Interview with CEO Bart Cunnen
Thursday 7 April 2022: first departure of the Holland Norway Lines ropax cruise ferry ROMANTIKA from Eemshaven (Netherlands) to Kristiansand (Norway).
Click image to read the whole interview
Attica group 2021 results (in EUR)
- 20% revenue increase, in total 347.91 mln (290.40 mln in 2020)
- 4% EBITDA increas, in total 41.96 mln (40.39 mln in 2020)
- Significant reduction in consolidated losses after tax: losses of 13.19 mln (losses of 49.42 mln in 2020)
Attica Group’s turnover continued to be adversely affected, for the second consecutive year, by the COVID -19 pandemic and the restrictions on the movement of passengers and vehicles, as well as by the imposition of a reduced passenger capacity protocol on board of the vessels.
Traffic volumes in 2021 are lower than those recorded in the pre-COVID-19 period, and in particular as compared to year 2019. However, despite the restrictive measures imposed on passenger traffic, especially during the first four months of 2021, and the delayed touristic traffic resumption, passenger traffic increased compared to 2020, marking the beginning of the gradual normalization of Group’s operations.
The results were achieved despite the significant increase in fuel oil prices, by over 32% compared to 2020, which resulted in the increase of Group’s operating costs by 31.76 mln. Partial fuel hedging transactions, which were conducted pursuant to the Group’s hedging policy, contributed to the reduction of the Group consolidated losses compared to year 2020.
On 31 December 2021 (compared to 31 December 2020):
- Group’s cash and cash equivalents: 97.36 mln (80.53 mln)
- Tangible fixed assets: 673.84 mln (678.66 mln) and mainly concern the vessels owned by the Group.
- Total debt: 481.59 mln (430.54 mln)
- Group Equity: 361.7mln which corresponds to EUR 1.68 per share.
Traffic volumes: +34% passengers | +38% cars | +11% freight units | +12% sailings
Outlook: uncertainty due to the Ukrainian crisis.
It requires measures including the adjustment of Group’s pricing policy to current conditions, optimization of fleet deployment, vessels speed reduction and partial hedging of the risk of fuel oil price fluctuation.
Q1: +169% passengers | +85% cars | +20% cargo units
March: +321% pax | +175% cars | +20% cargo units
Outlook: cautious, because of war
Tallink Grupp: Short-term charter agreement for ISABELLE
Tallink Grupp and Estonian Social Insurance Board have signed a short-term time-charter agreement for ropax ISABELLE. The vessel will be chartered to the Estonian authorities from 7 April 2022 for four months with extension options (4+2+2).
The vessel will be used to provide temporary accommodation to Ukrainian refugees arriving in Estonia. Chartering of the vessel means that, in contrast with the original plans, the company will not re-open the Riga-Stockholm route in 2022.
“We have not planned to completely abandon the route, but it is still impossible to estimate when the route will be opened,” said Paavo Nõgene, President and CEO of Tallink Group. [Finnish press release]
Tallink Grupp published its 2021 Annual Report
Click on the cover to access the annual report
The brokers of BRS Group published their very comprehensive annual report.
Some highlights for the roro section, starting on page 136.
- Dramatic improvement in the roro market, caused by surging volumes, to keep up with the increased demand from consumers, and amid the need for inventory replenishment which were languishing at low levels.
- Chartering activity followed the upward trend which began in 4Q20. The periods fixed became longer, and rates continued to rise significantly throughout the year.
- In 2Q and 3Q, as cargo volumes continued to increase, the periods became longer as charterers became confident in the market and realized the importance of securing tonnage to cover the increased cargo volumes. Rates increased.
- The outlook for 2022 is also optimistic based on the continued scarcity of tonnage.
- Sale and purchase activity were higher: 21 units sold (8 in 2020, 18 in 2019)
- Average age 27.5 years
- Average size 1,590 lane metre. (boosted by several transactions including the ACACIA SEAWAYS (4,076 lane metre ) and POL STELLA (3,663 lane metre) etc…
- BRS expect the second-hand market of roros to remain firm.
- 10 roro ships delivered in 2021 amounting to roughly 50,500 lane meters.
- 10 new orders were placed in 2021, up from only 2 in 2020.
- The order book is down to a level BRS have not seen in several years.
- Forecast: tonnage to remain tight in 2022, particularly in the 1,000-2,000 lane metre and 2,000-3,000 lane metre segments. BRS expect a strong market, but not necessarily with as high a volume of transactions as in 2021.
Click on the cover below to access the full BRS annual review
Norway’s investment bank ‘DNB Markets’ said in a LinkedIn post that it acted as Debt Advisor in the NOK 14.3 billion Sustainability-Linked Joint Refinancing of Torghatten and Molslinjen on behalf of EQT Infrastructure.
EQT Infrastructure is combining the two leading ferry companies, Molslinjen and Torghatten, under one common holding vehicle to establish a pan-Nordic “floating bridge” and “island-to-mainland” transportation infrastructure champion.
“The combined entity will become the leading maritime transportation company located in one of the most attractive and creditworthy regions, with a strong and resilient financial profile underpinned by robust cash flow visibility and a highly diversified route and contract portfolio,” says DNB Markets.
Hurtigruten Norwegian Coastal Express partners with research organization SINTEF to create zero emission ships for the Norwegian coast, with the first ready to sail by 2030.
The project includes all aspects of a new ship build program, from design, propulsion, energy and fuel to hotel operations and digital solutions. The goal is that the new ships will be emission-free to both air and sea, and sustainable from a circular economy perspective. As a partner, SINTEF will provide analysis, research and development.
In the next phase, leading maritime industry partners will be invited to participate in taking the project further towards development and qualification of innovative green ship designs and technologies.
Mid-March, Cemre shipyard was announced as the preferred bidder for a contract to build two new ferries for Islay, Scotland. [FerryShippingNews]
The contract has now been signed.
- 95m long | 275 lane metre on main deck | 107 cars on both main and hoistable decks.
- Diesel/hybrid propulsion system
- The conceptual design developed by naValue together with the Owner’s design team for the tender process.
- For the design and development of the vessels, Cemre cooperates with LMG Marin.
- 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.
Cemre Shipyard and Torghatten Nord AS have entered into a contract to build a new ferry for Bognes-Lødingen.
Developed by Norwegian Ship Design, the double-ended car and passenger ferry with designation NSD120CFc will operate as a Zero Emission Vessel in exposed waters on the route Bognes – Lødingen in the Northern part of Norway.
Typical service speed on the one-hour crossing is 13-14 knots. The transit time (and speed) is bringing a new record among the Norwegian Battery Ferries.
The Vessel will normally operate battery electric with all power originating from the grid onshore through high-capacity automated charging connections. In case shore power is unavailable bio diesel generators will provide sufficient power for normal operation.
The double-ended ferry shall be arranged with two completely independent propulsion and power systems. The systems shall be arranged so that after any single fault, incl. fire and flooding, minimum one of the two independent power and propulsion systems will remain operational.
The 117 m long vessel with 399 passenger capacity will be built according to the DNV class rules and carry the Norwegian flag.
Brittany Ferries has confirmed that its new midweek sailing connecting Cork with France will become a permanent feature of the company’s sailing schedule, further reinforcing the company’s long-term commitment to Ireland, Irish tourism and the Port of Cork.
The Wednesday sailing is part of a new three-year deal signed by the Port of Cork Company (PoCC) and Brittany Ferries that was revealed at a reception held on board ARMORIQUE which docked in Ringaskiddy, Cork, Wednesday April 6th.
Scandinavian Auto Logistics and the Port of Esbjerg are working together to develop a new RoRo terminal concept. Named ‘Flexible Multi-Terminal’ by the partners, it will be capable of handling cars, trailers, containers and heavy cargoes.
Scandinavian Auto Logistics is majority-owned by the Grimaldi Group.
