Fincantieri Reports 9-Month Results, Q3 Recovery

Enchanted Princess

Fincantieri has reported revenues of 3.5 billion euros for the first nine months of 2020, compared to 4.2 billion euros for the same period last year. The company said its performance was considerably affected by the COVID-19 outbreak and the protective measures taken, including a temporary suspension of activities in the spring. For the shipbuilding segment, this resulted in a loss of 3.1 million production hours, compared to the amount of hours originally planned, and reduced revenues.

The third quarter revenues of 1.2 billion euros showed a recovery in production activities in line with its pre-COVID-19 performance, according to a company statement.

While the production has been ramped up, it is still affected by the safety measures taken to prevent the spread of the virus. These include body temperature scanning, staggered entries and social distancing, a work-from-home policy for certain positions, and a daily supply of PPE at all work sites and offices.

Fincantieri also stated that it has a sound funding capacity with liquidity and credit lines to support the current situation and its foreseeable developments in the medium term.

The total order backlog is said to stand at 36.8 billion euros with 88 ships to be delivered up to 2027.

After delivering three cruise ships earlier this year, two more ships were delivered during the pandemic, the Enchanted Princess, the 100th cruise ship delivered by Fincantieri, and the Silver Moon for Silversea Cruises. A sixth ship, the Costa Firenze, is slated to be delivered before the end of the year.

Altogether, 14 ships were delivered from nine different shipyards during the period, of which five were cruise vessels, two naval vessels and three fishing vessels.

Other highlights during the nine-month period include “Safe Air,” a new air sanitation system developed by Fincantieri in collaboration with the ICGEB virology lab. Also, the keel was laid on the Zeus, an experimental zero-emission vessel, which will be equipped with a 130 kW fuel cell system and batteries enabling it to operate at eight hours at a speed of 7.5 knots.

Marine Interiors will supply Shangahi Waigaoqiao Shipbuilding with 2,800 cabins for first cruise ship under construction for the joint venture between Carnival Corporation and the China State Shipbuilding Corporation (CSSC). Fincantieri China has a joint venture with CSSC Cruise Technology Development Company licensing the technological platform and a series of technical services.

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