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sandra

Sep 29
0

Attica Group H1 sees gradual normalization of Group’s financial results to pre-Covid 19 levels

By | 2022 Newsletter week 39 | No Comments

Consolidated (in EUR)

  • Revenue 201.45m (122.19m in H1, 2021) Following the lifting of the state imposed reduced capacity protocol for transporting passengers by vessels since March 2022, Group revenue increased by 65% as compared to the 1st half of 2021, indicating the gradual normalization of the Group’s operations to pre Covid 19 levels.
  • Losses before taxes, investing and financial results, depreciation and amortization (EBITDA) of 9.61m (4.38m).
  • Losses after taxes 30.54m (consolidated losses after taxes of 34.05m in H1, 2021)
  • The increase in traffic volumes, and therefore in the Group revenue, was offset by the prolonged increased price of fuel (the average price of fuel oil consumed in H1, 2022 increased by 99% compared to H1, 2021), resulting in the increase of the Group’s operating costs.
  • Fuel price hedging transactions, conducted for part of the fuel consumption of the Group’s vessels pursuant to the Group’s hedging policy, contributed by 12.8m to the reduction of the Group consolidated losses compared to H1, 2021.
  • Group’s cash and cash equivalents stood at 67.88m (97.36m on 31.12.2021).
  • The total debt of the Group amounted to 467.42m (481.59m on 31.12.2021).

Traffic volumes (compared to H1, 2021)

+108% passengers

+56% private vehicles

+16% freight units

+54% number of sailings

Agreement with creditors and shareholders of ANEK

On 21.9.2022, the Company announced that an agreement was reached with the largest creditors of ANEK S.A., as well as with ANEK shareholders representing 57.70% of the total share capital of ANEK.

The agreement provides for:

  1. a) the merger by absorption of ANEK by the Company at an exchange ratio of 1 common or preference share of ANEK to 0.1217 new common registered shares of ATTICA and
  2. b) the payment by the post-merger entity of the amount of EUR 80,000,000 in full and complete repayment of ANEK’s loan obligations to the above creditors (outstanding capital in an amount of EUR 236,419,251.23 plus total outstanding interest accrued on the date of completion of the intended transaction).

The agreement was executed on 23.9.2022.

Sep 29
0

Attica Group: a new giant with 45 ferries

By | 2022 Newsletter week 39 | No Comments

The merger of ANEK with Attica Group will lead to the formation of a new shipping giant in Greece. It will operate 45 ferries on all the main Greece and Italy lines.

With the specific agreement a significant write-off of the ANEK’s’ debts by EUR 156,4 million was decided. Attica Group will only pay EUR 80 million from the total of EUR 236,4 million.

After the completion of the agreement, which is expected by March 2023, Attica group will control four companies in Greece: Superfast Ferries, Blue Star Ferries, Hellenic Seaways and ANEK Lines.

Attica Group also operates in the Western Mediterranean with a 49% stake in Africa Morocco Line.

Sep 29
0

Progress on the Privatization Process of the ports of Igoumenitsa and Heraklion

By | 2022 Newsletter week 39 | No Comments

Grimaldi Group and the Port Authority of Thessaloniki will finally compete for the Port of Igoumenitsa. According to the Hellenic Republic Asset Development Fund the offers submitted by the above two candidates have been eventually selected in the context of the tender for the concession of 67% of the Igoumenitsa Port Authority.

The two interested parties will be invited to submit new improvement offers at the beginning of October.

According to the same information, the Grimaldi Group and the Port Authority of Thessaloniki will compete – along with other “candidates” – for the port of Heraklion as well. The process will start at the beginning of the year and bids are expected to be submitted on January 18, 2023.

Photo: Port of Igoumenitsa, Spyridon Roussos

Sep 29
0

KARLSØYFJORD now sails emission-free between Molde and Vestnes

By | 2022 Newsletter week 39 | No Comments

The Boreal ferry has been converted from LNG to battery power.

The owner Boreal Norge AS won the tender for ferry operations between Molde and Vestnes back in 2019. The Norwegian Ship Design Company [LinkedIn] started working on feasibility studies for using KARLSØYFJORD and her sister HARØYFJORD on this route.

The feasibility studies led to a shipyard bid package, a conversion design and a substantial engineering package.

HARØYFJORD was converted from LNG to diesel power last year. Earlier this year KARLSØYFJORD arrived at Fiskerstrand Verft for a major rebuilding, enabling zero-emission crossings on the 6.2 nautical miles route.

The Norwegian Ship Design Company is now working on the hybridization of the ferry MALANGEN (Torghatten Nord AS, to be done by Fosen Yard).

Sep 29
0

Stena buys Anglesey Aluminium site for Holyhead port expansion plan

By | 2022 Newsletter week 39 | No Comments

Stena Line Ports have announced in a press release that in 2023 cruise liners will again be able to berth directly in the port again. This being made possible due to the deal to buy the former aluminium site in Holyhead, that also includes the multi-purpose deep water terminal. It will now allow the Company the ability to open the berth for cruise liners again after a four-year hiatus during the Pandemic.

Photo: Ian Davies, Head of UK Port Authorities and Stena Line Ports

Sep 29
0

EUROCARGO SICILIA sold – FINNMASTER transferred from Finnlines to Grimaldi

By | 2022 Newsletter week 39 | No Comments

The 2009-built EUROCARGO SICILIA has just left Grimaldi’s fleet.

The 3,700 lane metre vessel, controlled and operated by the subsidiary Malta Motorways of the Seas, has been sold and delivered to BajaFerries which will rename her CALIFORNIA STAR II.

As from now EUROCARGO SICILIA will be the new name of the former FINNMASTER (photo) which has just reached the port of Naples after being transferred from Finnlines’ fleet to Grimaldi, for deployment in the Med. (Built 1998 – 1,775 lane metre).

Up to now she was deployed between the UK and Finland.

Sep 29
0

High-speed craft SANTA LUCIA enters service on the Termoli – Tremiti islands link in Italy

By | 2022 Newsletter week 39 | No Comments

Nine months after the purchase which took place in January this year, the Gianluigi Aponte-controlled short-sea ferry company Navigazione Libera del Golfo finally deployed the fast catamaran renamed SANTA LUCIA (ex IRIS 1) on the Termoli – Tremiti islands daily link.

IRIS 1 was purchased for over EUR 5 million but some unexpected works (made my La Nuova Meccanica Navale shipyard in Naples) were requested in order to be in line with the condition of the ports of call.

The ship came in Greece in November 2019 shipped on the vessel ROLLDOCK SUN. She was purchased from the Korean Nam Hae Express Co and her former name was GEOHUNG IRIS.

Built in Norway (Kvaerner Fjellstrand) 1999 | 452 pax | 52 private cars | 40 knots

Sep 29
0

STENA EBBA sets sail towards the Baltic Sea

By | 2022 Newsletter week 39 | No Comments

After completion at the China Merchant Jinling (Weihai) shipyard, China and successful sea trials, Stena Line has now taken delivery of its fifth E-Flexer ferry from Stena RoRo. (the 8th E-flexer in total – this one being 240m long)

STENA EBBA will join its sister vessel STENA ESTELLE on the Karlskrona — Gdynia route later this year.

Sep 22
0

Attica Group: Announced the merger with ANEK Lines to the Athens Stock Market

By | 2022 Newsletter week 38 | No Comments

According to an official Attica Group press release (in Greek) the deal contains:

  • The merger with the absorption of ANEK Lines by Attica Group with an exchange of one common or preferred share of ANEK for 0,1217 new common registered shares of Attica Group and
  • the payment of EUR 80 million for full and complete repayment of ANEK Line’s loan to its creditors from the consolidated scheme which will be formed on the date of the completion of the merger.

The agreement was sent on Tuesday 20 September 2022 by the legal advisors to be signed by the representatives of the contracting parties.

The Boards of Directors of both companies will be convened in accordance with the law and decide on the initiation and individual parameters of the merger process.

Attica Group points out at its press release that:  “We estimate that the specific agreement will benefit the shareholders, the employees and the suppliers of both companies as well as the Hellenic Coastal Shipping.”