Who paid for COVID-19? Income distribution analysis on Finnish seaports

Abstract

The COVID-19 pandemic hit the Finnish ports in 2020. This research analyses how the effects of the pandemic were distributed between the stakeholders: owners, employees, suppliers, taxman and creditors. The analysed data covered 18 seaports that represented the majority share of the country’s seaborne transport volumes. The ports differ from each other with regards to their size, type of business and ownership, among other things. The analysis is based on official financial statement data that was translated into value added statements distinguishing the income streams to stakeholders. The results showed that there were no substantial differences between the stakeholders’ income change due to the pandemic. From the societal, the seaport companies’ responses to the pandemic adversities were socially balanced in terms of income distribution, and not prioritising owners’ income.