Disko Line hit by rising costs

Disko Line will end 2025 with a profit of 3,454,000 kroner compared to 2,796,000 kroner in 2024.

This is shown by the company's annual accounts, which were published last week.

Despite the black numbers, the company itself describes the result in the management report as unsatisfactory. The good result is due to extraordinary income of 3,304,000, which was not included in the budget for 2025 – and this therefore sends the ordinary operating profit down to a mere 150,000 kroner.

- The extraordinary income comes from the sale of a staff residence in Qaqortoq and two targa in connection with our optimization of operations in South Greenland, says CEO Michael Højbjerg.

Last year, Disko Line merged its subsidiary Blue Ice Explorer into the parent company to streamline operations when Narsarsuaq was closed and the new airport in Qaqortoq opened.

Pressure from rising wages

- Nevertheless, Disko Line is under pressure on costs – first and foremost, rising wages for sailing personnel, but also because the service contract with Naalakkersuisut for local sailings will be reduced after the closure of Narsarsuaq. The agreement will not be index-adjusted due to inflation, says Michael Højgaard.

- We also have more employees in 2025 than in 2024 – partly because in the autumn we put the newbuilding Maliina Ittuk with space for 113 passengers into the route between Qaqortoq and Narsarsuaq.

Maliina Ittuk, which is recorded in the accounts at a value of 101,724,911.00 kroner, is now for sale through the shipbrokerage Atlantic Shipping. Immediately after the opening of the airport in Qaqortoq, Maliina Ittuk was taken out of operation and moved to Nuuk, where the ship is now at the shipyard waiting for potential buyers.

- For the coming financial year, our goal is to significantly reduce the company's cost level. The sale of Maliina Ittuk is expected to contribute significantly to this objective, says Michael Højgaard.

- If we look at the rest of the operations in 2025, they generally show good trends. If the sale of Maliina Ittuk goes according to plan, I expect an operating profit for 2026 in the range of two to three million kroner.

Igaliku Bygdehotel transferred to parent company

Disko Line is part of Topas Explorer Group, which is in the process of developing towards specialized divisions. As part of this development, the operation of Igaliku Bygdehotel is expected to be transferred from Disko Line to the group's hotel division.

- The opening of the new airport in Qaqortoq means big changes for us in the future. The airport will support growth in tourism and activities, so we are looking forward to the future, says Michael Højgaard, who does not hide the fact that the closure of Narsarsuaq was a sad day for many of the company's employees in South Greenland.

- Many of them started in Narsarsuaq and have lived there for many years, so everyone was of course very moved when it became a reality.

In addition to South Greenland, Disko Line also operates service contract sailing and tour operations in the Disko area, where the company's head office is also located in Ilulissat.

The board of directors of Disko Line consists of Topas founder Jørgen Sølvsten Nielsen as chairman, as well as Jakob Sølvsten Nielsen and Michael Højgaard.