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The Two Options Considered By Onorato To Save Moby And Tirrenia Cin

Some of the documents presented by Moby to the court of Milan –where the ferry company filed for bankruptcy protection—reveal that the Vincenzo Onorato-controlled group is considering two solutions for the debt restructuring with lenders.

In both the cases big creditors will be asked to renounce large part of the sums asked, and to receive the remaining amount with a specific payment agreement scheduled in the coming (probably five) years.

The first option is based on the sale of the harbour tug division (bound for Rimorchiatori Riuniti Panfido for EUR 73 million) and consequently using the amount received to launch a public offer to purchase all the EUR 300 million Senior Secured Notes due 2023.

Until June 8, Moby’s bonds value was 15% of the original value of emission at the Luxembourg stock exchange. To the banks and to the bond holders non interested in this offer, the ferry company intends to propose a rescheduling and postponement of the payments.

The second option foresees a restructuring procedure under art.160  of the Italian insolvency law based on the business continuity and with a partial payment for those creditors with mortgages on the ships and for no less than the fleet value.

Privileged creditors would be totally refunded instead, while unsecured creditors might receive part of their credits with a five years’ time plan.

Few years ago Unitramp Shipbrokers valued Moby group’s fleet (including Tirrenia Cin’s ferries) roughly EUR 1 billion, but updated estimations just delivered by three other shipbrokers (Enrico Scolaro, Brax and Simsonship) say that all the assets may be worth between EUR 449 million and 249 million depending on the sales condition (normal, forced, at auction, etc.).

Ro-ro BENIAMINO CARNEVALE’s sale still pending

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Last October, Ferry Shipping News exclusively reported that Tirrenia – Compagnia Italiana di Navigazione sold for EUR 12 million, the 27-year old roro BENIAMINO CARNEVALE to a North European buyer.

German ferry company TT Line and Polish operator Unity Line were the two options considered most likely as counterpart from several sources.

As of today, the vessel is still operating for Tirrenia and the reasons why the deal is not completed yet are written in some of the documents presented by Moby to the court of Milan where filed for protection.

The Vincenzo Onorato-controlled company explains that the banks were late at releasing the needed green light and so the terms for the sale expired. Nonetheless Moby added that is still confident to hand over the 1992-built ship as soon as the approval from the court of Milan will arrive.

BENIAMINO CARNEVALE was built by Van Der Giessen-de Noord shipyard (formerly known as VIA ADRIATICO) and has a capacity for 99 passengers and 1,820 lane meters.

STENA NOVA Is Expected In Greece By The End Of 2020

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According to reliable sources, STENA NOVA (Stena RoRo) is expected to arrive in Greece by the end of the year, in order to be converted at Perama and then chartered to Corsica Ferries (unconfirmed – the company policy is not to comment on this).

The former YAMATO of the Japanese Hankyu Ferry was purchased on February 2019 and replaced on March 10 by the new SETTSU. Since then, she had remained in an anchorage off the coast of Kure awaiting her departure for Europe. In April 14, 2020, she left Kure and a few days later sailed to Labuan (Philippines), where she remains at a warm laid up condition till today. However, due to the pandemic, the plans about her new career were delayed but not cancelled.

Sundbusserne Opens A New Route Between Toldboden (Copenhagen) and Helsingborg

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The new Sundbusserne route, which will have three daily departures from Copenhagen and Elsinore, respectively, starts on 17 July.

The route is intended as an extra experience when tourists choose to experience Copenhagen or Helsingborg during the holiday, but commuters are also welcome.

The route will be operated by the passenger-only LEA ELIZABETH, from Wednesdays to Sundays, during summer.


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Viking Line Has Reached An Agreement To Defer Loan Payments Worth 14.9m

Viking Line Abp has reached an agreement with Finnvera Abp and Finska Exportkredit Ab on a loan payment deferral for the period July 1, 2020 – February 1, 2021 totalling EUR 14.9 million.

Payments fall due by January 10, 2025 at the latest – in other words, at the time final payment is due. The deferred loan payments may be paid in advance, and the interest rate and maturity of the loan remain unchanged. The payment of dividends during the maturity of the loan is conditional upon payment of the loan payments for which a deferral has been granted.

This loan payment deferral strengthens Viking Lines Abp’s liquidity situation, which is satisfactory at present.


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Port Of Turku To Get Automooring System For Viking Line Ships

Cavotec’s MoorMaster arrived in Turku in early July. The vacuum-based automooring system will be installed at Viking Line’s berth by the end of the year and will be used by both VIKING GRACE and VIKING GLORY.


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Emotional Moment: KING SEAWAYS Sails Again

Following the announcements from the UK government about the lifting of quarantine restrictions and the restart of travel to many other countries, DFDS is resuming sailings between Amsterdam and Newcastle.

As both ships were laid up in IJmuiden, the first departures took place on Wednesday 15 July from Ijmuiden (photo) and Thursday 16 July from Newcastle.