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2021 Newsletter week 34

Aug 26
4

Color Line’s H1: Company Expects to Be Back on Track Quickly

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Traffic volumes in H1, 2021:

98,510 passengers (621,781 last year and 1,634,408 in H1, 2019)

89,337 freight units (85,759 last year and 89,503 in H1, 2019)

Financial figures H1, 2021:

  • Operating revenues NOK 629 (1,116 million last year and 2,278 in H1, 2019) from which:
    • Revenue Cargo NOK 268 million
    • Norwegian Government compensation scheme NOK 185 million.
  • Operating loss/profit NOK -48 million (-189m last year’s H1 and 290m the H1 before)
  • Operating loss (EBIT) NOK –349 million (-490 million last year’s H1 and -8m the H1 before)
  • Profit before tax was NOK -421 million (NOK -756 million in H1, 2020)
  • Profit after tax was NOK -329 million (NOK -590 million in 2020)
  • The total result was NOK -279 million (NOK -639 million in 2020).
  • Color Line was hit hard by Covid-19 related travel restrictions.
  • Color Line expects a continued gradual reopening, and that during the autumn of 2021 there will be more easing of entry restrictions / requirements in general in Norway.
  • Freight market has been good.
  • The company expects to achieve profitability relatively quickly in a normalised market, with a historically low cost base, and expects a result for 2021 which is slightly better than 2020.
Aug 26
4

BC Ferries: Traffic Showing Signs of Improvement while Pandemic Continued to Impact Q1 Results

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Q1 results for the three months ended June 30, 2021

+37% cars compared to Q1, 2020 and -27% compared to Q1, 2019 (pre-Covid)

+40% passengers compared to Q1, 2020 and -46% compared to Q1, 2019 (pre-Covid)

Revenues increased $91.8 million, primarily as a result of the Safe Restart Funding, increases in traffic volumes and net retail sales.

Net earnings were $4.7 million, an increase of $66.7 million compared to a net loss of $62.0 million in the same period in the prior year.

In December 2020, BC Ferries received $308 million through the Safe Restart Program, a federal-provincial initiative intended to help provinces and territories safely restart their economies.

Safe Restart Funding of $60.0 million was applied towards BC Ferries’ operating losses in the three months ended June 30, 2021. Without the Safe Restart Funding of $60.0 million, revenues in this period would have been $169.2 million and net losses would have been $55.3 million.

The company continues to modernize the fleet with four more battery-electric hybrid Island Class vessels and one more LNG-fuelled Salish Class vessel.

Capital expenditures in this quarter totalled $38.7 million and included new vessels, major overhauls and inspections, marine ramp structure upgrades, hardware upgrades and various other projects.

Aug 26
4

Intense Competition for the Privatisation of Three Greek Regional Ports

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Three ferry operators —Attica Group, ANEK and Grimaldi­— are expected to compete for the privatisation of the three ports: Igoumenitsa, Patras and Heraklion.

In brief:

  • Grimaldi Group controls Minoan Lines and seek to acquire a port in order to form a bridge between the Adriatic Sea services and Crete.
  • The Port Authority of Thessaloniki (PAT/Ivan Savvidis’ Group) is strongly interested in the port of Igoumenitsa, as it considers it of great importance for its strategic expansion and development.
  • Greek Ferry Operators seek to control either the port of Igoumenitsa or Patras in order to exert pressure on Grimaldi in Heraklion.
  • Grimaldi is interested in both ports (Heraklion, Igoumenitsa) and possibly will be interested in Patras as well. However, there will be a competition issue if they eventually control the port of Igoumenitsa.

Regarding the investors’ participating in the privatisation process for the three ports:

  • For the 67% of the Igoumenitsa Port Authority qualified Attica Group, Portek International, Quintana, Aegean Oil, Archirodon joint venture with ANEK and Trident Hellas, Grimaldi Euromed consortium with Minoan Lines and the Port Authority of Thessaloniki.
  • For the 67% of the Port of Heraklion, the deadline for the investors’ interest expires on September 17, 2021. Active interest has already expressed by Greek cruise companies, the Greek Group AVIAREPS (G. Grylos), Grimaldi Group, Attica Group, GEK TERNA and the Port Authority of Thessaloniki.
  • The tender process for the port of Patras has not started yet.

Source: Spyros Roussos and Kathimerini newspaper 25 August 2021

Aug 26
4

Meyer Shipyard: New Competence Centre for Special Ships

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Meyer Werft is planning a new competence centre for special ships in Rostock.

“In the first step, we would like to recruit around 50 engineers,” says CTO Malte Poelmann.

According to the other managing director, Manfred Müller-Fahrenholz, the new competence center will develop particularly innovative solutions for shipbuilding. The focus is on the development of climate-friendly propulsion systems, as well as sustainable solutions for retrofitting existing fleets.

Photo: Malte Poelmann, CTO of the MEYER Group, in conversation with Manuela Schwesig about the future technologies that the new competence centre will be working on.

Aug 26
4

CMAL Appoints Design Consultant for Small Vessel Replacement Programme

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Caledonian Maritime Assets Limited has appointed German ferry design consultancy Navalue to lead the concept design of its Small Vessel Replacement Programme.

Navalue will provide consultancy services for the concept design stage of the programme, which will see several small vehicle and passenger vessels replaced on the Clyde and Hebrides Ferry Services network.

CMAL and Navalue will investigate and evaluate the feasibility of designing low emission ferries to be in line with the Scottish Government climate change commitments.

Read more
Aug 26
4

Second of Two Trimarans For Fred. Olsen Express Completes Sea Trials in the Philippines

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  • BAÑADEROS EXPRESS (Austal Hull 395), the 2nd of two Austal Auto Express 118m trimarans constructed for Fred. Olsen Express has completed a sea trials in Cebu, Philippines.
  • Delivery planned in September 2021.
  • She has easily achieved contract speed of 37.5 knots during multiple trials.
  • The new BAÑADEROS EXPRESS is the sister ship to the BAJAMAR EXPRESS, constructed in Australia and delivered in 2020.
Aug 26
4

Summer Holiday Record on the Kattegat

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The summer of 2021 meant new records for Molslinjen’s fast ferries on the routes across the Kattegat. Never before did the ferries transport so many cars and passengers between the regions as during this summer holiday.

During weeks 25 to 31:

237,819 cars = +14.5%

698,344 passengers = +7%

“What the numbers show us, is that the passengers are back. They also show that our floating bridge plays an increasingly important role in connecting Denmark,” says CEO Carsten Jensen.

Molslinjen’s ferries now have a market share of just over 13% of car traffic across the country.

Aug 26
4

Stena Moves Tonnage

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  • STENA VINGA will return to the Rosslare to Cherbourg ropax service during the autumn, replacing STENA FORETELLER, operating alongside the STENA HORIZON.
  • STENA FORETELLER will replace SEATRUCK PANORAMA on the Belfast to Liverpool (Birkenhead) route, adding 10% capacity.
  • SEATRUCK PANORAMA will probably return to Rosslare-Cherbourg route mid-December 2021, to replace STENA VINGA.
  • STENA VINGA will then end up… somewhere. (rumours: Condor)
Aug 26
4

Godby Shipping Extends Charters

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  • Smyril has declared the option and extended the contract for roro MISTRAL until end December 2021. Smyril additionally have options for extensions until December 2022.

MISTRAL is running on a tough line Denmark-Faroe Island-Iceland.

  • LINK STAR has been extended by UPM until end September 2021.