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sandra

Sep 03
Love0

Irish Continental Group H1: Freight is Stable – Strong Liquidity Position

By 2020 Newsletter week 36

Traffic volumes in H1, 2020 (Ferries Division)

  • -63.9% Passengers 233.9k (648k)
  • -64.9% Cars 56.6k (161.2k)
  • -2.7% RoRo freight 149.4k (153.6k)

Financial figures H1, 2020 (ICG)

  • Revenue EUR 130.8 million (166.8)
  • EBITDA EUR 10 million (30)
  • EBIT EUR -9.5 million (11.6)

Gross cash balances EUR 132.5 million (31 December 2019: 110.9 million).

Net Debt at EUR 103.3 million is 25.7 million lower than at the beginning of the year.

Depressed economic activity and travel restrictions = significant reduction in passenger traffic while freight activity across the Group has been less affected.

The Group has continued to focus on its strategic development and has retained a strong liquidity position.

Sep 03
Love0

Color Line’s H1 Affected by Pandemic – Strong Customer Base Is Encouraging

By 2020 Newsletter week 36

Traffic volumes in H1, 2020:

  • -62% passengers 621,781 (1,634,408)
  • -4.2% freight units 85,759 (89,503)

Financial figures H1, 2020:

  • Operating revenues NOK 1,116 million (2,278) from which:
    • Revenue Cargo NOK 248 million
    • Norwegian Government compensation scheme NOK 129 million.
  • Operating loss/profit NOK -189 million (290)
  • Operating loss (EBIT) NOK -490 million (-8)

Facts

  • Adverse effects in connection with the measures imposed by the authorities in response to the coronavirus.
  • Extensive cost-cutting measures, including temporarily laying off employees (approximately 2 200 personnel).
  • Color Line suspended all passenger traffic on all its services in mid-March, with the exception of two ships operating between Norway and Denmark and a ro-ro vessel operating between Norway and Germany.
  • In mid-June, the company resumed passenger-carrying services between Norway and Denmark. At the same time, services to Germany were again permitted, with passenger embarkation in Oslo only, combined with goods traffic.

Outlook

  • Color Group is expecting to report earnings that are substantially lower than last year, and results will very much be dependent on the nature of the restrictions imposed by the authorities in the coming months.

+    Strong customer base, modern tonnage, excellent track record.

Sep 03
Love0

Norled H1: Increased EBITDA Profitability

By 2020 Newsletter week 36

Norled operates ferries, fast ferries and tourist boats in Norway.

Especially the tourist boats and the onboard kiosks were affected by Covid-19.

Financial figures H1, 2020:

  • Revenue NOK 987 million (1,136)
  • Operation costs NOK 770 million (926)
  • EBITDA NOK 217 million (210)
  • EBIT NOK 100 million (114)
  • Net Income NOK 34 million (68)

Decrease in revenue is mainly due to changes in contract portfolio.

Norled ended 5 contracts at year end 2019, and started 4 new contracts 1. January 2020.

Increased EBITDA profitability is mainly due to changes in contract portfolio. EBITDA profitability in Q2 is affected by the COVID19 epidemic, mainly with reduced traffic revenue. Especially the expressboat segments related to tourist routes and charter activity have been negatively affected by the COVID-19.

As a result of COVID-19, there is a risk of delays in the construction and delivery of new vessels. The company is constantly working to optimize a plan with temporary vessels on the routes where there may be delays in delivery

Norled is owned by the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management.

Sep 03
Love1

CLdN to start of a new RoRo-service: a triangle trade between Leixões (PT) – Dublin (IE) and Liverpool (UK)

By 2020 Newsletter week 36

With effect from week 37, CLdN will operate one sailing per week from Leixões to Dublin, followed by calling Liverpool.

  • Threat of disruption on the short Channel routes is an opportunity
  • Brexit: administrative burden when using land bridge solutions
  • British Government desires to promote unaccompanied solutions
  • CLdN anticipates direct EU trade between Iberia and Ireland, linking into Liverpool, UK will offer environmental benefits and be less prone to disruptions or interruptions as seen on the short straights.
  • Schedule: Leixões (Friday) – Dublin (Monday) – Liverpool (Monday) – Dublin (Wednesday) – Leixões (Friday).

In June 2020, CLdN started a Santander – Dublin – Liverpool route (FerryShippingNews)

Sep 03
Love0

The Danes Stayed in Denmark: Record Summer Figures for Molslinjen

By 2020 Newsletter week 36

The summer season on Bornholm has broken all records.

Because of Covid-19, Germans couldn’t come to the Danish island. Instead, Corona motivated Danish people to spend their holiday on Bornholm.

Molslinjen, which operates the ferry routes to and from Bornholm, saw record figures from week 26 to 34.

  • +2.7% passengers (in total 643,841)
  • +15.0% cars
  • -21.5% German tourists

Molslinjen operated two catamarans between Ystad and Rønne.

Sep 03
Love0

Tallink Prepares for the Dark Months

By 2020 Newsletter week 36

1/9: ISABELLE laid up

6/9: VICTORIA I will operate Tallinn-Stockholm route and Riga-Stockholm route.

13/9: SILJA SERENADE will be suspended from traffic after it arrives in Helsinki from Riga. The vessel’s return to traffic will depend on the future developments of the pandemic situation, changes in travel restrictions between the countries and any decisions regarding government support for maritime transport services.

Lay-offs Finnish crew expected.

16/9: BALTIC QUEEN to replace SILJA SERENADE on Helsinki-Riga

Early October:

  • ROMANTIKA laid up until 31 March 2021 or until further notice.
  • SILJA SYMPHONY suspended from regular traffic.
Sep 03
Love0

Tallink Grupp Begins Extensive Reorganisation

By 2020 Newsletter week 36

Tallink informed the company’s staff that it will this week notify the Estonian Unemployment Insurance Fund and the Estonian Independent Maritime Workers Union of commencing further collective redundancies processes.

In addition, the company has initiated a further collective redundancies process in Latvia.

Within the company’s Finnish subsidiary, extensive lay-offs of both onshore and onboard personnel are already in place, which will continue for now either full time or part time. Nearly all 1,200 Tallink Silja OY employees are affected by the lay-offs.

Altogether, the processes will impact up to 2,500 Tallink Grupp employees

Paavo Nõgene, CEO of Tallink Grupp, asked for support of the State. “Germany is a good example of the state offering vital support to businesses, with salary compensation schemes being extended in the country at least until the end of 2021.”

Sep 03
Love0

More GNV Ships Deployed To Accommodate Quarantined Migrants

By 2020 Newsletter week 36

GNV ALLEGRA is the third GNV ferry deployed as accommodation vessel for quarantined migrants.

Soon after this news, it was announced that also RHAPSODY and SNAV ADRIATICO from GNV’s fleet are en route to Palermo and will be deployed as accomodation vessels for migrants/

With GNV AZZURA and AURELIA, selected earlier by the Italian government and still employed, that makes 5 GNV ships on charter to the Government.

Since the summer season in Sardinia is ending earlier than expected (covid-19 infections were on the rise in august among tourists), many ferries are available.

Sep 03
Love2

The FSG Flensburg Shipyard is Reborn

By 2020 Newsletter week 36

The execution of the purchase agreement has taken place as scheduled: several companies belonging to Tennor Holding have taken over 350 employees of the Flensburger Schiffbau-Gesellschaft (FSG) as well as the assets of the shipyard within the scope of a transferable restructuring as of 1 September, 2020.

In order to continue the restructuring process started in the insolvency proceedings, the new managing directors Stefan Kindler and Tarek Malak, who were seconded by Tennor Holding, will further build up the organization.

By the winter of 2020, the management of the Flensburger Schiffbau-Gesellschaft will be placed in the hands of a management team with years of experience. The talks are already well advanced. Their task will be to give the FSG a strategic orientation and to win further shipbuilding contracts in order to fill the shipyard on the Flensburg Fjord with civil and military newbuildings

Sep 03
Love0

FERRY PORTS

By 2020 Newsletter week 36

Sustainable Inland Waterways Project in The Stockholm Region

Ports of Stockholm, Hutchison Ports Stockholm, Mälarhamnar and Wallenius Marine have built a unique partnership to launch inland shipping between Stockholm Norvik Port and the strategically positioned Mälarhamnar ports of Västerås and Köping.

Ports of Stockholm’s all-new freight port, Stockholm Norvik Port, opened in May in a location that offers new opportunities for efficient and sustainable transportation in the expanding Stockholm and Mälardalen region.