In 2024, Meyer Turku achieved operating income of €1.8 billion, an increase of 28% year-on-year, and realized a net profit of €68.9 million, or 3.8% of operating income, and succeeded in turning a profit, according to the 2024 financial results announced by the Finnish shipbuilder.
Meyer Turku commented, “ We have achieved the expected turnaround and are holding a large order book. This result supports the company’s ongoing negotiations for future financing. Meyer Turku is in a leading position as the world’s most advanced cruise ship builder. Demand for the company’s products is increasing as the cruise ship market continues to grow and interest in more sustainable and energy efficient products increases. Even in more challenging years, the company has been committed to greening its transformation and driving change across the maritime industry.”
Meyer Turku’s most recent delivery is known to have taken place in June 2024, when it delivered the methanol-reserved luxury cruise ship “Mein Schiff 7” to the German cruise line TUI Cruises. The cruise ship is the first Meyer Turku-built vessel that can be converted to methanol fuel in the future and is said to be the world’s first methanol-ready luxury cruise ship.
The “Mein Schiff 7” is 316 meters long, 35.8 meters wide, has a gross tonnage of 111,500, can accommodate 2,894 passengers and 1,447 crew members, and flies the Maltese flag. The cruise ship is the seventh cruise ship in the Mein Schiff series built by Meyer Turku and the first cruise ship in the series to completely use low-emission marine diesel (sulfur content does not exceed 0.1%) It is equipped with a shore power system and catalytic converter and an Auramarine methanol fuel supply system, which can be converted to use green methanol fuel in the future, aiming to further reduce carbon dioxide emissions.
Meyer Turku is currently building the “Star of the Seas”, the second luxury cruise ship in Royal Caribbean’s Icon series, which is expected to be delivered in the summer of 2025. The third ship, “Legend of the Seas”, will be completed in 2026; the fourth ship in the series will be completed in 2027. The shipbuilder also has options for the fifth and sixth ships in the Icon series.
In addition to cruise ships, Meyer Turku is also involved in the shipbuilding market and will deliver two multi-purpose offshore patrol ships to the Finnish Border Guard.
According to the official website, Meyer Turku was founded in 1737 and has a history of 288 years. It has become one of the world’s largest and most advanced large cruise and passenger ship shipyards. Over the years, the shipyard has built more than 1,300 ships for shipowners around the world. Meyer Turku is owned by the German Meyer family. The Meyer Group has entered its seventh generation of management. In addition to Meyer Turku in Finland, the German Meyer family also owns two shipyards, namely Meyer Werft in Papenburg, Germany and Neptun Werft in Rostock.
It is worth noting that due to its deep financial difficulties, Germany’s Meyer Werft once faced a bankruptcy crisis. After being rescued by the German government, the shipyard has been labeled “nationalized”. Fortunately, the production and operation of Germany’s Meyer Werft have returned to normal. The shipbuilder revealed that cruise ship owners only pay 20% of the advance payment when ordering new ships, and the remaining 80% of the cost is settled when the cruise ship is delivered. The shipbuilder needs to raise funds on its own to advance the shipbuilding costs. Therefore, too many orders have become one of the main reasons for Meyer Werft’s shortage of funds.