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sandra

Nov 14
2

DFDS 2024 Outlook Lowered by Market Slowdown and Termination EKOL Acquisition

By | 2024 Newsletter week 45 | No Comments

DFDS’ EBIT outlook range for 2024 is revised following results below expectations driven by mainly a more widespread slowdown in Europe than previously expected as well as intensified competition in northern European land transport markets and the Mediterranean freight ferry market.

The current market conditions are expected to continue for the rest of the year whilst a rebound in activity was previously expected for the rest of the year.

The termination of the share purchase agreement to acquire the international transport network of EKOL Logistics may moreover in Q4 2024 entail some financial impact.

As a consequence, the EBIT 2024 outlook range is lowered to DKK 1.5-1.7bn from previously DKK 1.7-2.1bn, and the outlook for the adjusted free cash flow is changed to around DKK 1.2bn from previously around DKK 1.5bn.

The revenue growth 2024 outlook is changed to 8-10% from previously 8-11% as revenue from EKOL Logistics was previously included in the revenue outlook.

Nov 14
2

DFDS October Volumes: Solid Freight Growth

By | 2024 Newsletter week 45 | No Comments

Ferry – freight:

  • Total volumes in October 2024 were 10.3% above 2023 and up 5.6% adjusted for the addition of Strait of Gibraltar routes in 2024 and closure of the Calais-Tilbury route in 2023.
  • North Sea, Channel, and Baltic Sea volumes were all above 2023 following solid growth on most routes. Mediterranean volumes were in October also above 2023.
  • For the last twelve months 2024-23, the total transported freight lane metres increased 6.7% to 41.0m from 38.5m in 2023-22. The increase was 3.4% adjusted for the addition of Strait of Gibraltar routes and the Calais-Tilbury route closure.

Ferry – passenger:

  • The number of passengers in October 2024 was 33.0% above 2023 and down 1.3% adjusted for the addition of the Strait of Gibraltar routes. The adjusted decrease was due to smaller variances across routes.
  • The number of cars was 16.0% above 2023 and down 10.9% adjusted for Strait of Gibraltar.
  • For the last twelve months 2024-23, the total number of passengers increased 45.9% to 6.5m compared to 4.5m for 2023-22. The increase was 6.1% adjusted for Strait of Gibraltar.
Nov 14
2

Stena Line Announces Strategic Restructuring to Secure Future Amidst Economic Pressures

By | 2024 Newsletter week 45 | No Comments

Stena Line has announced the launch of a strategic programme aimed at future-proofing the company and enabling essential investments. This move comes in response to the significant economic pressures impacting the industry, including high inflation and rising costs linked to the European Emission Trading Scheme (ETS). These factors have dampened the purchasing power of Stena Line’s passenger and freight customers, resulting in a decline in volumes for both segments.

The programme will involve the reduction of approximately 80 positions and the departure of around 30 consultants in 2025. This restructuring, pending union negotiations, will predominantly affect support functions. The company underscores that these difficult measures are part of a comprehensive review of their current organisation and cost structure.

Niclas Mårtensson, CEO of Stena Line, emphasised the weight of this decision, stating, “It is with a heavy heart that we have made this choice. Stena Line has experienced years of success, but now we must ensure we have a cost base that allows us to secure the company’s future. With 40 vessels operating across ten countries, we face significant sustainability challenges. The programme we are launching today is essential to tackle these challenges and execute necessary future investments.”

Looking ahead, Stena Line is also preparing for substantial investments in energy supply and the shift to alternative fuels, as well as enhancements in digital solutions to meet evolving customer expectations. This forward-looking strategy aims to balance immediate cost savings with the long-term need for sustainable growth and operational excellence.

Nov 14
1

IMAGE CARDS

By | 2024 Newsletter week 45 | No Comments

On 3 November 2024, the HSC MAX arrived at the Port of Piraeus from Denmark. The ship was sold by Molslinjen to Seajets last May and was delivered to the Greek-Cypriot ferry operator last week. She was sent to Ambelakia Salaminas for future conversion before entering service in the Hellenic Coastal Shipping. The HSC MAX was built in Australia in 1998 by Incat. She has a carrying capacity of 900 passengers and 240 cars, and can operate at speeds exceeding 40 knots.

Photo: Kostas Papadopoulos

On November 1st, Damen Shipyards Galati in Romania laid the keel for the first two of four fully electric ferries for BC Ferries. The keel laying ceremony marked an important milestone in the third phase of construction of the Island Class Ferries, which will bring the total number of Damen vessels in the BC Ferries fleet to ten.

During the recent second phase of the programme, Damen delivered four hybrid diesel-electric ferries. These reduced emissions vessels were intended to pave the way to the development of fully electric vessels.

Now, with availability of renewable shore power to charge the vessels, the four fully electric vessels will be able to conduct their services with zero emissions. As such, the ferries are making an important contribution to BC Ferries’ goal to reduce emissions by 10,000 tons of CO2 equivalent by 2030.

Source: Damen

Brittany Ferries’ RoPax NORMANDIE will sail on the Marseille – Tangier Med route for La Méridionale in summer 2025.

Nov 01
2

Driving Operational Success While Decarbonising with Electric Foiling Ferries

By | 2024 Newsletter week 44 | No Comments

Can electric foiling ferries balance decarbonising the ferry industry with operational success?

Artemis Technologies, a global leader in clean maritime innovation, believes they can. With the world’s first electric foiling ferries the Artemis EF-24 Passenger due to hit the water in 2025 the industry is seeking proof that, not only can the technology help reduce harmful emissions, but adopting this new technology can bring multiple benefits to operators too.

In reality, what does this mean?

Read the full story on our website

Meet Artemis Technologies in Athens at the Ferry Shipping Summit.

Nov 01
2

Viking Line: Q3 Reflects a Challenging Market, as Expected

By | 2024 Newsletter week 44 | No Comments

First 9 Months

  • Sales amounted to EUR 370.6 M (EUR 379.2 M).
  • Other operating revenue was EUR 0.8 M (EUR 8.9 M, including the EUR 8.6 M gain on the sale of Rosella).
  • Operating income totalled EUR 25.2 M (EUR 52.4 M, including the EUR 8.6 M gain on the sale of Rosella).
  • Net financial items were EUR -9.1 M (EUR -8.7 M).
  • Income before taxes totalled EUR 16.1 M (EUR 43.7 M, including the EUR 8.6 M gain on the sale of Rosella).
  • Income after taxes was EUR 12.4 M (EUR 34.8 M, including the EUR 8.6 M gain on the sale of Rosella).
  • Investments mainly in Viking Cinderella and Birka Gotland totalled EUR 18.3 M (EUR 30.3 M).

Unchanged outlook

There is significant uncertainty given the recession under way in Finland, which has a negative impact on customers’ consumption patterns. Other factors contributing to this uncertainty are the current geopolitical situation and its potential impact mostly on energy prices. All in all, as a result the management expects that income before taxes for 2024 will weaken to a level that is worse than in 2023 excluding the EUR 8.6 M gain on the sale of Rosella, which is the same conclusion as for the last report period.

Q3

  • Sales amounted to EUR 151.5 M (EUR 152.9 M).
  • Other operating revenue was EUR 0.2 M (EUR 0.0 M).
  • Operating income totalled EUR 29.4 M (EUR 35.3 M).
  • Net financial items were EUR -1.0 M (EUR -1.1 M).
  • Income before taxes totalled EUR 28.4 M (EUR 34.2 M).
  • Income after taxes was EUR 24.9 M (EUR 27.6 M).

Source: Viking Line

Nov 01
2

Viking Line’s CEO Jan Hanses to Step Down in 2025

By | 2024 Newsletter week 44 | No Comments

The Board of Directors of Viking Line and CEO Jan Hanses have agreed that, as his retirement will occur in 2026, he will step down from the role of CEO in 2025 and then work as a senior advisor until his retirement in April 2026. The Board will therefore initiate a recruitment process to appoint a successor. Jan Hanses will serve as CEO until his successor takes office and has committed to ensuring a smooth transition to the new CEO in his role as senior advisor.

Source: Viking Line

Nov 01
2

Rederi AB Eckerö Interim Report January–September 2024

By | 2024 Newsletter week 44 | No Comments

All-time high operating results.

  • Record Operating Results
    • Highest ever cargo units: 140,556 (+7% from last year).
    • Passenger count: 2.42 million (-2% from last year), despite fewer departures.
    • M/S Shipper sold for 4.5 million EUR, profit impact of 3.2 million EUR.
  • Financials
    • Sales: 171.7 million EUR, consistent with last year.
    • Operating profit: 20.3 million EUR, second highest recorded.
    • Adjusted operating profit: 17.1 million EUR (+2% from last year).
    • Period result: 14.7 million EUR (+31% from last year).
    • Net debt: -1.1 million EUR (cash exceeds liabilities).
  • Route Market Shares
    • Finland-Estonia route: 28% passenger share, 39% cargo share (up from 37%).
    • Åland-Sweden route: Passenger share above 80%.
  • Q3 Highlights
    • Highest-ever Q3 passengers: 1.09 million (+2%).
    • Cargo units: 51,488 (+15%).
    • Q3 Sales: 72.2 million EUR.
    • Best-ever Q3 operating profit: 17.6 million EUR (+26%).
  • Operational Improvements
    • M/S Finlandia’s fuel consumption down by 9% due to optimised hull and propeller.
  • Outlook
    • Stable results expected, but geopolitical risks remain.

Full story on Rederi AB Eckerö

Nov 01
2

Gotlandsbolaget Invests in Oslo-Frederikshavn-Copenhagen Route Post-Acquisition

By | 2024 Newsletter week 44 | No Comments

Gotlandsbolaget has officially taken over the Oslo-Frederikshavn-Copenhagen route from DFDS, following a 400 million DKK acquisition, which includes two cruise ferries and more than 800 employees. This strategic investment aligns with Gotlandsbolaget’s expansion in passenger shipping, building on last year’s Birka Gotland acquisition.

CEO Håkan Johansson expressed pride in continuing the route’s legacy, emphasising the focus on enhancing the passenger experience. Planned upgrades will prioritise cabin improvements with a broader review of onboard facilities. While the route will initially operate under the DFDS brand, a new identity and brand launch is anticipated in the coming year.

Full story on Gotlandsbolaget

Nov 01
2

STENA FUTURA Set Afloat, And Keel Laid On Second Ship To Be Named STENA CONNECTA

By | 2024 Newsletter week 44 | No Comments

Last week, Stena held a joint ‘launch’ and ‘keel-laying’ ceremony at the China Merchants Jinling Shipyard, Weihai, celebrating the release of STENA FUTURA into the water for the first time, and the laying of the keel for STENA CONNECTA, which marks the beginning of the build.

Once operational, the vessels will enhance freight capacity by 40% on the Belfast-Heysham route in response to an increase in customer demand for services between Northern Ireland and Great Britain.

The two NewMax hybrid vessels will play a key role in Stena Line’s journey to sustainable fuel as they will both be able to operate on methanol fuel.

They will also be enhanced with built in technologies that will be able to utilise both battery propulsion and shore power, when available.

Stena Line is working closely with methanol suppliers, ensuring future volumes of e-methanol and fulfilling their strategic ambition of shifting to renewable fuels and cutting 30% of its CO2 emissions by 2030.

Source: Stena Line