Ferry firm losses at €120 million in 2020

Coastal shipping suffered estimated losses of 120 million euros last year, with its turnover shrinking by €300 million due to the pandemic, bringing an end to a period of five consecutive years of progress. However, there is a set of possible measures that could take the sector back to growth, according to a report published by the Foundation for Economic and Industrial Research (IOBE) on Tuesday.

Passenger traffic on domestic routes sank 55% year-on-year in 2020, while vehicle traffic dropped 36%. The Adriatic market dealt the biggest blow to the local sector, with passenger figures shrinking 69% while vehicle traffic declined by just 8%.

The total contribution of passenger shipping to the economy is considerable, as in 2019 terms it amounted to 7.4% of the country's gross domestic product, or €13.6 billion. In employment terms its contribution amounts to 8.5% of the...