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sandra

Nov 25
4

Irish Continental Group has seen its revenue improve 22%

By | 2021 Newsletter week 47 | No Comments

Irish Continental Group

  • Consolidated Group revenue in the period was €279.7 million, an increase of €50.2 million or 21.9% compared with last year.
  • This was partially offset by an increase in costs, primarily fuel which increased by €17m (60%) versus 2020 due to increased sailings and higher global prices.
  • The Group remains in a strong financial position with cash and undrawn committed credit facilities at 31 October of €142.4 million and net debt of €114.4 million (pre-IFRS 16: €64.1 million).

Volumes (Year to date, 20 November 2021)

Ferries Division (Irish Ferries)

  • Improved trading conditions in its passenger business following the easing of travel restrictions across the EU in mid-July with the introduction of the EU Digital Covid Certificate.
  • Brexit negatively impacting freight volumes but positively impacting freight revenue as more freight customers take the longer direct route to France.
  • Total revenues recorded in the period to 31 October were €144.5m, up 24%.
  • On a like for like basis (excluding Dover-Calais) over the same period, compared with 2020: Roro volumes are down 20% but roro revenue is flat as more customers use the Dublin-Cherbourg route where rates are higher given the longer journey time.
  • Car volumes are up 16%
  • The impact of Covid related restrictions has had a significant impact on Passenger traffic with car volumes year to date on a like for like basis (excluding Dover Calais) down 61% compared with 2019 but reassuringly with the easing of restrictions car volumes in the period 22nd Aug to 20th November 21 were only down 22% compared with the same period in 2019.

Volumes (since last Trading Update, 21 August 2021)

Nov 25
4

Irish Continental Group acquires another ferry for Dover – Calais

By | 2021 Newsletter week 47 | No Comments

Irish Continental Group plc will acquire CIUDAD DE MAHON from Trasmed GLE in January 2022.

The vessel will serve the Dover – Calais route operated by Irish Ferries after dry docking and branding changes.

The vessel was built in 2000 as NORTHERN MERCHANT and had Dover as her port of registry at that time.

Passenger capacity 589. Freight unit carrying capacity 91.

Irish Ferries commenced services on the Dover – Calais route on 29 June 2021.

The plan was to have a three-ship operation, with up to 30 sailings per day on the route with sailings in each direction approximately every 90 minutes.

Fleet:

  • ISLE OF INISHMORE
  • ISLE OF INNISFREE (ex CALAIS SEAWAYS) was delivered to the Group on 3 November 2021. She is currently undergoing drydocking and is expected to commence services on the route during December.
  • CIUDAD DE MAHON is expected to commence services in Q1,

The introduction of the two extra vessels represents a total investment of €35.5m

Nov 25
4

David Stretch to step down as CEO of P&O Ferries

By | 2021 Newsletter week 47 | No Comments

CEO David Stretch will be leaving P&O Ferries, to pursue new opportunities outside of the Group.

David Stretch took over the reins at P&O Ferries following the departure of CEO Janette Bell in August 2020.

David Stretch will be replaced in his role by Peter Hebblethwaite, as interim CEO, whilst maintaining his current role.

Peter Hebblethwaite has served both as Director Overnight Routes and Managing Director – RoPax during his three years with the company.

Nov 25
4

Space charter agreement CLdN – DFDS on Rotterdam – River Humber

By | 2021 Newsletter week 47 | No Comments

On 1 January 2022, UK customs procedures become more stringent. (*)

As a result, freight customers demand for earlier arrivals into the UK, and improved frequency. Therefore, DFDS and CLdN have entered into a Space Charter Agreement.

DFDS and CLdN will each provide one additional vessel, on a rotation Rozenburg – Vlaardingen – Killingholme from Sunday through Friday.

“At the moment we do indeed arrive at Killingholme at 07:00, but the early arrival (at 05:00) of this additional sailing makes all the difference for customers as it allows them to do an extra trip in the UK, which is very interesting given the traction problem there,” says a CLdN spokesman. “In addition, the earlier arrival is important for certain product groups.”

In Rotterdam, customers will have the possibility to load and discharge cargo in either Rozenburg and/or Vlaardingen.

DFDS and CLdN will continue operating all sailings independently including all related commercial activities.

This additional service will start on 11 January 2022.

Extra advantage: by going to C-Ro’s terminal in Killingholme, any congestion at DFDS’ terminal in Immingham will be relieved.

(*) [BOM, border operating model, explained by Dutch Government]

Remarks

  • In 2020, DFDS and CLdN signed space charter agreements on Zeebrugge – Gotenburg.
  • In 2021, DFDS and P&O Ferries entered a space charter agreement on Calais – Dover.
  • Stena Line will move its Europoort RoRo service from Killingholme to the nearby Port of Immingham commencing 1st January 2022, where Stena Line will be able to offer increased terminal capacity and be a service provider of both terminal and shipping operations to the company’s freight customers. Stena Line’s other North Sea route on the Humber, the Hoek van Holland-Killingholme RoPax service, will remain and continue in Killingholme.
Nov 25
4

Ponte Ferries finally allowed to start Valletta – Augusta

By | 2021 Newsletter week 47 | No Comments

November 18, Ponte Ferries has finally started its service between Malta and Sicily, with HSC ARTEMIS (former BONANZA EXPRESS).

The much-anticipated service between Wine Wharf quay in Valletta (Malta) and Augusta (Sicily) will initially operate five trips a week, and the itinerary allows for flexible and late departure times to enable passengers to bridge public holidays.

The start was made possible thanks to a temporary permit issued by the Italian authorities.

Ponte Ferries operates in competition with the shorter Pozzallo – Valletta route offered by Virtu Ferries. However, Augusta is closer to Catania.

Nov 25
4

Fjord1 expects continued strong demand for its services

By | 2021 Newsletter week 47 | No Comments

Fjord1’s first nine months and third quarter 2021: Safe and stable operations

Q3

  • -4% Revenue, NOK 758 million. The reduction is attributable mainly to the phasing out of the Molde-Vestnes ferry contract.
  • -18% EBITDA, NOK 276 million
  • The EBITDA margin decline to 36% from 43% mainly reflects higher fuel costs and higher maintenance cost than in same quarter last year.
  • Investments amounted to NOK 289 million, mainly for purchase of a new vessel.

First nine months

  • -5.9% Revenue NOK 2,157 million
  • -14.5% EBITDA NOK 663 million
  • EBITDA-margin of 31% (34)
  • Investments were NOK 531 million for the first nine months, which represented 60% reduction from the same period in 2020, when investments in the newbuilding and electrification programme peaked.
  • Net interest-bearing debt (NIBD) stood at NOK 5,274 million as per 30 September. The company has lower investment commitments going forward and will use operating cash flows, proceeds from infrastructure sales, and NOx compensation for electric vessels to continue to reduce debt.

Outlook

Fjord1 is confident that there will continue to be a strong demand for safe, environmentally friendly, and reliable transport in coastal regions in the future. Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.

Fjord1’s strong contract portfolio is worth NOK 21.8 billion through 2034, excluding options and index regulation, which offers a solid platform for profitable growth.

The company had net interest bearing debt of NOK 5.3 billion at the end of September 2021, down from NOK 5.8 billion at the end of September 2020. The company plans for a lower investment level going forward and expects the main part of the cash flow from operating activities and proceeds from the sale of infrastructure assets to be used to reduce interest-bearing debt further.

Click on the cover, access the download page of Fjord1, and download the report

Nov 25
4

BC Ferries Q2: Vehicle traffic levels highest company has experienced

By | 2021 Newsletter week 47 | No Comments

Vehicle traffic returned to the ferry system in record numbers this summer with pent up demand from the domestic market for seasonal holidays and recreational travel once Provincial Health Officer COVID-19 travel restrictions were lifted.

In the three months ended September 30, 2021, BC Ferries carried:

+28% p ax 7.0 million (but -9% compared to the same period in 2019)

+20% vehicles 3.0 million vehicles (+3% compared to the same period in 2019)

New fare choices, including advance purchase Saver fares, were launched on the three Metro Vancouver – Vancouver Island routes late in fiscal 2021. These new fare choices contributed to increased vehicle traffic on traditionally lower utilized sailings, less sailing waits overall, and enabled BC Ferries to safely carry higher overall levels of vehicle traffic than in previous summer seasons.

Q2

+111% Net earnings $79.9 million (37.8)

+28% RevenueIn December 2020, BC Ferries received $308 million through the Safe Restart Program, a federal-provincial initiative intended to help provinces and territories safely restart their economies. The goals of the federal-provincial Safe Restart Program are to mitigate the impact of revenue losses and COVID-19-related spending, to help restore the level of annual earnings required to maintain service levels, and to keep fare increases to affordable levels through March 31, 2024.

Nov 25
4

Finnlines getting ready for the introduction of green ships in 2022

By | 2021 Newsletter week 47 | No Comments

FINNECO III, the third and last hybrid roro vessel in a series, was launched in China Merchants Jinling Shipyard (Jiangsu) on 22 November 2021.

When entering the Finnlines traffic, the new vessels will reduce environmental impact of the fleet and improve energy efficiency. Lithium-ion battery systems will allow zero-emission port visits and low-emission two-stroke engines, emission abatement systems, solar panels and an innovative air lubrication system will cut emissions further.

The hybrid roro vessels will start in Finnlines’ Baltic, North Sea and Biscay traffic in 2022.

Roro ship particulars

  • Ice class: 1 A Super
  • Length, overall: 238.0m
  • Breadth, moulded: 34.0m
  • Gross tonnage: 60,515
  • Deadweight: 17,377
  • Lane metres: 5,800
Nov 25
4

French Minister of the Sea confirms State Aid for Brittany Ferries

By | 2021 Newsletter week 47 | No Comments

French Minister of the Sea, Annick Girardin, has renewed the State’s commitment to pay a subsidy of 45 million euros to Brittany Ferries.

She came to Roscoff on 18 December, to meet Brittany Ferries’ president Jean-Marc Roué (photo) and staff (source: France Blue).

The money comes with a condition: no job loss.

In 2020, the company had more than 2,400 full time employees.

The company also obtained 10 million euros of debt waiver, long-term partial unemployment for 3 years, reimbursement of social charges for 4 years (the “net wage”), not to mention the loan guaranteed by the State, 117 million euros granted in 2020.

Nov 25
4

Official start of Brittany Ferries freight route Le Havre – Rosslare

By | 2021 Newsletter week 47 | No Comments

19 November 2021. Jean-Marc Roué, Brittany Ferries’ President, officially opened the first freight ferry link between Le Havre and Rosslare in 25 years.

The event was held in the presence of Thomas Byrne, Irish Minister of European Affairs, and Edouard Philippe, Lord Mayor of Le Havre and political heavyweight, who is rumoured to have presidential ambitions for the elections of 2027.