Norway's Color Line saw its annual result drop into the red in 2020 as a result of Covid-19 restrictions on passenger shipping.
Color Group, the privately-owned ferry operator's Norwegian holding company, reported a pre-tax loss of NOK 1.198bn ($139m) against a profit of NOK 274m a year earlier.
The company said passenger traffic on Color Lines' ferries to Germany, Denmark and Sweden was reduced by nearly 70%.
Operating revenue for Color Group was reduced from NOK 5.320bn in 2019 to NOK 2.583bn last year.
At the end of 2020, Color Group had a book equity of NOK 1.545bn.
Chief executive Trond Kleivdal said the main focus now is to secure Color Line's operations and market position, and to ensure that the company is well placed when the sector opens up again.
Color Line is aiming to resume normal traffic this summer. But the Morten Garman-chaired board of directors said the company will have to put into action extraordinary financial measures to handle the situation if activity does not pick up by then.
The outfit said this is unlikely to happen, given Norway's vaccine programme and the signals from the government.
The company board said Color Line has maintained its cargo traffic in line with a normal year.
The organisation has a staff of about 2,500 people. More than 2,000 have been temporarily laid off as a consequence of the reduced activity in the company, which is wholly owned by Olav Nils Sunde and his family.
The outfit reported that Kleivdal had a total remuneration of more than NOK 6.4m last year.
