Sweden’s Stena Line will cut 80 jobs in a cost-cutting programme.
After a review of the current organisation and cost base, the company is launching an initiative that it says will future-proof Stena Line, the ferry operator said in a statement.
Chief executive Niclas Martensson said: “It is with a very heavy heart that we have made this decision. Stena Line has been a successful company in recent years, but now is the time to make sure that we have a low enough cost base to future-proof the company.”
According to the statement, high inflation and rising costs from the introduction of the European Union Emissions Trading System have reduced the purchasing power of Stena Line’s passengers and freight customers.
This has led to a decline in passenger and cargo unit volumes for Stena Line.
The company added that large investments will also be required in energy supply and the transition to alternative fuels in the coming years, as well as for investments in digital solutions that benefit customers’ needs.
“As one of the world’s largest ferry companies with 40 ships in 10 countries, we have major sustainability challenges ahead of us.
Martensson said: “The programme that we are launching today is necessary if we are to be able to tackle those challenges and implement the necessary future investments.”
Around 30 consultants will also leave the company, subject to union negotiations.
The layoffs will primarily affect support functions.
Gothenburg-based Stena Line has 6,300 employees and a turnover of about SEK 19bn (1.8bn).
