Administrative Court in Bastia Reject Corsica Ferries’ Demand

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A recent ruling by the administrative court in Bastia rejected Corsica Ferries’ request to annul the 2019 maritime service delegation agreements between the Collectivity of Corsica and Corsica Linea.

The court found Corsica Ferries’ offer to be incomplete, which disqualified it from contesting the validity of Corsica Linea’s offer.

Additionally, Corsica Ferries argued that these agreements violated European law, claiming no legitimate public service need existed.

The court disagreed, confirming a genuine need for public maritime transport services for both freight and passengers between Corsica and the mainland.

Photo: Jean-Pierre Fabre

Territorial Continuity Grant for Corsica: MP Michel Castellani’s Amendment Adopted by the Finance Committee

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An amendment proposed by MP Michel Castellani has been approved by the French Finance Committee. This amendment aims to increase territorial continuity funding for Corsica, which would help support essential services, infrastructure, and accessibility on the island, enhancing connections between Corsica and mainland France. This funding adjustment of 50 MEUR is seen as a step forward in recognising Corsica’s unique logistical challenges due to its geographical isolation.

This is good news for Corsica Linea and La Méridionale.

Guernsey Choses Brittany Ferries

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Guernsey has selected Brittany Ferries / Condor Ferries as its preferred operator for vital sea routes over the next 15 years, ensuring continued connectivity. Meanwhile, Jersey’s government has not yet finalised its choice for a company to manage its own service routes.

DFDS was involved in the tender process, as well as Irish Ferries. The first sent a few ships to test the berths, the latter withdrew.

Viking Line’s Circular Economy Success: Transforming Waste into Sustainable Resources

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Viking Line recycles nearly all waste from its vessels, with coffee grounds and cooking oil collected for reuse. Coffee grounds, collected from five vessels, are repurposed for garden soil, reducing the need for peat by 30%. Cooking oil is converted into hydrotreated vegetable oil (HVO), a diesel alternative. In 2023, Viking Line recycled 1,475 tonnes of food waste, generating enough biogas to power 800 apartments annually. Ongoing efforts include a food waste project to analyse and reduce surplus, highlighting Viking Line’s commitment to sustainability.

Source: Viking Line

First Ship Ready, Port is Not Ready Before 2027

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The newly built SPIRIT OF TASMANIA IV will be temporarily stored at a Scottish shipyard while the Tasmanian government considers leasing options until its home berth is ready. The ferry must leave its Finnish shipyard before winter ice sets in. The duration of its stay in Scotland is uncertain, and a second ferry, the SPIRIT OF TASMANIA V, will remain in Finland for now. Both ferries, already delayed, are not expected to enter full service in Tasmania until 2027.

Speculation suggests that TT-Line, the ferry’s owner, might lease or charter SPIRIT OF TASMANIA IV during the delay in Tasmania, pending the completion of berth construction in Devonport. This was suggested by Tasmania’s premier, Jeremy Rockliff.

SPIRIT OF TASMANIA IV has been built by Rauma Marine Constructions Oy and handed over to the owners in September. The second vessel will be ready in 2025.

Photo: Spirit of Tasmania

New Trieste-Damietta RoRo Line to be Launched by DFDS on December 2nd

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The new RoRo line between the port of Trieste in the Northern Adriatic and Damietta in Egypt, operated by DFDS, will begin service on December 2nd.

The local ship agent and terminal operator in Italy, Samer & Co Shipping, has confirmed that this new regular link will operate on a weekly basis, with plans to double the frequency by mid-2025. The transit time between Italy and Egypt is expected to be 68 hours.

The first vessel on the route will be a RoRo unit with a lane capacity of 3,214 metres, capable of transporting 200 trailers and reaching a speed of 21.5 knots.

Guido Grimaldi Elected as New Chairman of Interferry

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Grimaldi Group proudly announced that Guido Grimaldi, Corporate Short Sea Shipping Commercial Director, has been appointed Chairman of Interferry.

The official flag-handover ceremony took place during the 48th annual conference of the association in Marrakech, Morocco.

In his acceptance speech, Guido Grimaldi emphasized the importance of sustainability in maritime transport for the Grimaldi Group, reinforcing the commitment to a greener future. He also invited all delegates to attend the next Interferry Conference, which will take place in Sorrento on 4-8 October 2025.

“This prestigious recognition celebrates the Group’s steadfast dedication to the ferry sector and its vision for a more sustainable, integrated future in global mobility,” Grimaldi Group stated in a message.

PPA S.A.: Basic Financial Results and Developments for the Third Quarter 2024 – New Record levels of Revenue and Profits

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The Piraeus Port Authority (PPA S.A.) announced record financial results for Q3 2024, showcasing significant growth in revenue and profits. Key highlights include a 6.2% year-to-date increase in revenue to €174.9 million, a 5.6% rise in gross profit to €104.9 million, and a 6.6% increase in net income to €70.2 million compared to Q3 2023. The strong performance was driven by growth in the cruise, container, and car terminal sectors, effective cost management, and higher storage service charges. Shareholders’ equity grew by 10.4%, and the debt-to-equity ratio improved, indicating strengthened financial stability

Full details on the PPA website

Tallink Grupp Publishes 2024 Q3 Results

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Q3

  • Passengers:
    Tallink Grupp carried 1,715,496 passengers in Q3 2024, a 3.4% decrease from 1,775,821 in Q3 2023.
  • Trips:
    The company operated 1,840 trips in Q3 2024, an increase of 131 trips compared to 1,709 trips in Q3 2023.
  • Revenue:
    Revenue for Q3 2024 was EUR 231.9 million, a 3.7% decline from EUR 240.7 million in Q3 2023.
  • EBITDA:
    EBITDA for Q3 2024 stood at EUR 68.4 million, down 16.7% from EUR 82.1 million in Q3 2023.
  • Net Profit:
    Q3 2024 net profit was EUR 36.8 million, a 24.4% decrease compared to EUR 48.7 million in Q3 2023.
  • Liquidity Buffer:
    At the end of Q3 2024, the company’s liquidity buffer amounted to EUR 107.6 million, compared to EUR 199 million at the end of Q3 2023.
  • Investments:
    Investments in Q3 2024 were EUR 5.6 million, down from EUR 6.1 million in Q3 2023.
  • Loan Repayments & Dividends:
    The company repaid loans worth EUR 27 million and made dividend payments of EUR 44.6 million in Q3 2024.

First Nine Months (1 January – 30 September 2024):

  • Revenue: EUR 602.3 million, a 6.1% decline from EUR 641.6 million in the same period in 2023.
  • EBITDA: EUR 149.5 million, down from EUR 177.7 million in 2023.
  • Net profit: EUR 45.5 million, down from EUR 76.7 million in 2023.

The financial result of the first 9 months of 2024 was impacted by the following factors:

  • Low consumer and business confidence in the home markets as well as mounting geopolitical tensions.
  • The number of vessels on charter dropped from 5 in the beginning of the year to 3 as at the end of the third quarter.
  • Sale of the cruise vessel Isabelle in the first quarter of 2024.
  • Two vessels in lay-up including the cruise vessel Romantika the charter agreement of which was prematurely terminated in September 2023 and MV Superfast IX (formerly Atlantic Vision) the charter agreement of which ended in May 2024.
  • Payment of dividends in the amount of EUR 44.6 million in the third quarter of 2024.
  • Income tax expense on dividends in the amount of EUR 9.2 million was recorded in the second quarter of 2024. In the third quarter of 2024, income tax on dividends was paid in the amount of EUR 4.9 million (EUR 4.3 million of the dividend tax expense was offset by prepaid income tax).
  • Repayment of long-term loans in the amount of EUR 59.5 million.

CEO’s Outlook (Paavo Nõgene):
Despite challenging market conditions and the fragile economic environment, Tallink Grupp’s third quarter results are strong. With two vessels suspended, the company has still managed to deliver confidence-inspiring results. The company remains lean and aims to reinstate its regular dividend payments in 2025, barring any unforeseen disruptions during the remainder of the year.

For a more detailed report: Tallink Newsroom