On March 15, 2022 ,Golden Star Ferries’ ANDROS QUEEN (former SILVER QUEEN) left the port of Muroran for Greece. She was purchased from Kawasaki Kinkai Kisen (Silver Ferry) on February 9, 2022 for EUR 7.354 million and delivered to a Greek crew on March 9, 2022.
The ship is currently sailing for the port of Busan and expected to arrive in Greece in early April
On March 15, 2022, SEEN (Association of Passenger Shipping Companies) met with the Hellenic Minister of Shipping and Island Policy and informed him about the forthcoming serious impact of the energy crisis that has already affected the Hellenic Coastal Shipping, threatening tourism as well as the islanders’ cost of living.
More specifically, SEEN urged for support measures by the government for the summer season, otherwise, there will be an increase in ferry ticket prices up to 25% (for passengers and vehicles).
At the same time, they are examining solutions such as speed reduction, unified sailings as well as reduction of the sailings’ frequency (ANEK-Blue Star Ferries announced recently such a reduction on the Piraeus – Chania line for the next four Saturdays, 19 March – 9 April 2022).
Furthermore, SEEN underlined that the additional operating costs due to expensive fuels exceed EUR 280 million on an annual basis, while they made seven proposals to the Minister in order to deal with the current situation.
Source: newmoney.gr
The preferred bidder has been named for a contract to build two new ferries for Islay, Scotland. Caledonian Maritime Assets Ltd intends to award the contract to the Cemre Marin Endustri shipyard in Turkey, following a 10-day standstill period.
The ferries have been designed by the naval architects of NaValue, in Flensburg.
The new vessels will bring an almost 40% increase vehicle and freight capacity on the Islay routes, a reduction in emissions and improve the resilience of the wider fleet.
The first vessel is expected to be delivered by October 2024 and will enter service following sea trials and crew familiarisation. The second vessel will follow in early 2025.
Financial Summary for the full year 2021
+20.7% Revenue €334.5m (€277.1m)
+24.2% EBITDA (pre non-trading items) €52.3m (€42.1m), principally due to increased revenues and a continued focus on cost optimisation
+98.1% EBIT (including non-trading items) €-0.2m (-10.4m)
+74.5% Basic earnings per share
In 2021, the Group commenced Irish Ferries’ services on the new Dover – Calais route. The services commenced on the 29 June 2021 with the deployment of THE ISLE OF INISHMORE, followed by ISLE OF INNISFREE onto the route on the 16 December 2021.
The Group purchased a third ship for the route, the ISLE OF INISHEER. (H1, 2022)
In 2020, the Group was successful in the public tender to operate a container depot at the new Dublin Inland Port.
Dublin Ferryport Terminals placed an order for five new electric rubber-tyred gantry cranes which will be delivered and commissioned in the second half of 2022. This is in addition to four similar units previously commissioned. The deployment of these electric cranes will allow to meet the target of reducing emissions in the container terminals by 70% in 2025 (versus 2020) and reaching net zero emissions in the container terminals by 2030.
Furthermore, the delivery of these cranes and the relocation of the empty depot facility to the Dublin Ferryport Inland Depot will increase the capacity of Dublin Ferryport Terminals.
Year-end net debt, after strategic capital expenditure of €41.7 million, was €142.2 million, 2.6 times EBITDA under banking covenant definitions.
The Group is in a strong financial position with available liquidity comprising cash and committed bank facilities of €118.9 million at 31 December 2021.
Roro freight: For the last twelve months 2022-21, the total transported freight lane metres increased 6.2% to 43.1m from 40.6m in 2021-20.
Total volumes in February 2022 were 2.5% below 2021 (-3.1% adjusted for route changes). The decrease was mainly due to lower English Channel volumes as the market share in February 2021 was elevated by a successful transition post Brexit.
Moreover, the market share in February 2022 was reduced as Irish Ferries has entered additional capacity into the market.
North Sea volumes were above 2021 while Baltic Sea volumes were below 2021, partly due to reduction of capacity by a ferry on one route.
Volumes in the Mediterranean network were up on all routes on the back of deployment of more capacity and continued good growth in Turkish exports.
Ferry – passenger: The number of passengers started to increase in February as travel restrictions were reduced. The number of passengers increased almost five times to 95k which equalled 40% of the number of passengers in February 2020, the latest comparable month pre-Covid-19. Volumes primarily increased between Norway and Denmark as well as on the Channel.
For the last twelve months 2022-21, the total number of passengers was 1.0m compared to 1.1m in 2021-20 and 5.1m in 2019, the latter being the latest pre-Covid-19 year.
Ferry Shippping News published the Finnlines financial statements on March, 3.
To access the Annual Report, click on the cover picture.
+16% turnover € 154.2 million (€ 132.9 million)
+33% profit before taxes amounted € 49.2 million (€ 36.9 million)
+39% profit after taxes € 36.8 million (€ 26.4 million)
+57% Proposed dividend per share € 0.63 (€ 0.40)
The above amount is the highest level of profitability in the PPA history. Compared to the previous year, Pier I at the Container Terminal performed an increase of 13,9% in TEU handling, Car Terminal had an increase of 40,6% in vehicles throughput, the Cruise Terminal achieved a significant recovery by facilitating a total number of 379 Cruise Vessels and the number of vessels at the Ship Repair docks had an increase of 16.5%.
Sembcorp Marine completes the first of three zero-emission battery-powered ferries for Norled. They were designed by its wholly owned subsidiary LMG Marin.
Energy-efficient solutions:
The vessels will operate normally on zero-emission, powered by lithium-ion batteries at a service speed of 10 knots. When required, they can run on combined battery-diesel hybrid backup modes. The batteries will be charged and recharged using green hydro-electric power.
Length 82.4m | 300 passengers and crew | 80 cars or 10 cars/ 10 trailer trucks
Route: Hella-Vangsnes-Dragsvik (Norway)
The remaining two Ropax ferries are expected to be ready in 2022.
HELLA, the first ferry has been loaded on ROLLDOCK STORM and is on its way to Europe.
Ropax EPSILON, owned by Caronte & Tourist, but operated for several years in a bareboat charter by Irish Ferries, will change hands in the near future. (see last week’s news)
Correction: The Irish Ferries options on EPSILON extend out to the end of 2023, not mid-2023.