Last year, the operators of the Inkoon LNG terminal ship suffered a significant financial loss.

Last year, the LNG terminal vessel Exemplaria operated by Floating LNG Terminal Finland Oy incurred a loss of EUR 25.2 million. The company began operations in May 2022, but it was the first year in which the company generated revenue. The company’s turnover in the last year was 39.8 million euros. However, the operating expenses exceeded the net sales, resulting in an operating loss of 16.3 million euros in 2022.

The CEO of Gasgridin, the parent company of the LNG terminal, Fairy tale Mattila, explained that the ship was commissioned in 2022, leading to the start of ship charter costs. Despite the construction and start-up costs recorded in 2022, the terminal ship began commercial operations in January 2023, storing liquefied natural gas, vaporizing it, and feeding it to the national gas transmission network and the Baltic via the Balticconnector gas connecting pipe.

The most significant costs for the company come from the ship rental costs, as well as operational costs for the daily running of the terminal. The company’s rental liabilities were 440.6 million euros, with 45.2 million euros attributed to 2023. Despite the challenges faced, the terminal’s capacity is almost fully booked for the current year, providing a positive outlook for the company.

The LNG terminal ship Exemplar has a capacity of approximately 151,000 cubic meters and can provide over 40 terawatt hours of energy per year. The terminal operates by anchoring in a port, re-vaporizing liquefied natural gas on the ship, and transferring it to the existing gas network through connecting pipes. The commercial use of the terminal began in January 2023, marking an important milestone for energy supply in Finland and the Baltic region.

With continuous development and improvements in services, such as accommodating smaller ships and offering flexible services, the company aims to enhance its commercial profitability. Despite the challenges faced in the past, the company looks forward to a more promising financial situation in the coming years as it continues to serve as a vital part of the gas supply infrastructure in the region.