The state’s giant project makes a loss | Trade magazine

The lng terminal ship floating in the port of Inko is operating Floating LNG Terminal Finland the operating result in 2025 was EUR 23.7 million in loss.

Turnover decreased by 46.2 percent from the previous year to 30.1 million euros.

In 2025, demand for the terminal was weakened by an exceptionally mild winter, the high gas price for most of the year, and the normal operation of the Balticconnector gas pipeline between Finland and Estonia.

In addition to these, the terminal vessel was in planned maintenance for a month and a half.

All four financial periods of the company have been loss-making. The combined operational operating profit loss for the period of operation will rise to 66.4 million euros.

For the operation, a vessel named Exemplar has been leased for ten years from the United States Excellent Energy. On the ship, the gas is vaporized into the transmission network or transferred to smaller ships to be transported to the LNG terminals in Pori or Tornio.

The company’s largest single item of expense is the rent of the floating lng terminal. According to the appendices to the financial statements, the rents for the current financial year are 45.3 million euros and the rents to be paid later are 260.7 million euros.

The terminal company is owned by the Finnish state and operates commercially Gasgrid Finland Oy:n subsidiary. The terminal was established to guarantee security of supply and it enabled Finland to disconnect from the Russian gas network.

It was visible in 2024, when the Balticconnector gas pipeline was out of service. The gas supplied through the terminal moderated the increase in the price of electricity.

“According to estimates, the national economic benefit during one cold week in January was 1.5–3 billion euros, i.e. many times the investment price of the terminal ship,” comments the CEO of the terminal company Fairy tale Mattila For Technology&Economy in April 2026.

These numbers just don’t appear in the terminal company’s profit figures.

During the last three years, the company has received a total of EUR 59.1 million in group grants from the parent company. In addition to group grants, a total of EUR 85.3 million of equity has been invested in the company.

Consumption on the decline

The demand for terminal services is expected to continue to decline gently in 2026 due to fluctuations in the natural gas market.

Natural gas consumption in Finland has fallen in the 2010s. Nowadays it is around 20 terawatt hours.

According to the terminal company’s report, long-term planning for the role of the LNG terminal in the future began during 2025.

The profitability of the floating lng terminal’s commercial operations is subject to significant uncertainty, the company’s report states.

The company has said that it will make a final decision about the future of the terminal ship at the end of the charter period.