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2020 Newsletter week 9

Feb 27
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BREAKING NEWS

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The New TT-Line Ferries Will Be Built in Finland instead of Germany

From ‘down under’ Ferry Shipping News received the information that the contract between Flensburger Schiffbau-Gesellschaft mbH & Co. KG. (FSG) and TT-Line Tasmania has been cancelled.

Two ferries had been ordered for Tasmania’s Bass Strait. However, several projects at FSG are delayed, such as Irish Ferries’ and Brittany Ferries’ new ropax units.

Now FSG and TT-Line mutually agreed to cancel the contract.

TT-Line signed a Memorandum of Understanding with Rauma Marine Constructions in Finland. The new delivery dates are 2022/2023.

The Tasmanian minister of transport said that “the majority of the work undertaken to date on the new vessels by TT-Line and their expert consultants is transferrable and can be utilised in the detailed design phase and contract negotiations with the new shipbuilder.”

In 2019, the Global investment company Tennor Holding B.V. became the sole owner of the German shipyard FSG after the acquisition of all remaining shares in FSG from the former owners, Siem Europe Sarl.

Feb 27
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FERRY SHIPPING

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Highly Anticipated New Stena Line Ferry Arrives in Northern Ireland for Final Trials

The next generation of ferry travel proudly sailed into Belfast Harbour on Wednesday, with STENA EDDA undertaking important final trials before it welcomes passengers on the Belfast to Liverpool route in the coming weeks.

Welcomed by a flotilla of boats, STENA EDDA arrived at dawn after a four-week voyage from China. She is the second ropax in the series of ‘E-Flexers’.

The new vessel took part in successful berthing trials at Belfast Harbour’s VT2 Terminal. A new access ramp has been specially built to accommodate the multi-million-pound ferry in Belfast.

With 40% more deck capacity, 40% more cabins and 30% more fuel efficiency than current vessels on the route, it will accommodate up to 1,000 passengers, 120 cars in its dedicated garage deck and 3,100 lane metres of freight.

STENA EDDA is part of a nine-figure investment by Stena Line in three new vessels and port upgrades, redefining ferry travel in the Irish Sea. STENA EDDA is the first of two new ferries that will run on the popular Belfast to Liverpool route.

Feb 27
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Grendi Welcomed Chartered RoRo SEVERINE for the Carrara – Cagliari – Porto Torres Link

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The Italian shipping company Grendi Trasporti Marittimi welcomed yesterday (25 Feb 2020) in Porto Torres, Sardinia, the roro SEVERINE, second ship long-time chartered and deployed on the maritime bridge between Italy mainland and Sardinia island.

A few weeks ago, Antonio Musso revealed to Ferry Shipping News that the vessel was chartered-in from CLdN for one year, in order to increase frequency and capacity of the regular service up to now operated between the ports of Cagliari and Marina di Carrara.

Thanks to the new tonnage deployed, the Genoa-based Grendi Group will be able to add a third port of call (Porto Torres) thus offering the following rotation: Marina di Carrara – Porto Torres – Cagliari – Marina di Carrara – Porto Torres – Marina di Carrara.

SEVERINE was built in 2012 and has capacity for 1,760 lane metres and 12 passengers.

Antonio Musso, CEO of Grendi Trasporti Marittimi, highlighted that “this line is a real motorway of the seas between north and south of Sardinia and with Italy mainland”. Musso also added: “Our line saw a significant increase of volumes since when the terminal container in Cagliari closed down last year and all the international shipping lines started using our line for the import/export of containers and trailers from and to Sardinia”.

Feb 27
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Wasaline Signed the SAILS Initiative

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Wasaline is the first Nordic shipping company to sign the SAILS (Sustainable Actions for Innovative and Low-Impact Shipping) Initiative for Good Practices in Maritime Transport for the Protection of the Marine and Coastal Environment.

The new ferry currently under construction features several environmental-friendly attributes that exceed the regulatory obligations that Wasaline now can undertake and sign for.

The SAILS Initiative for Good Practices in Maritime Transport for the Protection of the Marine and Coastal Environment is a French initiative in the field of sustainable maritime transport.

Feb 27
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FERRY FINANCE

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AS Tallink Grupp Unaudited Consolidated Interim Report 2019

Key figures 2019

  • +0,06% passengers (record number 9,763,210 which is 6,599 more)
  • -1.4% cargo units
  • Revenue €949.1 million ( in 2018 it was €949.7 million)
  • EBITDA €171.1 million (142.8 million)
  • Net profit €49.7 million (€40.0 million)

In the 2019 financial year, the Group’s revenue and operating result were impacted by the following operational factors:

  • The number of passengers travelling on the Group’s ships increased in almost all geographical segments (Estonia-Finland, Finland-Sweden and Latvia-Sweden).
  • Planned dockings of seven ships. Among other ships, the maintenance and repair of cruise ferry BALTIC QUEEN lasted for 42 days, which affected the Estonia-Sweden segment’s Q1 volumes and financial result.
  • The competition on the maritime traffic between Estonia and Finland puts pressure on ticket and cargo prices.
  • Lowered alcohol excise tax in Estonia effective from 01 July 2019.
  • Lower bunkering prices from lower global prices and fuel price agreements.
  • Tight cost control, investments to vessels’ energy efficiency and automation projects.
Source: Tallink Grupp
Feb 27
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Finnlines Group Financial Review January–December 2019

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Full Year 2019

  • -2.4% Revenue €574.8 million (reflecting the lower volumes in Finland’s trade over the preceding year)
  • +2.0% EBITDA €169.8 million
  • + 3.4% Result €98.3 million

“In 2019, we continued to focus on fundamentals, i.e. dedication to smart use of technology, digitalised and optimised processes across our businesses, investments in energy efficiency to advance sustainable development and effective execution of our strategy by our highly productive, skilled and committed employees. One topic in our strategic discussion is digitalisation. In recent years, we have invested a lot in information technology. We have implemented two major ERP systems, one in the port and the other relating to vessel efficiency monitoring and measurement. We have also developed mobile services in port operations. This development in digitalisation and automation increases the efficiency and effectiveness of our processes just to name a few examples.”

Emanuele Grimaldi, CEO

Finnlines Financial Statements 2019
Finnlines Q4 2019
Feb 27
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Fjord1: 2019, a Transitional Year with Contract Portfolio Changes and Significant Investments

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  • Revenue NOK 2,724 million (-12%)
  • EBITDA NOK 819 million
  • Net profit NOK 215 million
  • Award of the long-term Halsa-Kanestraum contract for 2021-2030
  • Delivery of 9 new hybrid vessels and major retrofit of 3 existing vessels.

“2019 was a transitional year with contract portfolio changes and significant investments. We are currently about to complete a comprehensive vessel renewal programme which will turn the vessel fleet into the largest electrified vessel fleets in Norway, resulting in significantly improvement of our environmental footprint. The investment programme is a key step towards our vision to become the most environmentally friendly provider of ferry transportation and to realise the value creation potential that lies in our large long-term contract portfolio”, says Dagfinn Neteland, CEO

2020: 9 new connections

  • New contracts started 1 January.
  • Revenues in 2020 are expected to increase by 10-15% compared to 2019. Operational cost will be impacted by timing of infrastructure completion.
  • Net interest-bearing debt is expected to reverse during 2020 as the vessel renewal programme is completed in 1H 2020, operational cash flow is set to improve, and more infrastructure assets are sold.
  • The completion of the newbuild programme marks a major leap for Fjord1 towards an electrified fleet with low- or zero emissions.
  • The transition towards a low emission fleet is expected to continue gradually with additional upgrades of existing vessels for use of electricity. The timing of electrification depends on completion of onshore infrastructure.
Source: Oslo Stock Exchange
Feb 27
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Stability for Wasaline in Spite of Challenging Year

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Challenges in 2019:

  • Ropax WASA EXPRESS was away for a three-week maintenance visit at the shipyard, in January
  • The Finnish Seafarer ‘s Union’s support strike in November affected operations: 8 departures were cancelled and 4 departures were without cargo.

Positive in 2019:

  • The average price of fuel decreased by 2.5% during the financial year. Due to this combined with the investments for energy savings, the fuel cost has decreased by 8.4%. The total fuel savings was 9.6%.
  • The ice winter was mild.

Key figures for 2019:

Status quo revenue €19.6 million.

Passenger traffic sales increased by 6.3% and cargo sales decreased by 6.2%.

  • -2.8% Departures 826
  • -3.5% Passengers 204,704
  • -1.4% Cars 46,312
  • -4.3% Cargo units 15,913