All Posts By

sandra

Oct 07
Love4

Case Studies for Anek-Attica Group and Grimaldi Group

By 2021 Newsletter week 40

According to an article published in the Greek Mononews there will be further developments for the future of ANEK LINES and the Hellenic Coastal Lines in general. The basic points underlined are:

  • Piraeus Bank, wants to speed up the procedures and seeks to fully regulate its relations with the ferry companies
  • The basic scenario includes three phases and will proceed if only a solution found with ANEK LINES’ loan obligations
  • ANEK LINES loan obligations amount to 255 million euros, while the total borrowing of Attica Group amounts to 452.77 million euros
  • Attica Group is raising the issue of writing off 50% of ANEK’s short-term loans in order to proceed to the unification with ANEK LINES, as currently cannot incorporate both companies’ obligations and be viable at the same time
  • If the issue of the cancellation of ANEK’s obligations is overcome then there should be a guarantee of the rights of the traditional shareholders of ANEK in the new scheme
  • Then the scenario predicts that after the unification, the enlarged Attica Group will be sold to foreign Funds
  • Next, the scenario envisages the split of the Attica Group and the purchase by the Emmanuele Grimaldi group of ships operating on the Adriatic line plus some ships on the line of Crete and the Aegean.
Sep 30
Love4

Capacity Increase on Karlskrona-Gdynia

By 2021 Newsletter week 39

Stena Line also announced their plans to increase the capacity on the Karlskrona-Gdynia route further during 2022 with the deployment of the two large and modern 222-meter RoPax ferries STENA SCANDICA and STENA BALTICA.

After 7 months in the dry dock STENA BALTICA was launched at the Sedef Shipyard on Wednesday 29 September. She is first expected to join sister vessel STENA SCANDICA on the Baltic Sea route between Nynäshamn and Ventspils early next year.

Sep 30
Love4

Green Cargo on Greener Ships

By 2021 Newsletter week 39

WALLENIUS SOL will introduce weekly traffic to the Port of Skellefteå beginning October 2021.

What’s behind? An agreement between logistics company Scanlog and Northvolt.

Northvolt’s first battery gigafactory is being established in Skellefteå and serves as Northvolt’s primary site for manufacturing of active material, cell assembly and recycling.

Route: Zeebrugge-Antwerp-Kokkola-Skelleftehamn-Kemi-Oulu

In the initial stage, the chartered vessels Fiona Sea and Jutlandia Sea will be plying the route. At the end of the year, they will be replaced by WALLENIUS SOL’s newly built vessels, which will be the world’s biggest ice-rated, multi-fuel RoRo vessels.

Sep 30
Love4

Moby Signed a New MoU with a Part of the Bondholders

By 2021 Newsletter week 39

Moby Group announced that on 21 September, together with its wholly-owned subsidiary CIN SpA and the parent company Onorato Armatori Srl (Moby, CIN and Onorato Armatori Srl form together the Moby Group) entered into a non-binding Memorandum of Understanding with an ad hoc group of bondholders who together hold in excess of 33% of the outstanding amount under the EUR 300 million Senior Secured Notes due issued by Onorato Armatori.

“Pursuant to the MoU, the Moby Group and the Ad Hoc Group will engage in negotiations with the purpose of, inter alia, providing the additional financial resources necessary to support a new composition plan to be submitted to Moby Group financial creditors”. The company also added that will “make a further announcement in due course, as appropriate”.

This week Bloomberg also reported that Morgan Stanley and two of its top distressed-debt traders are being sued by Italian ferry operator Moby which claims it has recordings showing the bank and an investor were secretly trying to seize control of the company away from other creditors.

Sep 30
Love4

Glenhallen’s RoRo IVAN Partially Sank in the Port of Algiers

By 2021 Newsletter week 39

Roro ship IVAN, owned by Suardiaz and operated (in bare boat charter & purchase) by Glenhallen, lost stability and capsized at Algiers port in Algeria on September 29.

Reportedly, stability loss was caused by water ingress on cargo deck, which in its’ turn, was probably caused by faulty ballasting and ensuing list. 17 crew are safe, 6 of them (all Filipino) treated in hospital with slight injuries.

The incident was confirmed to Ferry Shipping News also by Umberto Lazzareti, head of the Malta-registered shipping company Glenhallen which offers regular sailings between Italy and North of Africa (mainly Libya).

Sep 30
Love4

Salamis Lines Signed MOA for the Sale of RoRo ALEXO

By 2021 Newsletter week 39

Salamis Tours (Holdings) Public Ltd. announced the signing of an agreement (MOA) for the sale of RoRo ALEXO (1983). The ship will be delivered by October 2021, while on the Lavrio-Limassol-Haifa line she will be replaced by the newer RoRo VASSILEIOS (1990), which was purchased last June.

The ship was sold for USD 3.5 million and currently is on her way to the port of Larnaca.