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sandra

Nov 25
Love4

Mediterranean pushes up DFDS’ freight activity

By 2021 Newsletter week 47

DFDS revealed in its latest Q3 interim report that revenue increased 22% to DKK 4.4bn driven by higher freight activity in most business units. (see also last newsletter)

The increase in the freight ferry result was primarily due to high growth in the Mediterranean.

As for the Mediterranean business unit, Q3 freight volumes increased 12.2% adjusted for the opening of a new route between Turkey (Izmir) and Spain (Tarragona).

The increase reflects high growth in Turkish exports to Europe with support from depreciation of the Turkish lira. Capacity was expanded in the route network to accommodate the growth, especially between Italy and Turkey.

Q3 EBITDA (Mediterranean) increased 47% to DKK 276m driven by the higher volumes and stable cost levels as well as better results for the port terminal and rail activities.

DFDS transported
3,685,000 lane metres
in the Med in the first 9 months of 2021

Nov 25
Love4

CMAL is selecting a new name for UTNE

By 2021 Newsletter week 47

UTNE has joined the CMAL fleet. A competition has been opened to find a name.

The names in the shortlist are all associated with Mull, the island that the vessel will primarily serve.

  • LOCH FRISA – The largest loch on the Isle of Mull, located four miles south of Tobermory.
  • GLEN FORSA – A beautiful open glen in the heart of Mull, with the peak of Beinn Talaidh at its head.
  • TOROSAY – Torosay Castle was built in 1858 by architect David Bryce, and it sits on the northwest side of Mull’s Duart Bay.
Nov 25
Love4

Elbferry GmbH has been declared insolvent

By 2021 Newsletter week 47

Elbferry GmbH, the company that started in March with an LNG ferry between Brunsbüttel and Cuxhaven is bankrupt.

Reasons: LNG bunker prices / Less freight than expected / No corona state-aid

The ferry GREENFERRY I continues to operate for the time being. The company has made it clear on their social media channels.

Nov 25
Love4

Release from Viking Line’s extraordinary general meeting 2021

By 2021 Newsletter week 47

The general meeting decided in accordance with the Board of Directors’ proposal to authorize the Board to decide on a share issue of at most 6,480,000 new shares with pre-emption rights for shareholders (share issue with pre-emption rights) at a subscription price of EUR 8.00 per share. The Company’s shareholders shall be entitled to subscribe to three new shares for every five shares held at the subscription price.

Nov 25
Love4

FRS Foundation announces International Sustainability Standards Board

By 2021 Newsletter week 47

During COP26 global summit, the IFRS Foundation Trustees announced three significant developments to provide the global financial markets with high-quality disclosures on climate and other sustainability issues.

The additional metric on climate will have to be adopted as part of a company’s IFRS. That means reporting on emissions targets and ways to reduce it. The market will look at it positively if a company reaches its targets. If not, the value of a company might decrease in the stock market.

(*) The IFRS Foundation is a not-for-profit international organisation responsible for developing a single set of high-quality global accounting and sustainability disclosure standards, known as IFRS Standards.

Nov 25
Love4

Stena RoRo’s SAGA chartered as a floating hotel

By 2021 Newsletter week 47

On 16 November 2021, Stena RoRo’s SAGA (1981) left Greece.

Rumour has it that she has been chartered for 18 months as a floating hotel in the Philippines.

The large ferry arrived at the Perama repair zone on September 10 to undergo her conversion.

The project was undertaken and completed on time (50 days) by the well-known turn key contractor VDN-IPPOKAMPOS.

SAGA is currently on her way to Singapore. [MarineTraffic]

Nov 18
Love4

DFDS Q3: Solid growth in demand

By 2021 Newsletter week 46
  • Revenue increased 22% to DKK 4.4bn driven by higher freight activity in most business units.
  • Q3 passenger activity was overall below 2020 but picked up in the last month of the quarter.
  • The total freight EBITDA for ferry and logistics before special items increased 6% to DKK 795m driven mainly by strong growth in the Mediterranean business unit.
  • The total passenger EBITDA for passenger services in the Baltic Sea, Channel, and Passenger business units decreased DKK 43m or 45% to DKK 53m.
  • Total EBITDA of DKK 848m was on level with 2020.
  • Supply chain bottlenecks became more widespread in Europe during Q3, including a high level of impact in the UK. This entailed extra operating costs for both freight ferry, port terminal and logistics activities. In addition, freight volumes to the UK were for periods in Q3 capped which lowered utilisation on ferry routes.

Outlook 2021

  • The outlook for freight activities remains overall positive, although the current slowdown in UK trade flows is expected to continue in Q4 2021.
  • Passenger travel is expected to continue to pick up.
  • Revenue growth outlook is now expected at 23-25% (20-25%).
  • The EBITDA outlook range before special items is now expected at DKK 3.3-3.5bn compared to previously DKK 3.2-3.6bn (2020: DKK 2.7bn).
  • The outlook is detailed on page 10 in the full report.