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2022 Newsletter week 34

Aug 29
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Irish Continental Group, 2022, H1 results: significant improvement

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Financial summary (EUR)

Revenue 263.1m  +85.8%

EBITDA 47.3m +272.4%

Operating profit 17.4m (was -10.3m)

Profit before tax 15.4m (was -12.2m)

Volume movements (,000)           

Cars 214.2 +618.8%

RoRo freight  330.2 +160.6%

Containers shipped (teu) 169.3 +4.2%

Port lifts 164.9 +0.4%

The performance of the ferries operations in HY 2022 was significantly improved on HY 2021 as travel patterns gradually returned towards pre-pandemic levels after the disruption caused by Covid-19 across 2020 and 2021.

The impact of the Dover – Calais operations, which commenced on 29 June 2021, can also be seen in the result for the period as the service moved to a three vessel operation with the addition of the ISLE OF INISHEER.

Outlook

The trading performance for the year to date across all our business has been strong. Despite significant cost pressures in both divisions, we have managed to maintain and grow profitability. The Group’s cost base has been affected by higher global prices, in particular fuel prices and charter rates. The Group so far has been successful on passing these costs through to customers. It is essential that the Group continues to do so.

The Ferries Division has enjoyed the benefit of a return to more normal travel patterns although Irish Ferries are yet to reach pre-pandemic levels.

Cars volumes increased on the legacy routes by 190.8% versus the same period in the prior year.

Trading in the key summer months of July and August was ahead of expectations.

RoRo freight business, despite the disruption of Brexit has continued to grow. RoRo volume growth on the legacy routes has increased by 12.9% year to date. This has been primarily driven by a return of freight traffic to the landbridge routes at the expense of the direct European routes.

Following the entry of the ISLE OF INISHEER to service on the Dover – Calais route in April 2022, Irish Ferries have been operating a full service with three vessels on the route. Performance on the route continues to match expectations.

Source: Rederiabeckero.ax (pdf)
Aug 29
0

Eckerö Group 2022, Q2 results

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  • +200% pax = 722,917 (240,209), which is in line with passenger volumes before the outbreak of the pandemic.
  • -4% cargo units = 41,432 (43,276)
  • Sales amounted to EUR 50.9 million (EUR 27.2 million)
  • The passenger market share was 66% (54%) on the short route between the Åland Islands and Sweden. On the route between Helsinki and Tallinn, the passenger market share was 29% (27%) and cargo market share was 31% (35%)
  • Bunker prices were high, however 30% of the estimated bunker volumes are price hedged
  • Operating result was EUR 1.0 million (EUR -2.0 million), adjusted for revenue from state support operating result was EUR 0.8 million (EUR -6.9 million)
  • Result for the period was EUR -0.2 million (EUR -1.0 million)
  • Interest-bearing liabilities were EUR 96.2 million (EUR 108.1 million)
  • Net debt was EUR 72.3 million (EUR 81.2 million)
  • Cash and cash equivalents amounted to EUR 23.8 million (EUR 26.9 million). Undrawn credit limits amounted to EUR 7.0 million (EUR 0.0 million)
  • Q3 has started with volumes on pre-pandemic levels
Source: Rederiabeckero.ax (pdf)
Aug 29
0

MSC to enter directly with a 49% stake in Moby

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The Gianluigi Aponte – controlled MSC Group will take directly a 49% stake (not only 25%) in Moby as soon as the restructuring plan will be approved by the Court of Milan at the end of September.

Some documents seen by Ferry Shipping News confirm that MSC already put on the table EUR 150 million, of which EUR 81 million will be used to partially repay the debt of 180 million with Tirrenia in Amministrazione Straordinaria (bad company controlled by the Italian economic development minister born when the former public Tirrenia was sold in 2012).

MSC also reserved for itself the possibility to maintain the harbour towage division (which was intended to be sold according with the previous restructuring plans) and to replace LCBC Leasing as owner of the two new ferries under construction at GSI shipyard in China and soon to be long-time chartered to Moby.

Aug 29
0

XRTC report 2022: Hellenic Coastal Shipping operational costs

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A few more interesting data concerning the operational costs of the three basic players of the Greek Ferry Scene according to the recent XRTC 21st annual ferry report 2022 (in Greek).

  • Fuel cost is the major operational expense of the ferry companies. In 2021, the fuel cost was the 42% of the ferry companies’ operation cost compared to 37% in 2020
  • Total Turnover of the three major ferry companies (Attica Group, Anek Lines, Minoan Lines) increased by 20% in 2021 (EUR 565.6 million from EUR 472.3 million in 2020)
  • The domestic market (Hellenic Coastal Shipping) turnover increased in 2021 (EUR 263.32 million) compared to 2020 (EUR 218.89 million)
  • The International lines turnover is also increased in 2021 (EUR 84.59 million) compared to 2020 (EUR 71.51 million)
  • ATTICA group’s turnover presents strengthened at EUR 347.91 million in 2021, compared to EUR 290.40 million in the 2020, despite being affected throughout the year by the pandemic
  • ANEK LINES’ s turnover increased by 21% in 2021 (EUR 150 million) compared to 2020 (EUR 124.5 million)
  • Minoan Lines’ turnover is also increased by EUR 10.2 million in 2021 (EUR 67.7 million) compared to 2019 (EUR 57.4 million)
  • The loss-making Net Results before taxes of the three major ferry companies remain – for a second year- at very high levels (EUR -78 million in 2020, EUR -72 million in 2021)
  • ATTICA GROUP losses before taxes are EUR 49.37 million in 2021 against profits after taxes EUR 49.37 million in 2020
  • For ANEK LINES, the net results after taxes and minority rights amounted to a loss of EUR 40.87 million in 2021 compared to a EUR 15.1 million loss in 2020
  • For Minoan Lines the net results after taxes amounted to a loss of EUR 18.7 million in 2021 compared to a EUR 15.4 million loss in the previous year
Aug 29
0

The new Thessaloniki-Izmir ferry connection will be probably launched in September

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According to the Greek press the much-awaited Thessaloniki — Mytilene — Izmir line will be introduced September 15. The so-called “friendship line” is Levante Ferries’ first attempt to operate in the international services.

The luxurious SMYRNA DI LEVANTE (former KOPERNIK/1977), has already passed successfully all the necessary inspections, while all the custom procedures between the two countries have been completed.

SMYRNA DI LEVANTE will offer 200 cabins and space for 930 passengers and 60 trucks. She will ply at 18 knots covering the distance in 12-14 hours. The ship is planned to carry both passengers and freight in order to be profitable, performing three sailing per week.

Photo: Kostas Papadopoulos

Aug 29
0

Stena Line reports 11% reduction of carbon emissions

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Stena Line has decreased the carbon emissions by 11% per tonne of cargo carried over each nautical mile, as well as achieving a reduction of 4% total ship emissions compared to pre-Covid operations. The main contributor to the result is the significantly higher utilisation and thus efficiency of the company´s fleet with cargo during the latest years. In its roadmap to a net-zero future, Stena Line has set up a target to reduce total CO2 emissions from its vessels by 30% by 2030.

During port operations and lay times, Stena Line now uses 100% renewable electricity. The energy is used for shore power at 20% of Stena Line´s terminals while berthing, to load battery packages on-board and for electric vehicles onshore that are used during port operations. Furthermore, initiatives like prior access to e-trucks to Stena Line´s ferries and pilot projects to use recycled methanol from the steel industry as shipping fuel lay the foundation for further step-wise greening of the operations of Stena Line.

Stena Line´s sustainability efforts are based on six dedicated Sustainable Development goals of the UN: Affordable and clean energy, responsible consumption and production, life below water, gender equality, reduced inequalities, good health and well-being. 

Further highlights in Stena Line´s sustainability efforts during 2021 include:

  • A recycling rate of 42% of waste and a fallback of landfill waste to 2019 levels (24%), before plastic use increased for safety purposes
  • 50% female representation in Stena Line’s Group Management Team
  • Appointing the first female captain in Lynette Bryson, serving on Stena Aventurer on the key route Dublin-Holyhead
  • Recruiting the first Diversity and Inclusion Lead in Salem Yohannes, helping Stena Line to speed up the journey to equality and launch of a diversity and inclusion campaign
  • Introducing Maria Tornvall as new Head of Sustainability, committed to aligning Stena Line´s sustainable actions towards the ambitious targets
  • Improving employee indicators such as engagement, team efficiency, leadership, organisation and social work environment above benchmark and achievement of a positive net promoter score of 9 – meaning  employees would recommend Stena Line as an attractive workplace.
  • Reduction of sick leave average from 5,2% to 4,2%
Stena Line´s sustainability report (pdf) is available for download here
Aug 29
0

GNV’s seasonal Almeria – Nador maritime bridge to become full year

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The new GNV ferry link launched this summer between the ports of Almeria (Spain) and Nador (Morocco) will be operational full year, not just seasonal.

A spokesperson from the Genoa-based company said to Ferry Shipping News that

ropax GNV CRISTAL will replace the AURELIA in the coming weeks.

GNV will deploy the ferry GNV CRISTAL, calling at the port of Sète (France), Almeria and Nador instead of Nador — Barcelona — Sète route.

“This connection accounts for the progressive increase in our offer to respond to market demand in terms of services and lines and demonstrates the company’s commitment to strengthening its presence in Spanish ports” said GNV’s CEO Matteo Catani announcing the new line launched from Almeria.

Aug 29
0

Industry-first digital climate twin to enable greener ferries

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Scandlines has chosen the Danish climate tech startup ReFlow (*) to develop advanced climate twins of its latest “Zero-emission” ferry design using cutting-edge life cycle assessment (LCA) methodology.

The steel is currently being cut at Cemre Shipyard for the zero-emission vessel contracted by Scandlines for the Puttgarden-Rødby route. Over the following months, ReFlow will build a detailed life-cycle model representing the vessel from its construction to its end of life many years from now. The model will show the environmental impact of the ferry, not only in its use but also from its construction at Cemre Shipyard along with the installed equipment. The digital “climate twin” will make it possible for Scandlines to run simulations on the use of new green technology on the ferry something that is nearly impossible today.

(*) ReFlow: The 16-person Danish-based climate tech startup advises leading shipowners and OEMs and non-maritime actors on climate matters related to their products and vessels, providing much-needed granular and science-based digital climate data. ReFlow launched its digital solution last year and is already used by major shipowners and suppliers as it makes it easy to make lifecycle calculations, simulations and share this data.

Read more about ReFlow