After 2020 loss, Meyer Turku moves toward 'more positive path'

The shipbulder posted a €49.2m loss on €1.04bn in sales in 2020.

'Last year has been in several aspects an extraordinarily difficult year, mainly impacted by corona resulting in high extra costs due to the restrictions and corona measures,' Meyer Turku CEO Tim Meyer said. 'Adapting our order book and consequently our capacity has affected our operation in 2020 severely. We do, however, see now promising signs of recovery both in the cruise ship market and in our Meyer Turku Group financial figures. We are already working on the topics beyond the crisis such as the development of sustainable ship designs.'

Order book extensions, no cancellations

2020 saw the delivery of Carnival Cruise Line's Mardi Gras in December. Earlier in the summer, Meyer Turku negotiated order book extensions with its customers, with orders now stretching to 2026. No orders were canceled.

Meyer Turku also went through a restructuring to trim the workforce and reduced its planned investments.

Tim Meyer thanked his team for quickly reacting to the changed business situation and mitigatng the effects of the pandemic on operations with 'fast and decisive actions.' 2021, he added, is a year of preparing for a new future. However, the full impact of actions taken will take some time to be reflected in the financial numbers, he said.

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