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2022 Newsletter week 47

Nov 25
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Green light to Moby and Compagnia Italiana di Navigazione’s rescue plan by the Court of Milan

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Moby S.p.A. announced that “by Decree dated today, November 24th, the Court of Milan declared the homologation of the Composition Plan proposed by the Company and its subsidiary, CIN S.p.A. (Compagnia Italiana di Navigazione). With this Decree, the Court rejected the only action in opposition brought by Grimaldi Euromed S.p.A., ordering it to pay the judicial costs in favor of Moby and CIN”.

Green light also to the Gianluigi-Aponte-controlled MSC Group to take directly a 49% stake in Moby in exchange of 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).

Nov 25
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Viking Line becomes the largest individual shareholder of compatriot Rederiaktiebolaget Eckerö

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November 18, 2022 – Viking Line Abp acquired 17.1 % of the shares in Rederiaktiebolaget Eckerö for EUR 30/share, a total of EUR 10,269,300.

Viking Line received information that a larger stake in Rederiaktiebolaget Eckerö was for sale. To ensure that the share ownership stays on Åland, Viking Line chose to acquire the post.

Rederiaktiebolaget Eckerö is the parent company of the Eckerö Group, which consists of four business areas:

  • Eckerö Linjen operates car ferry traffic between Eckerö and Grisslehamn with ropax ECKERÖ.
  • Eckerö Line operates car ferry traffic between Helsinki and Tallinn, with FINLANDIA and FINBO CARGO.
  • Eckerö Shipping owns roro TRANSPORTER (on charter to DFDS) and inactive passenger vessel BIRKA STOCKHOLM.
  • Williams Buss has high-class buses for public transport and tourism travel.

The Group’s head office is located in Mariehamn.

During the year 2021, the annual turnover amounted to approx. 123 million euros and the group transported approx. 1.4 million passengers and approx. 166,000 freight units on its own routes.

Nov 25
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Rederiaktiebolaget Eckerö Q3: Increased turnover and improved profitability

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  • +70% passengers 919,687
  • -9% freight units 38,680
  • +43% turnover EUR 59.6 million
  • EBITDA EUR 12.8 million (was 5.8)
  • EBIT Operating profit amounted to EUR 9.5 million (EUR 2.5 million), corresponding to a margin of 16.0% (5.9%)
  • Result EUR 5.2 million (EUR 1.7 million)
  • Cash flow for the period was EUR 3.9 million (EUR 1.7 million)

Outlook

The fourth quarter has started with volumes in line with pre-pandemic levels.

The high bunker prices, the high inflation and the volatile Swedish krona create uncertainty. 30% of the estimated bunker consumption during the rest of the year is price-guaranteed.

Nov 25
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Irish Continental Group: lifting of travel restrictions and Calais-Dover service, revenue up 79%

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As every year, Irish Continental Group (ICG) issues a trading update which covers carryings for the year to date to 19 November 2022 and financial information for the first ten months of 2022.

Consolidated Group revenue in the period was €500.5 million, an increase of 78.9% compared with last year and a 62.1% increase on 2019.

Net debt figures were €175.7 million compared to €142.2 million at year end. The increase is primarily derived from strategic capital expenditure mainly comprising the acquisition of two vessels.

Ferries Division (Irish Ferries)

+133.9% revenues to €338.0 million (first 10 months)

The increase was principally due to the easing of travel restrictions as compared to the same period last year, increased fuel surcharges and the new Dover – Calais service which commenced in June 2021.

For the year to 19 November, Irish Ferries carried 525,600 cars, an increase of 198.0% on the previous year. Freight carryings were 618,100 RoRo units, an increase of 143.8% compared with 2021.

Excluding volumes on the Dover – Calais route, Irish Ferries carried 272,900 cars (an increase of 91.5% on 2021) and 257,000 RoRo freight units (an increase of 10.0%).

Outlook

The world is facing higher inflation and higher interest rates, both of which pose a challenging backdrop for economic growth.

Deep sea container movements are usually a leading indicator for economic slowdown and the recent weakness here is not unexpected.

The level of inflation faced by the business and our customers is concerning.

While fuel prices may ease versus earlier in the year with the expected slowdown in economic activity, other costs in the business have increased.

Confidence: “well placed to compete in this emerging tougher environment and to tap into whatever interesting opportunities might emerge.”

Nov 25
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Pilot project for a roro service between Turkey and Romania

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From January 2023, Turkey will test a roro service to Romania, the president of the Romanian Customs Authority, Bogdan Mihei, told Profit.ro.

The Turkish authorities are interested in supporting the export of some goods such as vegetables and fruits to Romania and the EU, but also some imports on the same route, such as cereals. Transporting loads, including containers, by ferry would be cheaper and would avoid road traffic in Bulgaria, but also in the straits area.

In the past similar projects failed mainly because of delays of the veterinary and food safety checks. Now the port of Constanta will be ready, says Mr Mihei.

It is unknown who is behind the service. In June 2022, DP World announced with a press release that the Romanian government signed an agreement with Dubai’s Ports, Customs and Free Zone Corporation (PCFC) to develop new infrastructure at the Port of Constanta,  to turn it into one of the most important cargo and vehicle hubs on the Black Sea.

Nov 25
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Stena Line and Anglesey County Council announce bid to bring Freeport to North Wales

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Stena Line and Anglesey County Council have announced their intention to submit a major freeport bid.

Stena Line is pledging a major foreign investment in Holyhead Port, which is the second largest roro port in the country and an international gateway to Ireland, via the Irish Sea and an integral part of the “land bridge” between Britain and the EU.

If successful, the bid is predicted to return Holyhead to pre-Brexit levels of trade and cement the area as a hub for innovation in trade and clean energy, with industry-leading initiatives along its coastline driving the UK towards its net zero objectives.

The formal bid will be submitted next week to the UK and Welsh Governments.

Nov 25
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Golden Star Ferries’ ropax ANDROS QUEEN will be introduced April 2023

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According to Golden Star Ferries, their latest acquisition ANDROS QUEEN will join the Hellenic Coastal Shipping in April 2023.

The ship was purchased from Japan on March 2022 and is currently undergoing a large-scale conversion into a luxury day ferry at the Perama repair zone.

When ready, ANDROS QUEEN will have a capacity for 1,400 passengers (106 beds) and 380 cars or 70 trucks. Speed 21.5 knots.

The ship will fly the Greek flag in January 2023. She will be introduced on the evening sailings on Rafina-Andros-Tinos-Mykonos, in April.

Photo: Golden Star Ferries

Nov 25
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WIND SOLUTION beached at Alang for dismantling

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After a 5-year adventure, former WIND SOLUTION (1969/former PRINSESSAN CHRISTINA, SAFE CHRISTINA, STENA NORDICA, EUROPAFARJAN I, LION PRINCE, STENA PRINCE, COMMODORE, PALAU) eventually beached in Alang (India) for dismantling. The ship was purchased from a Greek ferry operator in January 2018 and for the next 4.5 years remained laid up at Neos Molos Drapetsonas.

In May 2022 it she sold for scrap as RAVI.

Photo: Shipbreaking Alang

Nov 25
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The port of Calais, “project port” for the EES system

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The port of Calais has been chosen by the French Ministery of the Interior as the test port for the new European EES (Entry & Exit System), which should come into force in spring 2023. (source: Port of Boulogne Calais on Facebook)

This system, which aims to strengthen the security of the Schengen area and modernise the management of its borders, will require the introduction of biometric controls for any non-EU national crossing the external borders of the Schengen area on entry and exit.

The choice of the Port of Calais was a natural one since EES will apply to nearly 70% of its customers.

A first phase of tests took place in the presence of representatives of the Ministry of the lnterior, the British Home Office, the Port of Dover, the other Channel and North Sea ports (West Channel ports, port of Dunkirk) and, of course, maritime operators.

For 3 days, it was down to the services of the Border Police and the Port to trial under real conditions the process selected, operation of the equipment, and to measure the control times.

The purpose of these tests is to reconcile the application stricto sensu of the border security system and maintain traffic flow. Remember that the port of Calais welcomes about 8 million travellers each year, of whom 75% are of British nationality and now non-EU nationals.