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DFDS Ends 2020 With Another Strong Freight Quarter

  • In Q4, the DFDS’ freight earnings were boosted by UK stockbuilding and the improved performance of the Mediterranean route network.
  • On the passenger side, Covid-19 restrictions continued to affect the business.

Q4 Results (DKK million)

-6.2% Revenue 3,761 (4,008)

-0.2% EBITDA before special items 769 (771)

12.5% EBIT before special items 289 (257)

-23.4% Profit before tax 97 (126)


Full Year Results (DKK million)

-15.8% Revenue 13,971 (16,592)

-24.8% EBITDA before special items 2,732(3,633)

-51.0% EBIT before special items 858 (1,751)

-66.0% Profit before tax 466 (1,371)

Outlook 2021

  • Revenue is expected to grow by 20-25% and EBITDA before special items is expected to be within a range of DKK 3.0-3.5bn (2020: DKK 2.7bn).
  • Uncertainty: duration of travel restrictions and longer-term effects of Brexit.
  • The acquisition of HSF Logistics Group is subject to regulatory approval but assumed consolidated from 1 May 2021.

DFDS In January: Freight Down After Q4 Stockbuilding Reversed As Expected

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  • Total volumes in January 2021 were down 12%.
  • Volumes for routes calling the UK were down 21% with volumes picking up towards the end of the month.
  • North Sea volumes were below 2020 as the stockbuilding ahead of Brexit reversed and the adoption of new rules and processes slowed trading.
  • Volumes between Sweden and Belgium were above 2020.
  • Volumes on the English Channel were likewise reduced by the stockbuilding reversal.
  • The new route between Ireland and France was successfully launched with volumes ahead of expectations.
  • Baltic Sea volumes were above 2020 adjusted for the closure of the Paldiski-Hanko route.
  • Mediterranean volumes were well above 2020 in all main corridors.
  • Passengers -84%

Corsica Ferries Adapts Through Diversification

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New freight activity on Algeria, Spain and Ireland.

“The pandemic makes diversification necessary, says Corsica Ferries Sardinia Ferries’ CEO Pierre Mattei.

Toulon – Algeria – Cartagena

Since several months a Corsica Ferries ship connects Toulon with Algeria for the export of new cars. The ferry is chartered by Toulon-based TAS.

As published earlier, CORSICA MARINA SECONDA (right on the picture) started to take trucks on the way back (from Cartagena to Toulon), avoiding the Sunday road ban and improving the environmental footprint.

Irish Sea

Pierre Mattei confirmed that MEGA EXPRESS FOUR (left on the picture) has been chartered for two months by Irish Ferries, for the routes from Ireland to the UK and to France.

Grimaldi Group Splits Ancona – Greece, Introducing Separate Links To Igoumenitsa And To Patras

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How it is: a daily Ropax service Ancona – Igoumenitsa – Patras

How it will be: 5 ropax and 2 roro vessels

Ancona – Patras: 6x/week

Ropax 1: EUROPA PALACE (1,600 pax / 270 cars / 135 trailers)

Ropax 2: ZEUS PALACE (1,380 pax / 100 cars / 120 trailers) end of March (until then CRUISE BONARIA)

Ancona – Igoumenitsa: 7x/week

Ropax 3: FLORENCIA (950 pax / 160 cars / 135 trailers)

Ropax 4: CORFU (950 pax / 160 cars / 135 trailers)

Brindisi – Igoumenitsa: 7x/week


Venice – Bari – Patras: freight only 3x/week.

Roro 1

Roro 2

Grimaldi Group Explains Its Greek Reshuffle

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Grimaldi Group explains its strategy after some articles in the Greek press suggested a war

declared by the Grimaldi Group on the Italy-Greece Adriatic route, related to overcapacity on Piraeus – Crete.

Adriatic Sea

“The pandemic and the new market conditions asked for a radical reorganisation of its Adriatic services. Grimaldi split Ancona – Igoumenitsa – Patras into 2 services (Ancona – Igoumenitsa and Ancona – Patras).”

Grimaldi Group also removes its passenger service from Venice to Greece and dismisses its Brindisi-Patras ropax service by leaving only one vessel on Brindisi – Igoumenitsa.

Through this move the Grimaldi Group confirms its strategy of “competing in a serious and responsible way, sometimes removing tonnage if necessary, but always aiming at offering top quality services to its customers.” Adjusting capacity to the market conditions, or what the company wants to say is that there is one ship too much on the Piraeus – Crete line.


Its brand Minoan has 3 vessels: KNOSSOS PALACE and FESTOS PALACE on Piraeus – Heraklion and KYDON PALACE on Piraeus – Chania.

Competitor Attica – ANEK joint venture operates with 4 vessels: BLUE HORIZON and KRITI 1 on Piraeus-Heraklion land BLUE GALAXY and ELYROS on Piraeus – Chania.

Attica – ANEK joint venture should sail with 3, not 4 ships, says Grimaldi Group.

Hellenic Ministry Of Shipping Decides Further Financial Support For The Hellenic Coastal Shipping

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  • The Hellenic Ministry of Shipping and Island Policy decided further financial support to the Greek Ferry Operators by EUR 12 million
  • The total financial support package for the Hellenic Coastal Shipping is EUR 67 million
  • A series of measures for the support of seafarers are still into force (special purpose compensation, unemployment benefits, extension of the insurance of unemployed seafarers, subsidization of the employer’s contributions for the active seafarers, partially financial support -by the State- for the rents of the unemployed seafarers
  • The measures to support maritime labour have a total cost of EUR 15 million

Latest News From Moby’s Debt Restructuring Plan

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News provider Reorg Research reported some details about Moby’s latest debt restructuring proposal: “Recovery for bank lenders will differ from that of bondholders, who will be able to choose between a 30% upfront payment or a smaller initial cash recovery that would also include future proceeds deriving from asset sales”.

The new restructuring proposal “targets the sale of about eight vessels of Moby and subsidiary Compagnia Italiana di Navigazione fleet in five years’ time.”

The proposal also includes the creation of a shipco which would buy the group’s fleet and lease it back to Moby. Investment fund Europa Investimenti would participate in the shipco”.

The Onorato-controlled company sent an updated restructuring proposal to its creditors earlier this month.

TS Laevad: A Reliable Ferry Service In A Challenging Year

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  • Last year Estonian company TS Laevad served a total of nearly 2 million passengers (-18%) and a bit less than a million vehicles
  • Traffic was especially affected by Covid-19 from mid-March until beginning of May, with 92% less passengers than the year before
  • As the restrictions eased, the number of passengers began to recover rapidly, exceeding the 2019 level by 1% in August – October
  • Virtsu – Kuivastu: -20.6% passengers (1,408,920) and -9.9% cars (692,992)
  • Rohuküla – Heltermaa: +4% lorries, -8.9% passengers (566,986) and -2.5% cars (276,964)