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2018 Newsletter week 38

Sep 20
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EU Transport Commissioner Violetta Bulc Visits North Sea Port

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On 16 September North Sea Port received the visit of EU Transport commissioner Violetta Bulc. North Sea Port is the company managing three merged ports: Ghent, Terneuzen and Vlissingen.

In Terneuzen, the EU commissioner visited the building site of the New Lock. She was able to see the enlargement of the maritime access to the Ghent-Terneuzen Canal. Europe is supporting this project with a contribution of EUR 48m.

In 2022, the first ship will be sailing through the New Lock.

Ghent is an important base for DFDS.

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Sep 20
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IN THE MEDIA

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Bridges Linking The Estonian Islands Would Make Ferries Superfluous

Estonian ERR writes that ten companies and funds are interested to build bridges between the island of Muhumaa and the Estonian mainland, as well as between the islands of Hiiumaa and Saaremaa.

The way the bridges would be financed, would be decided by the new government elected next spring.

Source: ERR.ee
Sep 20
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FERRY FINANCE

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Debt-free Minoan Lines Is In Excellent Shape

When going through Minoan Lines’ H1 report one will especially remark that the lack of debt obligations and the level of the Group’s cash balance means the company is in good shape.

A selection of significant events

  • The sale to Attica Holdings S.A. of 37,667,504 shares of Hellenic Seaways Shipping S.A., representing 48.53% of the paid up share capital, for a consideration of € 78,500.
  • In addition, the Company acquired the right to operate in the “Heraklion-Cyclades” route, while Attica Holdings S.A. and its affiliate companies undertook the commitment not to operate in this route for a period of three years.
  • The purchase of HIGHSPEED (renamed SANTORINI PALACE) from Hellenic Seaways Shipping S.A.
  • The purchase by a company owned by the Grimaldi Group of SUPERFAST XII.
  • Upon completion of all above transactions, the Company and the Group incurred no profit or loss. On 29/6/2018, the Company’s bond loan was fully repaid. As a result, on 30/6/2018 the Company has no short-term or long-term bank loans.

Figures (in thousands)

+ Turnover € 35,903 (€35,497)

– EBITDA € 8,505 (€ 9,682)

+ Net profit € 1,854 (€ 1,585)

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Sep 20
0

SHORT NEWS

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Container Ship Creates Ro-Ro Space

P&O Ferries has deployed the container ship ‘WEGA to start a service between Zeebrugge and Teesport.

P&O Ferries already offers a ro-ro service with six sailings a week on Zeebrugge-Teesport, with BORE SONG and MISTRAL.

The container service will create more space for ro-ro freight on the ro-ro ships.

More short news!

  • The Greek islands of Agios Efstratios and Lemnos line are unhappy with the ferries. They used to have the EXPRESS PEGASUS from Hellenic Seaways. During summer it was proven too small. It will now be replaced by Seajets’ 1975-built AQUA BLUE, ex IERAPETRA and this for the next three years.
  • Eckerö had a great summer (June-August) on all lines: +10% passengers.
  • The increase is mainly due to the fantastic growth of the traffic between Helsinki and Tallinn. Healthy growth for cars and freight.
  • Canary Bridge Seaways, the new joint venture from Baleària and Fred. Olsen Express, will operate two ferries. One will be the chartered CLIPPER PENNANT. The two companies have agreed to operate ferries between the Iberian Peninsula and the Canary Islands. The service will start mid-November.
  • Brittany Ferries’ high-speed ferry NORMANDIE EXPRESS closed its season on 18 September. After annual maintenance she will be laid-up in Le Havre. She will re-enter service in May.
Sep 20
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PHOTOS OF THE WEEK

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Some pictures of last week’s trip to Corsica. Let’s start this week with Ajaccio, and next week we’ll go to Bastia.

These pictures, with the Corsica Ferries vessel and the French flags, was taken on Sunday 9 September. A ceremony took place to remember the liberation of Ajaccio in 1943. It was the first French city to be free.

Below picture has been taken by Captain Apostolos Kaknis. It is amazing how fast the HSC WORLDCHAMPION JET (ex VILLUM CLAUSEN) sailed from Bornholm to Piraeus. She was welcomed in Greece on Wednesday 19 September.