Royal Arctic Line has today held its Annual General Meeting and the annual report is now available.
In 2020, Royal Arctic Line’s new sailing structure was implemented in collaboration with the Icelandic shipping company Eimskip. The new sailing structure creates a solid foundation to make it easy to trade with all of Greenland.
The most important effect of this is that there is now a weekly Atlantic service all year round and that Royal Arctic Line now calls at several new ports, including Aarhus, Helsingborg, Torshavn, Reykjavik and Reydafjordur weekly all year round.
The new shipping structure provides new opportunities for both imports and exports, as goods to and from Greenland can now be sent via new connections to these ports. Among other things, this allows for more direct exports to world markets. A collaboration has been initiated with DHL Global Forwarding, which represents Royal Arctic Line in Iceland, with the aim of increasing sales between Iceland and Scandinavia, thus creating opportunities for new earnings for Greenland.
Royal Arctic Line will continuously develop opportunities in new collaborations to achieve the goal of integrating Greenland into the global logistics system. The company will also work with stakeholders and authorities to create the best conditions for growth in the Greenlandic economy.
Royal Arctic Line took delivery of three new ships, Tukuma Arctic, Nanoq Arctica and Siuana Arctica. With Nanoq Arctica, East Greenland is now connected via Reykjavik with several annual calls and with Siuana Arctica, the renewal of the part of the fleet serving the outlying districts begins and three more new ships follow, including two smaller settlement ships for delivery in 2021. Newbuildings are seen in the company’s balance sheet which has grown from almost DKK 1.3 billion to just over DKK 1.6 billion.
The last half of 2020 has also seen a positive development in freight volumes, and Royal Arctic Line delivers a profit before tax of DKK 2 million (2019: DKK 27 million) which management finds very satisfactory, especially when one-off Corona effects of over DKK 40 million are included, while important strategic milestones were reached.
