Attica Group: Q3 2022

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Key Financial Figures (in EUR)


Q3= 220.17mln = +48.45%

9M= 421.61mln = +55.86%


Q3= 62.33mln (47.11mln in the corresponding 2021 period)

9M= 52.73mln (42.74mln in the corresponding 2021 periods)


Q3= 49.09mln (33.34mln in the corresponding 2021 period)

9M= 14.62mln (4.31mln in the corresponding 2021 period)

Consolidated Profit after taxes

Q3= 60.70mln (profit after taxes of 32.74mln in the corresponding 2021 period)

9M= 30.16mln (loss after taxes of 1.31mln in the corresponding 2021 period)


For the forthcoming months of 2022, which constitute months of low traffic, the Group’s traffic volumes are expected to be at pre Covid-19 levels.


The Group holds adequate liquidity with its cash and cash equivalents standing at Euro 75.67mln on 30.09.2022 compared to Euro 97.36mln as at 31.12.2021. Moreover, on 30.09.2022 the Group maintains undrawn credit lines amounting to Euro 15mln.

In October 2022, the Company has entered into bilateral credit facilities with three Greek credit institutions for a total amount of Euro 210mln and tenors from five to seven years, successfully concluding the long-term refinancing of all Group’s credit facilities maturing in 2022- 2023. The above agreements result in the reduction of the average interest rate margin of the Group.

Moreover, ICAP S.A., pursuant to its regular reassessment of the Company, upgraded its credit rating by one (1) notch by assigning it a ΑΑ credit rating (low credit risk zone).

DFDS Q3 2022: outlook raised by strong Q3

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  • Q3 EBITDA up 88% to DKK 1.59bn
  • Higher earnings in all business units
  • Passenger earnings 11% above 2019 (pre-Covid-19)
  • Financial leverage of 2.9x back in target range
  • Full-year EBITDA outlook raised to DKK 4.8-5.0bn

Group revenue increased 64% to DKK 7.2bn driven by the continued recovery in passenger numbers and spending, as well as price increases for freight services to cover rising energy and other costs. Revenue was also increased by the acquisitions of HSF Logistics Group in September 2021 and ICT Logistics in January 2022.

Total EBITDA before special items increased 88% to DKK 1,591m.

The EBITDA for freight ferry and logistics activities increased 28% to DKK 1,036m driven by higher earnings in all business units except for Channel.

Oil price increases were covered by the contractual pass-through clauses for ferry services.

Cost coverage for logistics services improved in Q3 on the back of initiatives taken in previous quarters.

The Q3 EBITDA for passenger activities in the Channel, Baltic Sea, and Passenger business units increased to DKK 569m from DKK 52m in 2021.

The continued recovery in passenger travel improved earnings in all three business units.

Outlook 2022

The outlook for EBITDA before special items is raised to DKK 4.8-5.0bn following a strong Q3 result and steady demand in both freight and passenger markets (previously DKK 4.4-4.8bn, 2021: DKK 3.4bn).

Revenue is expected to grow by around 45% compared to 2021 (previously around 40%). The outlook is detailed on page 10 in the full report.

DFDS October volumes: mixed growth picture

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  • Volumes were lower across northern Europe while Mediterranean volumes continued to grow. Total volumes in October 2022 were 9.0% below 2021.
  • North Sea volumes were below 2021 due to continued automotive production stops caused by shortages of parts. Labour strikes in the Felixstowe port also reduced volumes.
  • Mediterranean’s volume growth rate picked up again in October following a dip in the growth rate in Q3.
  • Channel’s volumes were significantly below 2021 due to a continued decrease in total market volumes and the addition of capacity by Irish Ferries.
  • Baltic Sea’s volumes were below 2021 due to the war in Ukraine, although the percentage decrease was the lowest recorded in 2022.
  • For the last twelve months 2022-21, the total transported freight lane metres decreased 1.7% to 42.8m from 43.5m in 2021-20.


  • The number of passengers continued to recover and increased 172% to 332k equal to 84% of volumes in October 2019, the latest comparable month pre-Covid-19.
  • The number of cars equalled 85% of volumes in 2019.
  • For the last twelve months 2022-21, the total number of passengers was 3.5m compared to 0.8m in 2021-20 and 5.1m in 2019.

European Commission approves EUR 500 million Italian scheme to improve environmental performance of vessels

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The European Commission has approved, under EU State aid rules, a EUR 500 million Italian scheme to help companies in the maritime transport sector to acquire clean and zero-emission vessels, as well as to retrofit more polluting vessels. The measure contributes to the achievement of the objectives of the Commission’s European Green Deal and ‘Fit for 55′ package.

The Italian scheme

The scheme notified by Italy, with a budget of EUR 500 million, will be funded through its Complementary Fund set up with national resources to supplement Italy’s National Recovery and Resilience Plan as part of a broader strategy to modernise the country’s economy.

The scheme is aimed at encouraging shipping companies to replace existing vessels with low environmental performance, and to reduce the use of fossil-based fuels in the maritime transport sector. The scheme will support projects increasing the environmental performance and energy efficiency of vessels operating long, medium and short sea services for passenger, freight and combined transport, as well as of other vessels operating in Italian ports.

In particular, the aid will support the acquisition of clean and zero-emission vessels, including vessels powered by electricity and hydrogen, and the retrofitting of vessels.

The scheme will be open to shipping companies registered in Italy that provide maritime transport connections between an Italian port and European and/or Mediterranean ports, or operate within Italian ports.

The aid will take the form of direct grants. The maximum aid amount per beneficiary is 40% of the eligible costs, which may be increased up to 60% for small and medium-sized enterprises and to 45% for projects concerning zero-emission vessels.

RoRo ORION is ready to join Creta Cargo Lines’ fleet

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Creta Cargo Lines RoRo ORION successfully underwent her sea trials at the end of October 2022. The small ship was purchased in December 2021 from Scottish Pentland Ferry and converted as a full roro vessel at the Spanopoulos Shipyards.
ORION is the 4th vessel of the Cretan-based company and will enhance its presence in the domestic roro market.

Creta Cargo Lines was founded in 2013 and has been continuously developing since then. Today it is a stable partner of the largest companies in the field of energy, as well as a critical transport channel for the Aegean islands, transporting unique and dangerous freight as well, in regular routes with its privately owned roro ferries (TALOS and IOSIF K.).

Photo: Kostas Papadopoulos

The port of Igoumenitsa becomes a pioneer in the “green” transition

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The port of Igoumenitsa is the first port in Greece to initiate its transformation into a zero-emission “green” port after completing the holistic energy upgrade program ALFION (Alternative Fuel Implementation in Igoumenitsa Port).

The project concerns the mapping of the existing situation and the preparation of a series of studies to minimize the environmental footprint of the port and the ships served by it, the use of innovative environmentally friendly technologies, the increase of the port’s energy efficiency as well as the use of renewable sources for the supply of energy to port activities with the ultimate goal of transforming the port into an energy hub.

The results of that project were presented at the Final Project Results Conference, which took place in Igoumenitsa, in mid-October. The Igoumenitsa Port Authority implemented the ALFION project (EUR 1,080,000.00) in collaboration with DEDDIE, the Maritime Transport Laboratory of the National Technical University of Athens and the companies PROTASIS and HYDRUS, with the technical support of the GATES company.

It was financed by the CEF Fund (50%) (Connecting Europe Facility) and the Igoumenitsa Port Authority (50%).

Viking Line to increase sailings in summer 2023

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Viking Line will place VIKING CINDERELLA in service on its Helsinki-Mariehamn-Stockholm route during the summer period 30 June – 6 August 2023.

Cinderella will depart every other day in the afternoon from Helsinki and supplement regular service on the route with GABRIELLA.

As a result, the company will offer daily departures between the two capitals during the 2023 peak season.


Next summer, the number of passengers on the Tallinn route will likewise grow, so Viking Line will also add extra sailings between Helsinki and Tallinn.

Some changes at Transmanche Ferries

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In October, the Seine-Maritime Department confirmed DFDS, the current operator of the Dieppe Newhaven “Transmanche Ferries” route, as the operator until 2027. (Ferry Shipping News, 24 October 2022)

Some changes have been announced:

  • Extension of night crossings to enhance passenger comfort.
  • Additional weekend crossings in high season to meet demand.
  • Elimination of almost empty crossings in low season.

Major investments are planned on CÔTE D’ALBÂTRE and SEVEN SISTERS:

  • New hull coating for consumption optimisation
  • Expansion of the duty-free shop.
  • The creation of a lounge and new beds dedicated to truck drivers, increasing the cabin offer for other passengers. The ships already have 49 two-berth cabins and will be fitted with 40 pods for lorry drivers.

Freight activity, which is affected by the economic situation and recent customs constraints, has relatively low traffic volumes. In the first 10 months of 2022, the two ships carried 27,110 trucks and 307,231 passengers.


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DFDS is putting 125 fully electric trucks into service. On Wednesday 16 November 2022, the first e-truck drove from roro HUMBRIA SEAWAYS into the DFDS terminal of Ghent.

The arrival of the first e-truck was celebrated in the presence of the Belgian Prime Minister Alexander De Croo, who drove the truck (he has a trucker’s driving license).

Echandia says in a press release that it has been chosen to supply energy storage solutions for two new fully electrified vessels for Molslinjen. The two new ferries will operate Alslinjen and Samsølinjen  starting in 2024. The battery systems will have a total capacity of around 7 MWh.

The port authority of the Strait of Messina confirmed what Ferry Shipping News reported earlier this month about the double ended ferry Amedeo Matacena’s sale. The ship left the port of Reggio Calabria and will be towed to Piraeus, Greece by tug PAUL.

It is still unknown if the 1986-built ship, which has been inactive for many years, will be refitted or definitely scrapped.