Rauma Marine Constructions: The First Multi-Purpose Corvette Built at Rauma Shipyard Has Been Launched
RAUMA, Finland--(BUSINESS WIRE)--May 21, 2025--
The first multi-purpose corvette built for the Finnish Navy's pivotal Squadron 2020 project was launched at Rauma shipyard on Wednesday 21 May 2025. This is a significant milestone and an indication of RMC's ability to successfully realise demanding building projects.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250521270211/en/
The first multi-purpose corvette built for the Finnish Navy's pivotal Squadron 2020 project was launched at Rauma shipyard in Finland on Wednesday 21 May 2025. Photo by Rauma Marine Constructions.
The Squadron 2020 project is proceeding on schedule. The building pace will accelerate as work on the second and subsequent multi-purpose corvettes progresses. The direct employment impact of the Squadron project in Finland is equivalent to more than 3,600 person-years.
'We have increased the capacity of Rauma shipyard purposefully while strategically implementing significant investments in the shipyard area. Rauma shipyard is now in peak condition', says Mika Nieminen, CEO of RMC.
RMC's capability is based on excellent engineering expertise, capable project management and a commitment to delivering complex and high-quality vessels. The ability to build different types of ships from high-efficiency commercial vessels to warships and icebreakers designed for extreme conditions emphasises RMC's extensive technical expertise and adaptability.
'The newly launched vessel is a strong indication of the close and goal-oriented co-operation between the Finnish Government, the Finnish Defence Forces, the Finnish Defence Forces Logistics Institute, the Finnish Navy, Rauma Marine Constructions, Saab and all our industrial partners', states Timo Ståhlhammar, Project Director of RMC's Squadron Project.
RMC will be building a total of four Pohjanmaa-class multi-purpose corvettes for the Finnish Navy. The Pohjanmaa class is one of the most capable vessel types operating in the Baltic Sea region. They are designed to operate year-round in all Baltic Sea conditions.
Significant investments have been made in Rauma shipyard throughout the 2020s to strengthen the shipyard's shipbuilding infrastructure and independent production capacity. The closed multi-purpose hall designed for the construction of the multi-purpose corvettes ensures good working conditions, high quality results and the implementation of the required safety measures. In addition, investments have been made in steel production, a launching barge and heavy transfer ramps.
'The building of these corvettes will advance the shipbuilding industry and technological know-how in Finland. RMC is ready to utilise the capabilities acquired through the Squadron 2020 project both in Finland and internationally', says Mika Nieminen, CEO of RMC.
Beam: 16.5 m
Draught: 5 m
Crew: 70
Link to photos and videos.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250521270211/en/
CONTACT: Media inquiries:
Rauma Marine Constructions Oy
Hanna-Kaisa Koskinen
[email protected]
KEYWORD: EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES MILITARY OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER TRANSPORT CONSTRUCTION & PROPERTY STEEL MARITIME ENGINEERING TRANSPORT GOVERNMENT TECHNOLOGY OTHER DEFENSE CONTRACTS LOGISTICS/SUPPLY CHAIN MANAGEMENT MANUFACTURING DEFENSE FINANCE
SOURCE: Rauma Marine Constructions Oy
Copyright Business Wire 2025.
PUB: 05/21/2025 09:51 AM/DISC: 05/21/2025 09:51 AM
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Average TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry. (12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately. (13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period. (14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period. 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Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option. Audio Webcast-Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company's website. To listen to the archived audio file, visit our website and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The slide presentation for the first quarter ended March 31, 2025, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company's website ( on the webcast page. Participants to the webcast can download the PDF presentation. Adjusted EBITDA Reconciliation: EuroDry Ltd. considers Adjusted EBITDA to represent net loss before interest, income taxes, depreciation, unrealized gain on Forward Freight Agreements ('FFAs'), loss / (gain) on interest rate swap derivative and net gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized gain on FFAs, loss / (gain) on interest rate swap derivative, depreciation and net gain on sale of vessel. The Company's definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders Reconciliation: EuroDry Ltd. considers Adjusted net loss attributable to controlling shareholders, to represent net loss before unrealized (gain) / loss on derivatives, which includes FFAs and interest rate swaps, and net gain on sale of vessel. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders is included herein because we believe they assist our management and investors by increasing the comparability of the Company's fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized (gain) / loss on derivatives and net gain on sale of vessel, which may significantly affect results of operations between periods. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net loss attributable to controlling shareholders or loss per share attributable to controlling shareholders, as determined by GAAP. The Company's definition of Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders may not be the same as that used by other companies in the shipping or other industries. Adjusted net loss attributable to controlling shareholders and Adjusted loss per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows. About EuroDry Ltd. EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. 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Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as 'expects,' 'intends,' 'plans,' 'believes,' 'anticipates,' 'hopes,' 'estimates,' and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Visit our website
Associated Press
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