Fjord Line has announced a rise in pre-tax profit to NOK 14m ($1.6m) last year, up from NOK 4m in 2017.
The privately owned Norwegian ferry owner's annual report shows revenues stood at NOK 1.53bn last year, up from NOK 1.36bn in 2017.
Chief executive Rickard Ternblom earned a salary of NOK 2.05m in 2018.
Egersund-based Fjord Line has a fleet of four ships — all of which fly the Danish flag — and claims to have the youngest and most modern fleet in Europe's cruise ferry segment with an average age of 13.5 years.
The company operates three routes between Norway and Denmark and one between Norway and Sweden.
The 25,000-gt ferries Stavangerfjord (built 2013) and Bergensfjord (built 2014) operate on the routes between Bergen, Stavanger and Hirtshals, and between Hirtshals and Langesund.
Increase in capacity
These two ships are equipped with “single fuel” LNG engines. Market demand is high, especially on the west coast of Norway in the high season. Fjord Line has increased the cabin capacity by 21% on the two ships.
Frode Teigen-led companies Kontrari and Kontrazi hold 52.2% of Fjord Line's shares, while Johan H Andresen’s outfit Ferd owns a 44.6% stake.
Teigen also controls Oslo-listed bulker owning company Belships.
