Estonia, EU – Baltic States, Markets and Companies, Transport

"My opinion is that it should continue," told Leedo but added that future plans will be put in place only after summing up the first year in business. "It'll be a very good route in financial terms three or four years from now, but it can't be denied that there are other places where the ferries could be put to work at once."

The first few years' loss has been factored into the business plan all along, Leedo said. "Strategic plans are in place for 4-5 years and it's clear that a shipping route which is being worked up from scratch can't be doing overly well at the beginning. It's a long and difficult haul."

According to Leedo, the route's loss this year will even be smaller than anticipated, taking into account the extremely unfavorable weather conditions this summer.

"The fact is that we expected better weather for the first year of operation. The winter was very difficult for us, the summer has been normal even if rainy and cold," he explained. "Nonetheless, at the beginning of the summer there were a couple of weeks with truly beautiful weather when the load factor was super good, better than we had planned."

The North German broadcaster NDR reported earlier this week that Leedo's Elb-Link Reederei was experiencing financial difficulties and creditors feared the company would go under, but manager Christian Schulz denied the rumors. He explained that the company started business on the Elbe only a year ago and that he was optimistic about its future as the number of vehicles carried between Brunsbuttel and Cuxhaven was steadily growing. According to Leedo, the owners have kept plowing more capital into the business which he said was part of the business plan.