All Posts By

sandra

Jul 07
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Fast ferry MARGARITA SALAS to be launched in autumn

By 2023 Newsletter week 27

The Armon shipyard in Gijón has already built 90% of the aluminium structure for the Margarita Salas, Baleària’s second dual-engined fast ferry for passengers and cargo. The ship is scheduled to be launched this autumn and to come into operation next spring on the Barcelona-Ciutadella-Alcúdia route.

This new ship will have the same characteristics as its twin, the ELEANOR ROOSEVELT (123 metres long, 28 metres wide and the capacity to transport 1,200 passengers and 400 vehicles), but it will have a second deck with a lounge seating area at the bow and will double the surface area of the stern terrace with an outdoor bar service.

In addition, MARGARITA SALAS will be 10% more powerful than its sister ship, ELEANOR ROOSEVELT.

Jul 07
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AFIR and FuelEU Maritime: ESPO calls for cooperation and flexibility in the roll-out of onshore power supply to ensure smooth implementation of the legislation

By 2023 Newsletter week 27

On Monday 10 July, the European Parliament will discuss in Strasbourg the final agreement on both the Regulation on the deployment of Alternative Fuel Infrastructure (‘AFIR’) – which sets the framework for the deployment of onshore power supply (OPS) in ports – and the Regulation on the use of renewable and low-carbon fuels in maritime transport and amending Directive 2009/16/EC (‘FuelEU Maritime’) – which regulates the use of OPS by ships in EU ports. Both agreements will be voted on Wednesday 12 July. Once the Council has then formalised its agreement with the text, both AFIR and FuelEU Maritime are expected to enter into force shortly after.

The European Sea Ports Organisation (ESPO) welcomes the final agreements, allowing ports, terminals and shipping lines to prepare for their implementation.

“The final adoption of the AFIR allows ports and all port stakeholders who are to play a role in the deployment of OPS to effectively prepare for compliance with the new rules. The development and use of new fuels and energy solutions, such as onshore power supply, is the most important pillar of greening the shipping sector. For ESPO, it is important that for the first time, the strict framework for deployment of OPS is accompanied by an obligation to use the infrastructure. The emissions at berth will only go down if the OPS installations are properly used. We now have to take the legislation to the quay and sit together with all relevant stakeholders including shipping lines and terminal operators to make quick progress ahead of 2030.”, says ESPO Secretary General Isabelle Ryckbost.

To assist their members in the process of deploying and using OPS in Europe’s ports, ESPO has already been organising different workshops. During these workshops different challenges relating to deployment and use of OPS have already been identified.

Continue to read on the ESPO website

Jun 30
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Scandlines generated higher revenue and results after car and shopping traffic rebounded in 2022

By 2023 Newsletter week 26

 Scandlines continued to make headway in 2022 as the impact of COVID-19 eased and travel restrictions were lifted early in the year.

Traffic volume grew significantly driven by a rebound in leisure and shopping traffic as well as continued strong traction in the freight business.

Against this backdrop, Scandlines increased revenue (+42%) and earnings (+101%) and continued to improve its competitive offering with long-term investments in fleet and facilities.

+65% Cars

+68% Pax

+5% Freight

+49% Revenue from BorderShops (even though shopping activity remained significantly lower than before the outbreak of COVID-19. Factors such as increased fuel prices, general inflation pressure and a weak SEK play here a role here).

Outlook

Modest growth is expected in leisure and shopping traffic volumes, which are seen to be somewhat impacted by a general economic slowdown.

Bus travel is expected to gradually return to previous levels.

The steadily growing freight traffic volume is expected to continue the positive trajectory – however at a modest level.

Management expects revenue and profits to increase moderately in 2023 subject to the level of economic slowdown.

The full annual report and the sustainability report for Scandlines Infrastructure ApS can be downloaded here.

Jun 30
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Surprise: Seajets submitted a proposal for the acquisition of ANEK Lines

By 2023 Newsletter week 26

In the last few days, a series of events have been taking place within the Greek Ferry Scene concerning the unexpected Seajets’ proposal for the acquisition of Anek Lines.

  • On June 16, 2023, three companies (Seajets, Kiara Shipping and Golden Step Shipping Ltd) submitted a proposal to Anek Lines’ Creditors and Shareholders (that represent 57,70% of the company’s total share capital), regarding the acquisition of ANEK’s shares and loans under specific conditions. That proposal included:
  • The immediate payment of EUR 82 million for the acquisition of all the Company’s loan obligations with the provision of collateral.
  • Acquisition of all the shares of the main shareholders for the price of € 0,2220 per share.
  • Piraeus Bank loan guarantee.
  • On June 23, 2023, Anek Lines issued a press release (in Greek) to the Athens Stock Market informing officially the Market Capital Committee as well as the investors about that proposal. Also, told that Anek Lines’ Board of Directors addressed the proposal to the Company’s Shareholders and Creditors, to be evaluated by them. The Company pledged to make announcements to inform the investing public if the relevant legal conditions are met.
  • On June 27, 2023, Anek Lines issued a new press release (in Greek), where Piraeus Bank rejected Seajets’ proposal.
  • Piraeus Bank, as a representative of Bond Creditors, sent a letter of refusal to the proposing companies on June 26, 2023. That letter was also sent to the Competition Committee as well as to the Board of Directors of ANEK Lines.
  • In it, the Piraeus Bank explained that:
  • The proposal comes at the wrong time, as the ongoing merger of ANEK Lines with Attica Group is already known to the public since September 2022.
  • The Bank’s consultant analysis judged that the submitted proposal is inferior to the current agreement under implementation between Attica Group and ANEK Lines in terms of recoverable value. At the same time, that proposal exhibits a significantly greater risk, so it is not a viable alternative for ANEK Lines.
  • There is uncertainty in the financing of the proposed price, as well as in the condition of carrying out due diligence, a process which has already been completed for the Attica Group proposal.
  • The proposal does not consider ANEK Line’s cash flow needs towards third-party creditors, nor does it include planning for the smooth transition and uninterrupted operation of the company due to the potential termination of the ANEK – Superfast joint venture (operational risk).
  • Therefore, the proposal does not meet the necessary criteria to constitute an acceptable credit and business risk and cannot be accepted.
  • Also, the VARMIN Shareholder (Vardinoyannis Family) with a letter to the Board of Directors of Anek Lines stated that: “We do not accept the specific proposal due to the price offered and its structure. We consider that the existing agreement with Attica Group for the merger of ANEK Lines, which is already in the approval stage is the only immediate solution, which ensures the company’s rescue”.

Greek sources say that Seajets is preparing a counteroffer.

See also our news from 22 September 2022: https://ferryshippingnews.com/attica-group-announced-the-merger-with-anek-lines-to-the-athens-stock-market/

Jun 30
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Scottish Government: opportunities for a modern and sustainable ferry service

By 2023 Newsletter week 26

The Net Zero, Energy and Transport Committee’s [what is this?] inquiry into a Modern and Sustainable Ferry Service for Scotland sought to identify the current and evolving needs of ferry users and to consider how services could be better designed to meet those needs.

The report discusses the urgency of the need for change. It says that the forthcoming Islands Connectivity Plan represents the chance for a genuinely fresh start, a chance the Scottish Government must seize.

Jun 30
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Basel III Rules: Recognition of ship finance positive, but further action is needed

By 2023 Newsletter week 26

European shipowners welcome the agreement on the Basel III rules reached between the European Parliament and the Council yesterday that gives explicit recognition to ship finance.

The new rules will allow banks to apply preferential treatment to shipping portfolios on specialised lending when calculating risk weights and ultimately their capital requirements. As a result, the new law will enable banks to finance at a competitive price.

This is a positive step forward but more needs to be done to restore access of shipping companies to adequate financing in Europe and support the competitiveness of the industry.

“The strategic role of shipping for Europe’s energy, food and supply chain security must be properly recognised in the conditions for ship finance as well. Supporting the industry’s competitiveness is a prerequisite for enhancing Europe’s security and for supporting the continent’s energy transition. The recognition of ship finance under the new European law is a necessary step forward but it is clearly only a starting point.” –  said Sotiris Raptis, ECSA Secretary General.

A diverse range of toolkits of financing and funding instruments are needed to maintain and advance the competitive edge of the European shipping industry vis-à-vis its key global competitors.

The new law will have to be formally approved by the Plenary of the European Parliament and the Council in the following months.

Jun 30
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A new Red Funnel Port for Cowes, Isle of Wight

By 2023 Newsletter week 26

Red Funnel Ferries are proposing to redesign and upgrade the existing sites in East Cowes to build resilience whilst enhancing the overall look of the waterfront.

The consultation on the initial plans for Red Funnel Port opened on Monday 26th June and will close on Sunday 23rd July. Following this first round of consultation, Red Funnel will incorporate the feedback they receive into the proposals and come back to the community for further feedback on more detailed plans in the autumn.

Jun 30
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Amendment to terms of charter agreement for SUPERSPEED 2

By 2023 Newsletter week 26

Color Line Transport AS, an indirectly wholly-owned subsidiary of Color Group AS, and Oslo Line AS, a company in which Color Group indirectly holds a 38.6% ownership interest, have

signed an amendment agreement to the existing charter agreement for Ro-Pax SUPERSPEED 2. The Vessel is owned by Oslo Line and chartered to Color Line Transport on bareboat charter terms.

Under the amendment agreement that has been entered into, the charter period is extended to 1 July 2035, and certain adjustments to the charter hire have been agreed on.

Further, Color Line Transport is granted an option to purchase the Ship in 2028 or alternatively in 2033.

Jun 30
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More methanol for Stena Line

By 2023 Newsletter week 26

Stena Line is taking the next step in its shift to sustainable fuels by converting some of its ferries to methanol with planned launch in 2025.

“We see methanol as a strong alternative fuel that will help us delivering on our strategy to decarbonise all our operations and contributing to future green corridors where we operate. The positive experience we have from running the Stena Germanica on methanol will be valuable when taking the next stop on this journey”, says Ian Hampton, Stena Line.

The conversions will be carried out by technology group Wärtsilä and will include modifications and installations of a number of modules including fuel supply systems and engine controls. Stena Line will announce the affected vessels and routes at a later stage.

Jun 30
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SpaceX internet for ferries in Denmark

By 2023 Newsletter week 26

Molslinjen’s ferries must have internet from the SpaceX project, Starlink. An experiment on the fast ferry EXPRESS 3 on the Kattegat has proven to be able to greatly improve the experience with internet on board the ferry.

“Sending land-based internet across the curvature of the earth and out across the water to hit a moving fast ferry at 70km/h has always been a difficult exercise. But we have had Maritim Starlink on EXPRESS 3 in a test which has turned out really well”, explains Molslinjen’s commercial director, Jesper Skovgaard.

The good test means that all the ferries on the Bornholm line will receive internet from the thousands of communication satellites that Elon Musk has sent into orbit in space already during the summer holiday period. Soon after, the remaining fast ferries on the Kattegat also get internet from Starlink.

The routes of the Molslinjen, the Alslinjen, the Samsølinjen and the Langelandslinjen as well as the ferries on the Øresund between Helsingør and Helsingborg do not experience the same challenges, as they sail shorter routes and closer to land.