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Meyer Turku swings to a 2021 loss on higher turnover as pandemic impacts linger

PHOTO: MEYER TURKU CRUISE_Carnival_Celebration_Meyer_Turku_float.jpg
Carnival Celebration is due for delivery from Meyer Turku later this year
The Meyer Turku Group swung to a €17m loss on improved turnover of €1.08bn in 2021 as the pandemic continued to impact shipbuilding.

This compares to 2020's €7.8m profit on just under €1.04bn turnover.

Labor, supply chain impacts

'Exceptional times lasted longer than expected. The global effects of the COVID-19 pandemic, such as labor and material mobility, affected our operations as well,' CEO Tim Meyer said. 'However, despite significant challenges, we were able to keep our production and processes running. In the spring of 2021, we also launched a major transformation program in Turku and Papenburg to increase our cost efficiency and to ensure a sustainable profitability level.'

Meyer added that customers see market growth after the pandemic, and Meyer Turku's orderbook extends to 2026.

Shift to sustainable shipbuilding

As society, customers and passengers 'require action to enhance responsibility,' Meyer said the focus will increasingly shift to sustainable shipbuilding.

In December, Meyer Turku handed over Costa Toscana to Costa Crociere. At the end of this year, another Carnival ship, Carnival Celebration, will be completed, followed by Royal Caribbean International’s Icon of the Seas in 2023 and the TUI Cruises’ Mein Schiff 7 in 2024.

In 2021, Meyer Turku invested €12.4m to improve operations, following the €30.8m in 2020.

The workforce averaged 2,086, compared to 2,349 in 2020.