A dichotomous year for the Port of Turku

Despite the challenging times, the port company achieved a turnover of EUR 23.2 million in 2024 with an operating profit of EUR 6.0 million. This marked a growth in turnover by 3.67% and in operating profit by 20.0% compared to the previous year, which made it the highest result achieved throughout the entire period of the limited liability company’s existence. Despite the good result, traffic volumes, especially in passenger traffic, were lower than expected.

General economic development was reflected in operational activities

Traffic in the Port of Turku is comprised of both cargo and passenger traffic. During 2024, cargo traffic reached the level of the previous year, as the total volume of cargo rose to approximately 1.7 million tonnes. Of this, imports accounted for slightly over half, as import traffic increased by slightly more than 11 per cent and exports dropped by around six per cent. In total, the volume of cargo traffic was positive despite the fact that, at the same time, the volumes of cargo passing through all Finnish ports decreased overall.

The general economic situation was more strongly reflected in passenger traffic at the Port of Turku. Consumer confidence in the development of their own finances and Finland’s economy has already been low for a long time. Financial uncertainty can be seen in consumption choices, which have largely focused on essential purchases. Primarily for this reason, only around 2.2 million passengers travelled through the Port of Turku in 2024, which is about 10 per cent less than in the previous year. Investments made by the Port of Naantali also had somewhat of an impact on passenger traffic, after the second of Naantali’s new ships began operating in early 2024.

In addition to traffic from Sweden, international cruise ships also brought passengers to Turku. In 2024, there were seven vessel visits to the port, which was clearly more than during the quiet interim year of 2023. Considering the world situation, the result was good, and since the volume of vessel passengers increased clearly from the figures of the previous year, this is a satisfying result for the summer cruise season.

The Cruise Finland collaboration between Finnish cruise ports started successfully and feedback from shipping companies and tour operators has been positive.

Our warehousing services continued their good momentum. The utilisation rate of the port’s own warehouse facilities was high throughout the year, but the year was challenging for the subsidiary Turku Free Zone Company. The start of Meyer Turku shipyard’s Icon 2 project was delayed until the end of 2024, which was the biggest contributor to the negative development following the record-high profit of the previous year. Investments in warehousing services continued, however, with the construction of two new halls.

Construction of the new passenger terminal is underway

The good result strengthens Port of Turku Ltd’s readiness to meet the financial obligations related to the realisation and completion of the Ferry Terminal Turku project. Construction work on the new joint terminal and new Quay S1 of the passenger harbour has already begun and the renewal of the cargo field and the quay currently in use by Tallink Silja are next on the list. The aim is for Quay S1 to be completed during summer 2026 and the new terminal at the turn of 2026–2027.

The overall Ferry Terminal Turku project will be completed by the end 2027.

Forward movement in the green maritime corridor between Turku and Stockholm

In February 2024, the Port of Turku, the Ports of Stockholm and Viking Line signed an agreement to build a green, fossil-free maritime corridor between Turku and Stockholm. Over the past year, a strong foundation was established for the project, and, at the same time, different actors have made headway in developing the project’s practical solutions. Climate work also plays a central role in the Port of Turku’s own operations. We are committed to the City of Turku’s Climate Plan to achieve carbon neutrality by 2030.

Our new strategy for the coming years

Finland’s economy is expected to begin its recovery in 2025. However, the international situation will create uncertainties, especially for foreign trade, if different scenarios, such as the introduction of new tariffs, are realised.

The Port of Turku is corresponding to changes in the operating environment and the new requirements related to the activities of the port with an updated strategy for the years 2025–2030, which was drafted during 2024. The aim of the strategy is to increase the commercial aspect of our operations, clarify the operational culture and incorporate sustainable development into the business activities. In addition, it emphasises the meeting of requirements for security of supply and safety. The strategy document is reviewed annually and updated to correspond to changes in the operating environment.

The Port of Turku’s outlook for 2025 is mostly positive.

The year has started positively in both passenger and cargo traffic, the latter of which will gain significant additional capacity when Mann Lines’ new vessel starts operating in the spring of 2025. With regard to passenger traffic, the drop in interest rates and slowing down of inflation allow for a better result than in the previous year.

The port is also still actively seeking out new openings for both shipping and logistics operations, the needs of which the port is capable of adapting to quickly. Our goal is to be a flexible and active facilitator, providing excellent services and facilities for maritime business now and in the future. A customer survey conducted at the end of 2024 showed that we have succeeded in this thus far. Praise has been expressed for our flexible and active approach, and as many as 94% of our customers give our operations a positive rating.

Many thanks to the entire personnel and administration of the Port of Turku as well as the representatives of our co-operative partners and stakeholders for the year’s positive results. On behalf of Port of Turku Ltd, I wish you all a very dynamic and successful year in 2025.

Erik Söderholm
Managing Director of Port of Turku Ltd

Read the full annual report 2024 (pdf).

Photos: Jarmo Piironen, Markku Koivumäki