Gotlandsbolaget: Q3 and First 9 Months

By | 2023 Newsletter week 47 | No Comments
  • Despite a slight decrease in the number of travellers, Gotland remains a strong summer destination.
  • Measures taken to strengthen the results, such as efficiency improvements and adjusted ticket prices, have had a positive economic impact, leading to an improved adjusted operating result compared to the loss in 2022.
  • During Q3, Trafikverket distributed the procurement documentation for the contracted Gotland traffic for the period 2027–2035. The primary goal is to renew confidence, but in the event of not winning the contract, there are plans to continue operating traffic between Gotland and the mainland.
  • Additionally, efforts are ongoing for the development of a new cruise line in collaboration with Viking Line, investments in accommodation facilities on Gotland, local biogas production, and technological advancements to reduce emissions from ferry traffic.

Q3, 2023

  • Revenues: SEK 968.5 million (1,140.2)
  • Costs: -690.9 MSEK (-958.4)
    • Revenues and costs are lower than the previous year.
    • Mainly impacted by items related to Stockholms Reparationsvarv and Hansa Destinations.
    • Also influenced by ships sold during the second half of 2022 and the first half of 2023.
  • Adjusted Operating Profit: SEK 277.6 million (181.8)
    • Corresponding to SEK 111.0 (72.7) per share.
    • Improvement due to the negative result for Hansa Destinations in the previous year.
    • Adjusted prices in Gotlandstrafiken and stabilized fuel prices contributed to the improvement.
  • Capital Gains on Sale of Vessels: SEK 19.1 million (0.5) net.
  • Financial Net: SEK 17.3 million (4.8)
    • Higher interest rates and increased investments in the money market.
    • Negative exchange rate effects.
  • Profit After Tax (including capital gains on sales): SEK 247.2 million (162.9)
    • Corresponding to SEK 98.9 (65.1) per share.

First 9 months of 2023

  • Revenues: 1,895.5 MSEK (2,395.3)
  • Costs: -1,711.4 MSEK (-2,363.0)
    • Both revenues and costs for the period are lower than the previous year.
    • Mainly due to the inclusion of items related to Stockholms Reparationsvarv and Hansa Destinations in the previous year.
    • Also influenced by ships sold during the second half of 2022 and the first half of 2023.
  • Adjusted Operating Profit: 222.9 MSEK (32.6)
    • Corresponding to 89.2 SEK (13.0) per share.
    • Improvement attributed to the negative result for Hansa Destinations in the previous year.
    • Adjusted prices in Gotlandstrafiken and stabilized fuel prices contributed to the improvement.
  • Net Capital Gains on Sale of Vessels: 280.3 MSEK (0.4)
  • Financial Net: 137.9 MSEK (10.7)
    • Positive currency exchange effects.
    • Higher interest rates and increased investments in the money market.
  • Profit After Tax (including net capital gains on sales): 503.1 MSEK (11.3)
    • Corresponding to 201.2 SEK (4.5) per share.

Attica Holding Company: Decisions of EGM from 22 November 2023

By | 2023 Newsletter week 47 | No Comments

Extraordinary General Meeting held on November 22, 2023, with 97.67% shareholder participation. Summary of the document (in Greek):

  • Approval of the merger plan for the absorption of “ANONYMI NAFTILIAKI ETAIREIA KRETIS A.E.” by Attica Anonymous Company of Participations.
  • Approval of various documents related to the merger, including the merger report, financial statements, and the independent expert’s opinion.
  • The company’s share capital increased by EUR 8,207,505 as a result of the merger, issuing 27,358,350 new voting shares.
  • Approval of amendments to the company’s articles of association regarding the purpose of the company, expanding its scope to include ship acquisition, ownership, and operation, real estate acquisition, and management of businesses.

Rederiaktiebolaget Eckerö is a company with a participating interest undertaking in the Viking Line Group

By | 2023 Newsletter week 47 | No Comments

As of November 22, 2023, Viking Line Abp’s shareholding in Rederiaktiebolaget Eckerö exceeds 20%.

Viking Line Abp’s Board of Directors decided 22 November 2023 that Rederiaktiebolaget Eckerö will be accounted for as a company with a participating interest undertaking using the equity method in the Viking Line Group’s financial accounts.

A positive initial income effect of EUR 2.5 million will arise in the transition to accounting using the equity method. This effect will be recognized in the consolidated income statement during the fourth quarter of 2023.

One Season on the Seas, One Season on the Mountains

By | 2023 Newsletter week 47 | No Comments

Brittany Ferries and Pôle Emploi Bretagne have launched an innovative initiative to secure seasonal employment called “One Season on the Seas, One Season on the Mountains.” The partnership was formalized through a signed agreement on November 21, 2023, with representatives Jean-Luc Vigouroux, Director of Human Resources at Brittany Ferries, and Frédéric Sévignon, Regional Director of Pôle Emploi Bretagne.

The initiative aims to facilitate and secure seasonal employment in Brittany and Haute-Savoie (ski resorts). This unique program in France offers a tailored path for seasonal workers, allowing them to work a season with Brittany Ferries followed by a winter season in the mountains before returning the following year. This approach addresses the challenges of capturing and retaining seasonal resources in the hospitality sector.

MISS OUTRE-MER delivered to CTM Deher in Guadeloupe

By | 2023 Newsletter week 47 | No Comments

A new 36-metre custom built passenger ferry has been delivered to Guadeloupe-based operator CTM Deher by shipbuilder Incat Crowther. The new ferry, named MISS OUTRE-MER, was designed using Incat Crowther’s digital shipbuilding process.

The digital shipbuilding process saw CTM Deher and Incat Crowther work closely together to deliver the complete digital ship design before physical construction began at PT Kim Seah Shipyard in Indonesia. In addition to the design aspects, Incat Crowther supported the operator with shipbuilder selection, commercial framework and due diligence, interior design and construction oversight of the project.

Portsmouth International Port wins two awards

By | 2023 Newsletter week 47 | No Comments

Portsmouth International Port is celebrating after a double win at industry Wave Awards.

Dubbed the ‘Oscars’ of the cruise industry, the Wave Awards brings together international cruise lines, ports, travel agents and destinations to recognise the very best of the UK’s cruise sector.

Voted by industry experts, Portsmouth faced serious competition from international ports for Best Port, and major organisations for Best Environmental Innovation.

Portsmouth launched its brand new terminal this summer and is heading for a record breaking year for cruise calls. This also follows the announcement the port is on track to be the first UK port to provide shore power across multiple berths for multiple ships, after securing UK government funding to deliver an innovative sustainable energy project by 2025.

Andrew Williamson, Portsmouth International Port’s head of cruise and ferry said:

“It was an honour to represent Portsmouth and pick up not one, but two awards, Best Environmental Innovation and Best Port.”

Major overhaul for CONDOR ISLANDER

By | 2023 Newsletter week 47 | No Comments

During wet dock in Poole, UK, Trimline has accomplished the comprehensive interior rebranding of Condor Ferries’ recently acquired Ro-Pax vessel, the CONDOR ISLANDER (formerly known as THE STRAITSMAN).

The company delivered the full design and build project, completely revitalizing the ferry’s interior and providing passengers with a welcoming and spacious environment, featuring premium options for Condor customers.

This comprehensive project encompassed the design and outfitting of all passenger spaces on the vessel, including the creation of a new main Brasserie, Kids Corner, Horizon Lounge, premium Club Lounge, premium Cove Restaurant, and the introduction of a brand-new duty-free shop.

Kerkyra Seaways is replacing HERMES with PROTEUS from Anes Ferries

By | 2023 Newsletter week 47 | No Comments

Anes Ferrys’ PROTEUS is set to take over the Igoumenitsa-Corfu-Paxoi ferry route, replacing Kerkyra Seaways’ former vessel, HERMES. The latter recently changed ownership, being acquired by the Croatian company Jadrolinija and renamed VELA LUKA.

PROTEUS will be operating on a short-term charter for approximately four months on the aforementioned route until Kerkyra Seaways introduces a new vessel to replace her.

Having concluded its services on the Evia (Mandoudi) – Sporades route last April, PROTEUS brings a rich history, being constructed in Greece back in 1973. With a capacity to accommodate 372 passengers and 110 cars, PROTEUS is well-equipped to provide a seamless and efficient ferry service along the Igoumenitsa-Corfu-Paxoi line during this transitional period.

Keep an eye out for updates as Kerkyra Seaways prepares to introduce their next vessel to enhance the ferry experience on this popular route.

Photo: Marine Traffic (Alex Volos)

Strong third quarter for DFDS

By | 2023 Newsletter week 46 | No Comments

Outlook firmed up by solid Q3, 2023

  • Q3 EBITDA of DKK 1.6bn was ahead of expectations.
  • Passengers: strong high season.
  • Freight: performance as expected below last year.
  • Revenue decreased 2% to DKK 7.2bn
  • Cash flow further improved.
  • EBITDA outlook firmed up to DKK 4.9-5.2bn (DKK 4.8-5.2bn).

“We have firmed up our outlook on the back of a solid quarter, not least a very good passenger result. Freight markets are currently challenging, and we continue to adapt our ferry and road capacity to optimise utilisation.”

Torben Carlsen, CEO

Key freight outlook assumptions for 2023:

  • Q4 Freight Ferry Volumes: Expected to be on par with the volumes from the previous year.
  • Logistics Activity Levels: Anticipated to be below the levels seen in the previous year.
  • 2023 Q4 Passenger Volumes: Expected to be higher compared to the same period in the previous year.
  • Revenue Outlook: Overall Group revenue expected to remain at around the same level as 2022. Higher passenger and logistics revenue offset by lower revenue primarily from bunker surcharges.
  • Earnings Outlook: The Group’s EBITDA for 2023 is expected to be within a range of DKK 4.9-5.2 billion. This is a slight adjustment from the previous range of DKK 4.8-5.2 billion provided earlier. In 2022, the EBITDA was DKK 5.0 billion.

The improved outlook is attributed to better than expected earnings in the Ferry Division, while the Logistics Division faces more challenging market conditions, leading to a reduced outlook in that segment.

“Every Minute Counts”

Continued improvements in the quarter ensured that short-term emission reductions targeted towards 2030 continues to be on track. Ferry improvements were driven by various incremental vessel upgrades and the schedule optimisation program “Every Minute Counts” focused on reducing turnaround time in port terminals, and updated schedules enabling lower speed and reduced fuel consumption.

Ferry CO2 emissions per GT nautical mile were in Q3 2023 reduced 4% compared to Q3 2022 across the route network.

DFDS October 2023 Volumes: Freight 1% Lower, Passengers 4% Higher

By | 2023 Newsletter week 46 | No Comments

Ferry – freight:

  • Total volumes in October 2023 were 1.4% below 2022.
  • North Sea volumes were just below 2022 as robust automotive volumes were offset by lower volumes between primarily Sweden and the UK.
  • Mediterranean volumes were below 2022 as demand currently is stagnating in both Europe and Türkiye.
  • Channel volumes were above 2022 driven by the Dover Strait routes.
  • Baltic Sea volumes were below 2022 due to lower activity levels, not least in the Swedish construction sector, and a continued negative impact from the war in Ukraine.
  • For the last twelve months 2023-22, the total transported freight lane metres decreased 9.9% to 38.6m from 42.8m in 2022-21.

Ferry – passenger:

  • The number of passengers increased 4.0% driven by more Channel passengers. The number of cars increased 1.6%.
  • The total number of passengers increased 29% to 4.5m for the last twelve months, 2023-22, from 3.5m in 2022-21.