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2018 Newsletter week 35

Aug 30
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FERRY SHIPPING

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Two Balearia Visentini Ro-Pax Ships To Be Converted Into LNG Dual-Fuel

MAN PrimeServ, the after-sales division of MAN Energy Solutions, has won the contract to convert two ro-pax ferries from Baleària to dual-fuel operation.
Sister ships, the NAPOLES and SICILIA, are currently each powered by 2 × MAN 9L48/60A main engines, which will all be converted to 9L51/60DF units that will enable running on LNG.

The conversion of the NÁPOLES is due to take place in Spain between November 2018 and January 2019, with the conversion of SICILIA to take place from October to December 2019.

Read more (PrimeServ MAN)
Aug 30
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New £3.5m Fund Launched To Keep Ferries Shipshape

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Following a summer of disruption on Scotland’s lifeline ferries, a GBP 3.5million Resilience Fund has been announced by the Scottish Government.

The fund will help to reduce the risk of vessels breaking down and to return them to service quicker if they do.

The aim is to tackle obsolescence on the vessels, which would take the ferry out of service for an extended period of time.

Read more (Transport Scotland)
Aug 30
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Fincantieri Extends The Cooperation With China

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Fincantieri and China State Shipbuilding Corporation (CSSC) have signed a Memorandum of Understanding for the extension of the industrial cooperation already existing between the two groups to all segments of merchant shipbuilding.

The agreement foresees the parties to discuss the possibility to extend their current collaboration, which counts a joint venture dedicated to the first cruise ships ever built in China for the local market and other related activities, including a number of research and development projects in several areas of the shipbuilding, including cruise-ferries.

Read more
Aug 30
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FERRY PORTS

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Intra-European Ro-Ro Traffic Continues To Grow In Port Of Gothenburg

Intra-European ro-ro traffic to and from the Port of Gothenburg comprises mainly forest products and input goods for the engineering industry. With 593,000 ro-ro units handled, 2017 saw an all-time high for this segment. The signs are that 2018 could be yet another record-breaking year with 305,000 units reported for the first six months, a rise of four per cent.

Photo: Port of Gothenburg

Read more
Aug 30
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FERRY FINANCE

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Breakdown Of ULYSSES Affects Irish Continental Group H1 Results

More freight (+4.0%) and less passengers (-1.0%). That is the estimate of market development on shipping routes serving the Republic of Ireland. Unfortunately Irish Ferries suffered from a major disruption due to technical difficulties affecting the flagship vessel ULYSSES, with less ro-ro capacity in June. Because of that, Irish Ferries could not absorb the potential of the growing freight market.

The sale of JONATHAN SWIFT and KAITAKI also caused a reduction in charter fees. Hence the EBITDA reduction of €3.5m principally due to an EBITDA reduction of €3.6 million charter fees.

+14.3% Fuel costs increase to €22.4 million

Delay in delivery of W.B. YEATS cruise ferry by shipbuilder affected planned schedules in 2018.

Irish Continental Group H1 Results summary

+0.7%  Revenue €157.2m (€156.1m)
-11.8% EBITDA (pre non-trading items) €26.1m (€29.6m)
-37.8% EBIT (including non-trading items) €30.1m (€48.4m)

Irish Ferries H1 Results summary

-3.0%   Revenue €90.9m (€93.7m)
-17.9% EBITDA (pre non-trading items) €18.8m (€22.9m)
-44% EBIT (including non-trading items) €24.1m (€43.0m)

Operational Highlights

-2.1% Cars 170,900 (174,500)
-2.9% Passengers 679,700 (700,400)
+3.2% Ro-ro freight 143,100 (138,600)

Read more in the ICG H1 Report
Aug 30
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BC Ferries: Record Breaking Passenger And Car Numbers; Less Money

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BC Ferries’ passenger traffic levels experienced during Q1 were the highest the company has experienced in over 20 years and the vehicle traffic levels were the highest ever recorded.

However, net earnings were only CAD 6.0 million, compared to CAD 17.3 million for the same quarter of the previous year.

  • Reasons:Operating expenses increased by 7.8% to $209.9 million as the company provided 352 additional round trips to meet the increase in demand. This resulted in an increase in labour and fuel consumption.
  • One-time reintroduction costs for the upgraded SPIRIT OF BRITISH COLUMBIA.
  • Fare reductions by 15%.
  • C. seniors’ passenger discount was increased from 50% to 100% for travel Monday to Thursday.

Revenues increased by 1.5% to CAD 229.7 million primarily as a result of

the increased traffic levels, partially offset by a decrease in the average tariff per passenger and per vehicle due to the fare reductions.

Read the press release from BC Ferries
Aug 30
0

IN THE MEDIA

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Ferguson Marine Owner Says Cash Needed To Finish Ferry Contract

Businessman Jim McColl, owner of Ferguson Marine said in an interview with the BBC that the shipyard incurred significantly higher costs in the work they had to do on the two LNG ferries for CMAL There has been discussions but without result, according to McColl.

He said that, “more design development work could have been done prior to the invitation to tender going out, rather than dealing with multiple things that are arising as we got into the build process.”

GLENN SANNOX was launched in November 2017 and had been due to enter service this summer.

Photo: CMAL

Read the interview on the BBC website