2021 Newsletter week 14

Tallink Grupp’s CEO Paavo Nõgene

• -82.9% passengers 267,224
• -60.2% cars 75,815
• -14.5% cargo units 85,156
• Busiest route: Estonia and Finland
• Not one single month without significant travel restrictions
• Only half of our fleet in operation: STAR, MEGASTAR, SEA WIND, REGAL STAR, SAILOR, BALTIC PRINCESS and GALAXY)

• -53% pax, -14% cargo units
• -28% revenue, a reduction by €115m
• -48% EBITDA, but still positive
• -27% sailings, but maintaining the lifeline services to the islands without interruption
• Strategy: containing costs to safeguard the Group’s liquidity whilst maximising utilisation of Government support measures against the adverse impacts of the pandemic
• New investments in line with the group’s sustainability strategy enabled by its solid financial position: 3 passenger ferries to be built in Norway

In recent months, Grimaldi Group has proceeded to significantly strengthen its presence in Malta:

• Brexit: switching flag of ACL ships from UK to Malta (9 done, 1 to follow).
• Malta Motorways of the Sea Ltd (MMOS), a Grimaldi Group company, has recently strengthened its fleet with the purchase of two additional vessels: roro’s EUROCARGO CATANIA and EUROCARGO SICILIA. (total fleet MMOS = 6 ships – see the fleet here).
• MMOS runs a regular service from Genoa, Livorno, Salerno and Catania to Malta (and vice versa), under a Public Service Obligation contract with the Maltese Government.
• This April, Malta is due to be served with one of the brand new 12 GG5G-class roro’s.
• A second vessel of the same class will be deployed on the same route at the beginning of June.

Some sources revealed to Ferry Shipping News that the sale of the roro ship EUROCARO NAPOLI from Grimaldi Group to the start-up company Morocco Cruise Line (MCL.ma) failed. At least up to date.

The vessel in question recently sailed to Motril, port of delivery, but this week went back to Valencia and is likely to be introduced in Grimaldi Napoli’s network of routes unless the buyer decides to finalise the deal, paying the full price. A 10% account was already paid earlier this year.

MCL was expected to open two new lines: Tangier Med – Motril and Tangier Med – Sète.

EUROCARGO NAPOLI: 175m / 18.5 knots / 1,940 lane metres / cars 400

Brittany Ferries retains a “significant” cash flow. “We are not in suspension of payments,” underlines president Jean-Marc Roué. But he mentions a need for equity “some 50 million euros”. He said the historic shareholder of Brittany Ferries, Sica de Saint-Pol-de-Léon, a cooperative of vegetable producers, is unable to recapitalize the business.

Prospective partners are public banks such as Bpifrance, the Caisse des Dépôts et Consignations or the Banque des Territoires. “However, the historic shareholders must retain the majority”, specifies Jean-Marc Roué.