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2019 Newsletter week 47

Nov 21
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FERRY SHIPPING

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Condor Ferries CEO Welcomes the Expertise of the New Owners

See also our extra news flash from 14 November 2019.

Paul Luxon, Condor Ferries’ CEO, said in a statement that he is delighted with the agreement between the current shareholder, Macquarie Infrastructure and Real Assets, to sell its 100% interest in Condor Ferries to a consortium of Columbia Threadneedle Investments, the majority shareholder, and Brittany Ferries.

“The new shareholders wholeheartedly share our vision and strategy for maintaining and developing essential Channel Islands’ lifeline ferry services across the freight supply chain, Islander travel and tourism sectors. Having met with senior executives of CTI and BF on several occasions, the company welcomes such experience and expertise from the new shareholders and having introduced them to key stakeholders including politicians and senior civil servants, discussions on fleet replacement and future investment will continue.”

He added that Condor Ferries’ management and staff will continue to deliver the five-year business plan that is underway. “We will continue to focus on providing efficient and effective sea connectivity to support the Channel Islands’ economies”.

Nov 21
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Fjord1 Celebrates the Arrival of ROVDEHORN and SKOPPHORN

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ROVDEHORN and SKOPPHORN are the 7th and 8th ferry built by Havyard for Fjord1. In total, 13 ships have been ordered. The hulls are built in Turkey, the outfitting is done in Norway.

The two ferries were built to enter service on 1 January 2020, on the route Magerholm – Sykkylven.

Regular crossings will be on battery, however, if needed there is a backup with biofuel.

The ferries are equipped with four engines from Norwegian Electric Systems, who also supplied power systems, switchboards etc.. The propulsion system comes from Kongsberg and the batteries are from Corvus and NES.

Nov 21
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Scandlines Hybrid Ferry Copenhagen Soon with Wind Power

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The preparatory work for the installation of the rotor sail on the hybrid ferry COPENHAGEN was successfully completed during the planned shipyard stay in autumn 2019.

A steel foundation and cables were laid to prepare the installation of the rotor sail, scheduled for the second quarter of 2020. In addition, a new mast was mounted, as the stern top light must be placed in front of the rotor sail.

The installation of the rotor sail will reduce Scandlines’ CO2 emissions from its ferry by four to five percent.

Nov 21
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BKK and Equinor Join Forces to Supply Liquid Hydrogen

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A new industry alliance has been forged to see if it is possible to supply the marine industry with liquid hydrogen on a large scale.

BKK now forms a consortium with Equinor, Air Liquide, Norled, Wilhelmsen and Viking Cruises. Havneeier Norsea group, the research foundation Norce and the maritime industry cluster NCE Maritime Cleantech are also included.

By 2024, liquid hydrogen for large ferries and speedboats could become an important part of BKK’s commitment to electrification.

NOK 88 million has been budgeted to bring the project to an investment decision. On 12 December 2019, the consortium will receive an answer regarding the request for a NOK 35 million financial injection from the Norwegian PILOT-E funding scheme.

Nov 21
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Adria Ferries Welcomes RoPax AF Claudia In Its Fleet

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The Ancona-based company Adria Ferries has presented the last entry in its fleet: the ropax AF CLAUDIA bought one year ago from Baja Ferries. She was operating as CALIFORNIA STAR in the Sea of Cortez. During summer she was chartered to Grimaldi Lines.

Here below some of the technical details of the ship, set to be deployed on the Italy-Albania route linking the ports of Ancona and Durres:

LOA 186.5m / 2,044 lane meters / 140 lorries and 75 cars in garage / 950 passengers / 76 cabins / 23 knots

The ship passenger capacity will be increased before 2021, in order to accommodate up to 1,800 pax. Number of cabins will be 200.

AF CLAUDIA, in order to be compliant with IMO Low Sulphur Cap 2020, has been fitted with scrubbers provided by the US-based supplier CR Ocean Engineering and installed at Viktor Lenac shipyard (part of Palumbo Group) in Rijeka, Croatia.

Adria Ferries today control a fleet of three ferries (AF CLAUDIA, AF MARINA and AF FRANCESCA) and a fourth unit is expected to be acquired in 2022.

Nov 21
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Grimaldi’s CRUISE OLBIA Gets Scrubbers in Messina

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Grimaldi Group’s l RoPax CRUISE OLBIA arrived at the Palumbo Shipyard in Messina on 15 November 2019 in order to undergo her annual scheduled repairs as well as to have scrubber units installed.

CRUISE OLBIA is the third ship of the Grimaldi’s Mediterranean fleet to undergo the specific conversion, after CRUISE BONARIA and CRUISE OLYMPIA which are currently in Malta for the same reason.

The other three vessels of the Italian Group are Minoan Lines’ large cruise ferries MYKONOS PALACE, KNOSSOS PALACE and FESTOS PALACE which underwent the same conversion a few months ago in Malta.

Nov 21
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FERRY FINANCE

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Moby Bondholders Ready to Support a Financial Restructuring of the Company

“The Bondholder Committee, which in recent months has agreed with Moby before the Court of Milan to ascertain the specific legal context and principles that today’s management of the group’s activities should comply with, once again underlines that business continuity, the safeguarding of maritime connections and territorial continuity, and the protection of existing jobs at what it hopes can continue to be a leading Italian shipping company, are essential in order to protect its corporate value. This is in the interests of all stakeholders – bondholders included.”

That’s the message being circulated by a group of investors (mainly private equity and hedge funds) who earlier this year bought (at a discounted price) a large part of the 300 million euro Senior Secured Notes due in 2023 and issued by Moby in 2016 with a 7.75% interest rate. This statement comes after many seafarers, worried about the ferry company’s future, took to Naples’ streets in protest during the weekend.

Presumably in order to calm their fears, the bondholders also added: “The Committee has expressed multiple times to Moby’s management and advisors its willingness to support appropriate restructuring of the group’s debts (even at the cost of renouncing part of their own operating profits), with the goal of being able to report a level of debt that is sustainable for the business”.

The statement concluded by saying: “The Committee has also expressed equal willingness when it comes to new investments, in the context of the hoped-for restructuring, which would allow the company to operate smoothly and with the goal of acquiring new market shares in the medium term.”

Source: Oslo Stock Exchange
Nov 21
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Fjord1 Is Ready For A New Year With New Contracts

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Q3 key figures

-14% Turnover NOK 705 million

+28% EBITDA NOK 278 million

+68% Net profit after tax NOK 115 million

  • The profit contribution has been positive from all segments (ferry, passenger boat, catering and tourist). 
  • Sales will grow next year when new contracts start on 1 January 2020.
  • 2019 is a transitional year with changes in the contract portfolio and major investments in zero- and low-emission vessels and the development of charging infrastructure. 
  • Fjord1 currently has 17 hybrid electric vessels in the ferry fleet and by the second half of 2020 the company will have an additional 13 hybrid electric vessels in operation. On January 1st, Fjord1 will start operating nine new connections in Hordaland, all with new environmentally friendly technology. A large part of the ferry fleet in Fjord1 will be zero emissions and contribute to a positive effect on the environmental footprint through significantly reduced CO2 emissions.
  • During the second half of 2020, the company will operate 30 electric ferries and 19 connections will be electrified. The Anda-Lote connection has been running electric for 1.5 years, and experience after passing 50,000 charges shows that the technology works as expected.
Source: Oslo Stock Exchange
Nov 21
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FERRY PORTS

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Port of Los Angeles and Copenhagen Malmö Port Sign Collaborative Agreement on Sustainability and Environment

Copenhagen Malmö Port AB and the Port of Los Angeles have entered into a five-year Memorandum of Understanding to collaborate on sustainability and environmental issues. Officials from both ports signed the MOU at a ceremony held at the Port of Los Angeles Friday last week.

The MOU between the two ports focuses on facilitating dialogue, information exchange and sharing of best practices.

Nov 21
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PPA Broke the 5 Million TEU Limit

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Piraeus Port Authority (PPA) S.A. officially announced that on November 18th, 2019 it handled the container with number CSUN7025891. It was unloaded from the COSCO Shipping vessel CAPRICORN, reaching the total throughput in the port of Piraeus at 5,000,000 TEU for this year. The fact that the five million limit is already broken in November, brings the Port of Piraeus closer to the first position in the Mediterranean and possibly among the top four ports in Europe.