Cargotec‘s Macgregor Completes The Acquisition Of The Marine And Offshore Businesses Of TTS Group ASA
Cargotec’s MacGregor business area has completed the acquisition of the marine and offshore businesses of TTS Group ASA. Cargotec announced in February 2018 an agreement to acquire the businesses for an enterprise value of approximately EUR 87 million.
ANEK Lines: Towards A Challenging September
According to a recent article in the Greek press (*), next September might be extra challenging for Crete-based ANEK Lines.
After restructuring its lending in 2017, ANEK Lines showed -at the end of 2018- negative private capital as well as overdue liabilities to banks. That means that it is required to proceed into a share capital increase in order to restore the equity between its private capital and its shareholders capital.
Last March, its Board of Directors decided to propose to the General Assembly to increase the company’s share capital up to €20 million by issuing new bonds. But it was finally decided that the General Assembly concerning that issue should be held on September 9, 2019.
However, ANEK Lines is running out of time. With the fuel costs increasing fast (+ 25% compared to 2017), the cash flow reducing in the second half of 2018 and the new stricter rules of the International Maritime Organization pushing, ANEK Lines’ current use is ready to encounter a very difficult period.
On the other hand, according to reports, ANEK LINE’s main creditors are possibly considering exercising their rights in relation to the loans they have issued. Piraeus Bank, which is the second largest shareholder of the Cretan ferry operator, holding 24,18% will play a key role to that development.
We will have to wait for the developments to come….
(*) Source: Capital.gr (6 August 2019)
Post-Brexit Plans Unveiled For 10 Free Ports
The government is planning to create up to 10 free ports across the UK after Brexit. They allow firms to import goods and then re-export them outside normal tax and customs rules.
Seaports and airports will be able to apply for free port status, to be set up after the UK is due to leave the EU on 31 October.
The Tough Part Of Brexit Is Now
This French article is about Brittany Ferries, looking at a 4% drop of passengers.
Brittany Ferries’ President Jean-Marc Roué told Loïg Chesnais-Girard, the President of the Regional Council of Brittany, that “Brittany Ferries is now in the tough part of the Brexit”.
Not only Brittany but also Spain has seen a reduction in pax.
Jean-Mac Roué remains positive. “We took the right decisions and have done the necessary investments. Four new ships will be in service by 2023.”
He also confirmed that BF made an offer to acquire Condor Ferries (operating on nearby Guernsy and Jersey). “But we won’t be the only ones.”
Corsica Linea Ordered A new LNG Ro-Pax
On 25 July, Corsica Linea signed the contract with the Visentini shipyard for a new ro-pax ferry powered by LNG.
Some particulars:
Pierre-Antoine VILLANOVA is a proud CEO: “only three years after its creation, Corsica Linea has followed a strategy where the quality of service, local employment and an environmental transition were the key elements. By choosing LNG as a fuel, we will be part of a movement towards a more sustainable maritime transportation in the Med.”
Corsica Linea also participated at the G7 (see below) and signed the SAILS charter with the other French ferry companies.
Corsica Ferries: 4 LNG/Methanol Conversions And 1 LNG Newbuilding
On 23 July, a group of nine French ship owners have signed a charter, named SAILS. The word stands for ‘Sustainable Actions For Innovative and Low-Impact Shipping’. All major French ferry companies, such as Brittany Ferries, Corsica Linea and Corsica Ferries signed this document which aims at improving the energy efficiency.
In its communication about this agreement, Corsica Ferries said it has set the goal to reduce the emissions by 8%.
To compensate for its emissions, Corsica Ferries supports two green initiatives: a reforestation project in Peru, and the planting of 80,000 tress on Corsica.
By the end of 2020 one ro-pax should benefit from cold ironing in Toulon. By 2021, half of the fleet will be equipped for shore power. The plan is to connect the whole fleet.
Four ferries will be converted to run on LNG/methanol. This is expected to be done by 2024.
One newbuilding, powered by LNG (dual-fuel), is foreseen in 2023.
The New Appeal Of La Méridionale Dismissed By The Administrative Court Of Bastia
The judge of the administrative court of Bastia rejected on July 25 the new appeal filed by the company La Méridionale.
Last June, La Méridionale was officially excluded from the public service contracts for the routes to Ajaccio, Bastia and L’Ile-Rousse.
The vessel that the company presented during the tendering process was not available and had to be changed. The renewed offer did not respect the requirements of the contract, said the judge.
In Case Of A No Deal Brexit… Part 2
The British Department of Transport issued the new ‘No-Deal-Brexit-Freight-Lifeline contract’.
Invitation to tender for the freight capacity framework procurement:
Caronte & Tourist Attacks Croatian Authorities As New Link From Rijeka Is Still Pending
Italian company Caronte & Tourist Isole Minori found some difficulties at launching a new maritime link between the ports of Rijeka and Porozina after filing a request with Croatia’s Agency for Coastal Passenger Traffic to establish a ferry line from mid-July to mid-September.
Few weeks ago, Paola Vidovic, the agency’s director, was quoted by local media as saying that the Italian company had still not collected most of the required permits. The company will need to collect all the required documents before a contract is signed, she added.
Few days ago, Sergio La Cava, one of Caronte & Tourist’s top managers, publicly stated that local authorities in Rijeka are putting hurdles in order not to make the new line sailing. The company was also asked to embark a Croatian master on the Italy-flagged double-ended ferry GIUSEPPE FRANZA but the green light did not arrive yet.
La Cava said that “Caronte & Tourist do not leave the port of Rijeka until the European competition rules on short sea shipping will be respected also with the support of the Italian government if needed”.
Rømø-Sylt Line Gets A Second Ferry
FRS (Flensburger Reederei Group) is buying another car ferry for its ferry connection to Sylt (Rømø-Sylt Line).
It will be the Norwegian ferry TRESFJORD, entering service in November 2019.
With the second ferry, the Rømø-Sylt line is significantly expanding its ferry service, in time for the construction works on the Hindenburgdamm. The Hindenburgdamm is an 11 km-long train-only causeway joining the North Frisian island of Sylt to mainland Schleswig-Holstein. Because of the planned works, rail capacity (such as with car wagons) will starkly be reduced.
Currently, the ship is still in Norway, where it is being rebuilt for its new task.
The TRESFJORD can carry up to 127 cars, just over one and a half times as much as the actual ferry SYLTEXPRESS, which used to operate alone on the line.
