Savonlinna steamship cruises halt after owner’s bankruptcy

Steamship cruises in Savonlinna have ended after the owner, LP Management, filed for bankruptcy, Yle reports.

The company cited financial difficulties caused by the coronavirus pandemic and Russia’s war in Ukraine, which sharply reduced demand for Saimaa lake cruises and permanently altered the operating environment.

According to last autumn’s figures, LP Management owed around €800,000 to 12 different creditors.

“Investments, development measures, and future-oriented decisions made during years of growth were based on the assumption of continuous tourism growth. Unfortunately, these expectations did not materialize,” the company stated.

LP Management said efforts are underway to secure the future of the vessels—S/S Punkaharju, S/S Saaristo, and S/S Paul Wahl—and that inquiries and discussions have already taken place.

The ships were operated by a separate company, Vip Cruise, which shares some ownership with LP Management. LP Management emphasized that Vip Cruise remains a distinct business and will continue operations. Its website is currently offline.