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2020 Newsletter week 44

Oct 29
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FERRY SHIPPING

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Moby’s Rescue Plan Postponed until the End of the Year

According to some sources familiar with the matter, Moby Group asked the Court of Milan an ex extra-time of 60 days for presenting its financial restructuring plan to be submitted to the creditors (banks and bondholders). Among the reasons behind the request there is also the Covid-19 emergency. If approved by the Court, the new deadline will be postponed until the end of the current year.

Earlier this month the financial news provider Reorg Research revealed that the Onorato-controlled ferry group is in talks with come investment funds about a possible new money provision amid the group’s restructuring.

Moby closed the first half of 2020 in red for EUR 50 million and the overall financial exposure increased to EUR 643 million, of which 160 million with banks, 295 million with bond holders and 140 million with subsidiaries.

Oct 29
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DFDS’ Outlook for 2020 Raised by Higher Freight Volumes

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  • DFDS’ outlook for 2020 has improved further as freight volumes in Q3 have developed more positively than expected. (both ferry and logistics activities).
  • The continued tightening of travel restrictions have, on the other hand, reduced the number of passengers in Q3 below expectations.
  • The outlook for freight volumes is expected to remain robust through Q4 and EBITDA before special items is therefore raised from DKK 2.2-2.5bn to DKK 2.5-2.7bn in 2020.
Oct 29
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Fosen Yard Will Continue the Construction of FSG Hull 774

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The ferry that was to become HONFLEUR for Brittany Ferries has left the Flensburg Shipyard on Sunday 25 October.

Tugs SVITZER THOR and CARLO MARTELLO are bringing the unfinished hull n°774 to Norway.

A contract between SIEM and Fosen Yard has been signed for the completion of the vessel.

Brittany Ferries said no to the much delayed HONFLEUR in June, when the problems at Flensburg yard took unhealthy proportions.

It is unclear what the intentions of SIEM are with the LNG-powered newbuilding.

Oct 29
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Havila Kystruten Requests Postponing

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Havila has asked the Norwegian Ministry of Transport and Communications for permission to delay the start of the coastal route, normally planned for 1 January 2021.

After Havila Kystruten won one of the transport contracts (and Hurtigruten the two others), the company ordered four new ships: two in Turkey, two in Spain. The Spanish yard went bankrupt. On top, the pandemic delayed the construction at Tersan.

As a stop gap solution Havila was going to charter other ships. But why charter ships when the route between Bergen and Kirkenes is basically closed because of corona. That is what Havila wants to know from Norway.

“As long as the corona is ravaging and there are strict travel restrictions, the market situation means that there is no need for full traffic on the coastal route. We have therefore asked the Ministry of Transport and Communications for clarification of what is expected, and also whether they believe that a replacement vessel is needed,” the CEO of Havila Kystruten, Arild Myrvoll, says in a press release.

Oct 29
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New Ferries for the Molde – Vestnes Route

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The Norwegian Molde – Vestnes connection will be served by three newly built electric ferries and two modern, rebuilt ferries.

MALMEFJORD, TOMREFJORD and VESTREFJORD are the three new electric ferries that have been designed by Multi Maritime and under construction at the Sedef shipyard. (107m, 399 pax, 120 CEU, first unit in Q1, 2020)

The sister ships HARØYFJORD and KARLSØYFJORD were built in 2013 and have larger capacities than the new vessels. These two ferries are now being refurbished.

Due to delays related to the pandemic, the connection will also be served with the transition vessels PREIKESTOLEN and SELBJØRNSFJORD.

The Molde – Vestnes connection has ferry departures every 20 minutes.

Oct 29
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Viking Line’s Cooperation Negotiations Have Concluded

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Viking Line has concluded its cooperation negotiations concerning land-based staff in Finland and Åland. Similar negotiations in Sweden were concluded in September, while negotiations with land-based staff in Estonia are expected to be completed in October.

The negotiations have involved the entire company’s land-based staff of about 570 people in Finland, Sweden, Estonia and Åland. The measures have led to a reorganization, cuts, centralization and streamlining of some functions as well as changes in some people’s job descriptions in order to better meet the company’s needs. Nearly 200 people have been affected by the negotiations, and staff cuts amounts to a number of 180.

About 70 people will be offered new jobs and contracts.  In addition to the staff cuts, most of Viking Line’s land-based and shipboard staff will continue to be on part-time or full-time furlough.

As for shipboard staff, the Swedish-flagged VIKING CINDERELLA concluded negotiations in accordance with the Swedish Act on Co-Determination in the Workplace in October, with the result being a staff reduction of 76 jobs. Some of these people may be offered work in jobs that have changed. On the Estonian-flagged Viking XPRS, negotiations on staff reductions were concluded, with the result being a staff reduction of 56 jobs.

Oct 29
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FERRY PORTS

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Proman To Build World’s Largest Green Methanol Plant In Ghent

Proman joined nine other private- and public-sector partners on Wednesday 21 October to mark the launch of the North-C-Methanol project, which will be the largest renewable hydrogen-to-methanol complex in the world.

Two plants – a 65-MW electrolyser fed by renewable power, and a methanol plant – on the Rodenhuize peninsula of the North Sea Port Ghent will be built. Together these two plants will form North-C-Methanol, which aims to reduce annual CO2 emissions by 140,000 tons while generating 44,000 metric tons of renewable methanol locally. This methanol can be used as a feedstock by the local chemical industry, and as a sustainable fuel for ships, road vehicles and trains.