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's activity report 2022

General Description

Shore Link OÜ was established on 15.06.2020. The main activity of Shore Link OÜ is the design, production, installation, and sale of shore power and charging equipment to the shipping sector and ports worldwide.

Shore Link OÜ creates solutions for maintaining a clean and safe environment through reducing emissions and decarbonization in the maritime sector. Our shore power distribution equipment is compact, easy to handle, efficient, as automated as possible, and quickly connectable to the ship.

Economic Environment Overview

Economic conditions deteriorated rapidly throughout the European Union in 2022.

The rapid recovery of the economy from the pandemic, along with global supply disruptions and the energy crisis, caused very rapid inflation growth last year. Consumer price inflation accelerated to 19.4% in Estonia and 8.4% in the euro area. At the same time, price increases were the fastest in the euro area in the Baltic countries. However, the Estonian economy coped relatively well with the difficult circumstances - employment remained and wage growth accelerated, while companies as a whole were able to pass on increased input prices in selling prices and thus maintain profitability. The period of very rapid inflation is now over. In the last six months, consumer prices have risen modestly. The recovering confidence in the European Union gives hope that Estonian exports will return to growth in the second half of 2023.

Economic Indicators

In 2022, Shore Link OÜ earned sales revenue of 2,258,778 euros (2021: 552,198 euros) and the company's net loss amounted to 416,877 euros (2021: loss 99,261 euros). As of 31.12.2022, the company's balance sheet total was 1,031,563 euros (31.12.2021: 208,524 euros).

The turnover for 2022 was as expected, and in cooperation with the partner company's development team, shore power equipment was prepared for ports in Norway, Sweden, and Finland. The biggest challenge was the parallel development of the organization and products with limited resources in conditions of rapid raw material price increase and wage growth.

For 2023, we forecast significant sales growth and ending the year with a positive result. The activities for 2023 are aimed at ISO certification, more efficient use of resources, and digitalization.

In the design and assembly of products, Shore Link OÜ has taken an environmentally friendly direction.

Shore power distribution equipment is aimed at resource conservation and environmental protection, including a cleaner and healthier living environment. Shore power equipment must enable quick and convenient ship connection.