Fincantieri Posts 2020 Six Months’ Results

Seven Seas Splendor

Fincantieri has reported a net loss of 137 million euros on revenues of 2.4 billion euros for the six month period ended June 20, 2020, compared to net income of 47 million euros on revenues of 2.8 billion euros for the first six months of 2019.

The result was attributed to the temporary suspension of production during spring which had a 790 million euros negative impact on revenues.

The shipbuilding segment posted a 17.5 percent decrease in revenues, according to Fincantieri, including a 13.5 percent decrease in revenues from cruise ship building.

The revenue trend in cruise ships reflected the acceleration in production activities in the early months of 2020 to meet the heavy backlog and scheduled deliveries, the company stated, the subsequent production downtime due to COVID-19, and then the gradual resumption of production from April 20, 2020.

As of June 30, 2020, cruise ships represented 57 percent of the company’s revenues, up from 56 percent last year.

During the first half of the year, the company delivered 10 ships from seven different yards, including three cruise ships: the Seven Seas Splendor, the Scarlet Lady and the Le Bellot.

In addition, Fincantieri’s Vard subsidiary delivered the Le Jacques Cartier to Ponant in July, completing a series of six ships built in two years.

There has been no cancellation of orders, according to Fincantieri, and three newbuilds are scheduled for deliveries during the second half of the year.

The total order backlog counts 117 ships, including 41 cruise ships on order for deliveries through 2027.

For the second half of the year, Fincantieri expects production volumes at the company’s Italian yards to be in line with those before the COVID-19 outbreak.

Other events during the first six months of the year, includes Fincantieri’s announcement that it has completed the development of a new line of tunnel thrusters specifically dedicated to the cruise market, that are described as quiet, efficient, reliable and environmentally sustainable.

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