red in net terms. The reasons for this included the Covid-19 pandemic and the construction of the “Icon of the Seas”.
“We have now achieved the expected turnaround and now have a solid order backlog. This result also supports us in our ongoing negotiations on future financing,” says Lari Niemi, CFO of the shipyard.
“Meyer Turku is a leading manufacturer of the world’s most modern cruise ships,” added Tim Meyer, currently still CEO of the company. “The demand for our products is growing with the growing cruise market and the increasing interest in more sustainable and energy-efficient products. Even in the more challenging years, we have consistently invested in the green transformation and driven change throughout the maritime industry.”
Meyer will join the company’s Executive Board as Vice Chairman in May. His successor as CEO of Meyer Turku will be Casimir Lindholm, currently still head of Cargotec.
Meyer Turku delivers new Icon ship in summer
The shipyard last delivered the “Mein Schiff 7” in June 2024. This is the first ship from Meyer Turku that can be powered by methanol.
The “Star of the Seas”, the second ship in the Icon series, is currently still under construction and is due to be delivered to the client Royal Caribbean in summer 2025. The third ship “Legend of the Seas” is due to follow next year, followed by the as yet unnamed fourth ship in the series in 2027. There are also options for an Icon 5 and Icon 6. In addition to the cruise orders, Meyer Turku is also building two offshore patrol vessels of the “Turva” class for the Finnish Border Guard.
