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Sep 22
0

FRS sells subsidiary FRS Iberia to DFDS

By | 2023 Newsletter week 38 | No Comments

Time to say goodbye to the red dolphin: FRS is separating from the subsidiary FRS Iberia.

In the future, the ferry lines between Spain and Morocco are going to be operated by DFDS.

FRS Iberia/Maroc operates three short-sea ferry routes across the Strait of Gibraltar:

  • Algeciras-Tanger Med
  • Algeciras-Ceuta
  • Tarifa-Tanger Ville

Prognosis for the year 2023:

  • 3 million freight lane metres
  • 9 million passengers
  • 370,000 cars

Actual fleet:

  • 5 high-speed catamarans
  • 2 Ro-Pax
  • 1 Ro-Ro

For DFDS, FRS Iberia/Maroc’s key expected financials for 2023 are revenues of DKK 1.0-1.2bn, EBITDA-margin of 18-20%, and EBIT-margin of 11-12%.

The Iberia business has experienced extraordinary success over the course of two decades, despite strong competition. The company is now one of the market leaders in ferry traffic between Spain and Morocco, with strong expertise in the operation of fast ferries and freight traffic. Within the 14 ferry lines of the FRS Group, FRS Iberia is the strongest pillar.

For the CEO of FRS, Götz Becker, the sale of the Iberia business is an important step for the expansion into new markets and a modernized, low-emission development of the ferry group.

 

What are the advantages for DFDS?

  • Ferry network expanded to high-growth Strait of Gibraltar market.
  • 8% annual average market growth expected next 5 years.
  • Attractive transaction terms.
  • Ferry infrastructure & operational development opportunities.

For more insights, consult the PowerPoint presentation presented at the conference call for investors.

Sep 22
0

ANEK Group presented its H1 results

By | 2023 Newsletter week 38 | No Comments
  • Strengthened turnover and reduced losses.
  • Lower fuel prices improved operating results.
  • However, due to the losses of the first half -which was burdened by the high financial costs, mainly due to the increased interest rates- the deterioration of capital adequacy continued, with the Company’s equity on 30.06.2023 being negative by € 91.9 million.

Key Figures (H1 2023 versus H1 2022):

  • Same number of itineraries compared to the first half of 2022,
  • +28% passengers 328,000
  • +13% vehicles 67,000
  • +0% trucks 58,000
  • Group turnover: € 81.884 million (€ 74.222 million).
  • Parent company turnover: € 73.287 million (€ 64.732 million).
  • Consolidated cost of sales: € 77.851 million (€ 81.771 million).
  • Parent company cost of sales: € 72.275 million (€ 73.272 million).
  • Group gross profits: € 4.033 million (€ -7.549 million).
  • Parent company gross profits: € 1.012 million (€ -8.540 million).
  • Consolidated EBITDA: losses € 2.442 million (€ -12.031 million).
  • Parent company EBITDA: losses € 4.388 million (€ -11.668 million).
  • Group net results after taxes and minority rights: € -16.199 million (-€ 22.580 million).
  • Parent company net results after taxes: € -16.900 € million (€ -20.735 million).

 

(Μ €) 6M 2022 6M 2023
Sales 74.2 81.9
Gross Profit -7.5 4.0
EBITDA -12.0 -2.4
EBIT -16.5 -6.8
EBT -21.9 -15.5
EATAM -22.6 -16.2

 

Source: ANEK Group

Sep 22
0

Fjord Line will no longer operate the ferry route between Sandefjord and Strömstad

By | 2023 Newsletter week 38 | No Comments

Stopping the shortsea route between Norway and Sweden on 29 October 2023 is a strategic move to concentrate operations around the sailing routes between Norway and Denmark.

Fjord Line wants:

  • To further develop the shipping company around tourism products.
  • To continue to be a central player for both passenger traffic and freight transport between Norway and the continent.

Ro-Pax OSLOFJORD is for sale.

The same route will still be operated by Color Line, with one vessel: COLOR HYBRID.

The other route vessel, COLOR VIKING, ceased operations on the Sandefjord – Strömstad route on 22 November 2022.

The route was very popular amongst Norwegians for shopping in Sweden.

Sep 22
0

ForSea brand discontinued

By | 2023 Newsletter week 38 | No Comments

The ferry company on the route between Helsingør and Helsingborg is changing its name. The current ForSea will become Øresundlinjen.

This is the effect of Molslinjen’s purchase of the Helsingborg-based shipping company in autumn 2022.

Molslinjen expects the entire rebranding as well as new paint and logo on all ferries to be completed during 2025.

The first ferry, TYCHO BRAHE, is scheduled to return to service on 4 October 2023.

Sep 22
0

Ro-Ro ECO MALTA heralds a new era for the port of Igoumenitsa

By | 2023 Newsletter week 38 | No Comments

With the arrival of the first Ro-Ro vessel in the operating years of the Port of Igoumenitsa, a new era begins for the unaccompanied cargo services as well as the reinforcement of the Port’s server project with its inclusion in the Patras – Igoumenitsa – Bari – Venice route.

The 7,800 lane metre ECO MALTA is owned by the Grimaldi Group and according to the Italian classification society RINA, this series of ships is seven times more efficient than the existing ships.

Sep 22
0

“Tell me how much is needed to offer a subsidized link from Porto Torres to Asinara island?”

By | 2023 Newsletter week 38 | No Comments

After three unsuccessful attempts to award the subsidized ferry route between Porto Torres and the island of Asinara, which is currently served by Delcomar, the Sardinia Region has officially reached out to the Italian shipowners’ associations, Confitarma and Assarmatori, seeking information and recommendations.

This request is not for the immediate determination of a specific subsidy amount (currently, the agreement is valued at approximately EUR 1.5 million annually). Instead, the Region’s competent Directorate General has highlighted ‘the ongoing market failure situation faced by the Sardinia Region due to the lack of interest from shipping companies in participating in the procurement process for the mentioned maritime connection service,’ as stated in an official announcement.

Before initiating a fourth public tender in the near future, the shipowners’ associations have been requested to ‘provide any pertinent information or data by September 30th, which will be valuable in the preparation of the forthcoming tender documents.

Sep 22
0

Refit of ACTV’s MARCO POLO 1 ferry awarded to S&Y

By | 2023 Newsletter week 38 | No Comments

The process of renewing the fleet for the local public maritime transport company in the city of Venice is ongoing. AVM (Azienda Veneziana della Mobilità), having secured several contracts through successful tenders, including one for the construction of two double-ended ferries, has now awarded a refurbishment contract for the MARCO POLO 1.

This small ferry, originally built in 1983 by the local De Poli shipyard, will undergo renovation work valued at over EUR 4.2 million, awarded to S&Y Srl.

Notably, other companies such as Siman, Cantieri del Mediterraneo Spa, and the Croatian firm Viktor Lenac were also invited to participate in this restricted procedure initiated by Avm, the parent company of Actv (Venice Transport Consortium Company) shipping line.

The refurbishment of the MARCO POLO 1 is part of a broader investment plan aimed at modernizing the fleet of vessels used for local public transport in the Venice lagoon.

Approximately EUR 155 million, sourced from the Veneto Region, will fund the construction of 32 new ships, the development of several pontoons, and the refurbishment of 37 existing vessels.