Grandi Navi Veloci confirmed purchase of GNV SPIRIT

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Grandi Navi Veloci has officially announced the purchase of the ropax ship CAP FINISTÈRE from Brittany Ferries which is currently en route to the port of Naples where will be renamed GNV SPIRIT.

The Nuova Meccanica Navale shipyard will take care of it with some refitting works and repainting the vessel with the company’s distinctive livery.

Once she enters service before next summer season, GNV SPIRIT will take GNV’s fleet to 25 ferries.

Vincenzo Onorato calls Rome for action to rescue Moby and CIN

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Vincenzo Onorato’s holding company Onorato Armatori made public a statement in which he calls the Italian economic development Ministry to act as fast as possible in order to accept the debt restructuring plan proposed under the ‘concordato preventivo’ procedure.

Tirrenia in Amministrazione Straordinaria, the State-owned bad company born when the former public shipping company Tirrenia was sold to Moby in 2012, has a credit valued roughly EUR 180 million and its vote on the plan is particularly important for the positive (or negative) ending of this long-lasting story regarding Compagnia Italiana di Navigazione (Moby’s subsidiary controlling and operating Titrenia’s brand, ships and routes).

The Court of Milan postponed the meeting of creditors on 20th and 27th June 2022 respectively for Moby and CIN setting the date for 31 March 2022 as a deadline for filing, inter alia, the agreement with Tirrenia di Navigazione in Amministrazione Straordinaria which represents the main CIN creditor.

Tallink Grupp stays in profit in H2 2021 and halves net loss for the year compared to first pandemic year

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Tallink Grupp reported a net loss of EUR 56.6 million for 2021 (net loss of 108.3 million reported for the full year 2020) with a strong second half of the year resulting in a marginal net profit for H2.

The group’s unaudited results for 2021 (in EUR)

  • Revenue 476.9 million (442.9 million)
  • EBITDA 58.3 million (8.0 million)

The strong result considering the ongoing pandemic challenges was achieved despite the company’s passenger numbers decreasing by 21% compared to 2020 and amounting to a total of 2,961,975 passengers.

The company’s cargo transportation continued on a steady path with the number of cargo units carried in 2021 increasing by 2.6%.

Tallink Grupp managed to secure a net profit in H2. The result can partly be attributed to the re-opening of the Tallinn-Stockholm route in July 2021 after a 15-month suspension and the Helsinki-Stockholm route in August after a 16-month suspension. Both routes immediately attracted passengers especially at the time when the vaccination drive in Baltic sea countries had had an initial positive impact on reducing the spread of the virus during summer 2021 and the temporary easing of travel restrictions during Q3 2021.

Other positive contributors to the marginal net profit in H2 were the various charters.

The company’s key project into the future continues to be the build of the company’s new shuttle vessel MYSTAR, which is now due for completion and delivery in 2022.

Part of the efforts to ensure liquidity in 2021 also included omitting dividend distribution and the Management Board will propose not paying a dividend in 2022 as well.

“We have faith in 2022 being a year of change for the positive from the COVID pandemic point of view and we are gearing our business up for it. Our customers tell us that they are ready to and want to return to the Baltic sea with us and we have made all the preparations to make this return to cruising on the Baltic sea as memorable and enjoyable for everyone who joins us on board. We have every intention to keep the Baltic sea cruising tradition alive with our colleagues and customers in 2022 and beyond.”

Tallink Grupp’s CEO Paavo Nõgene

Better results for Viking Line in 2021

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January– December 2021 (compared to January–December 2020)

  • Sales amounted to EUR 258.2 million (EUR 188.8 million)
  • Other operating revenue was EUR 46.8 million (EUR 26.9 million)
  • Operating income totalled EUR 32.1 million (EUR -49.3 million)
  • Net financial items were EUR -3.8 million (EUR -3.6 million)
  • Income before taxes amounted to EUR 28.3 million (EUR -52.9 million)
  • Income after taxes totalled EUR 24.4 million (EUR -42.3 million)

Outlook for the financial year 2022

  • The COVID-19 pandemic continues to have an impact on Viking Line’s results. Uncertainty about regulatory requirements, aid, the effects of vaccination programmes and thus related limitations for passenger traffic, and market demand will affect Viking Line’s operations, results and financial position in 2022 as well.
  • In 2021, a number of fixed assets were sold, which led to a strengthening of the company’s liquidity and had a positive effect on income. Viking Line does not foresee similar asset sales in 2022.
  • Taking into account the non-recurring nature of the items mentioned above, the uncertainty about the course of the pandemic – which so far has had a significant negative impact on the first quarter – and more stringent regulatory requirements and the current geopolitical situation, it is still too soon to quantify the impact on results so no earnings forecast for 2022 has been provided.

BC Ferries Q3: ferry traffic continues to recover from the impact of the pandemic

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Q3 2021

2 million vehicles = +26% (compared to Q3 2020) = -2% (compared to Q3 2019)

4.1 million pax = +43% (compared to Q3 2020) = -14% (compared to Q3 2019)


6.7 million vehicles = +26%

14.2 million passengers = 34%

Q3 ending December 31, 2021 in CAD

Net loss -1.6 million (98.5 million) primarily as a result of the timing of recognition of ‘Safe Restart Funding’

Revenue 222.2 million (311.9 million)

Without the recognition of ‘Safe Restart Funding’ in both periods, revenues would have been 203.0 million, an increase of $45.9 million compared to the same period in the prior year.

Operating expenses were 209.5 million (199.0 million). This increase is due mainly to providing more round trips and higher fuel prices.

Year-to-date since April 1, 2021, net earnings were $83.0 million compared to $74.3 million in the same period in the prior year primarily as a result of higher traffic volumes and net retail sales, partially offset by lower ‘Safe Restart Funding’ applied to the current year and higher operating expenses.

Michalis Sakellis: The shipping companies paid more than EUR 130 million in additional fuel in 2021

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During the Annual General Assembly of the Association of Passenger Shipping Companies (SEEN), for the report of 2021, the Chairman Mr. Michalis Sakellis pointed out the following:

  • The year 2021 was particularly difficult period with two serious problems that concern SEEN and have to be addressed, the pandemic and the fuel.
  • The passenger traffic in 2021 was increased compared to 2020 but decreased by 40% compared to 2019.
  • In terms of vehicles, the reduction ranged from 15% to -20%, while the truck traffic appeared a relative stability and is reduced by 5% -10%, compared to 2019.
  • On the Adriatic service there was also a significant improvement compared to 2020. However, the traffic remained low compared to 2019, appearing a reduction of 35% in passengers and 28% in cars, while there is an increase in the truck traffic by 10%.
  • In 2021, it is estimated that the ferry companies (members of the SEEN), were burdened with EUR 130 million due to the increase in fuel costs by 45%.
  • The lines that SEEN ships serve must be serviced all around the year, while even when they are out of service the costs remain high at 40-45% of the total operational costs.
  • The prospects for 2022 are positive and the bookings, including hotels, appear significantly increased. That is a positive development for tourism in 2022, while it is certain that there will affect positively the annual traffic.
  • SEEN’s goal remains to reach the traffic figures of 2019, on an annual basis, something that will not probably happen in 2022.
  • Another serious issue that is of particular concern to SEEN for the coming years is the environment and the measures that have already been decided for the reduction of the pollutants and energy footprint which will be implemented gradually from 2023, with peak in 2030 when CO2 emissions must be reduced by 55% compared to 1990 or 2050 with zero emissions.
  • An additional serious issue is the renewal of the Greek Ferry Fleet, which is being discussed from 2018 but without final solutions. In 2035, out of the 107 ferries that are currently serve on the Hellenic Coastal Lines, 52 will be older than 40 years, while 20 of them will be older than 50 years.
  • In the international market, the availability of ferries suitable for the Greek Ferry Scene Shipping is limited, while there are no ships available that meet the environmental requirements. Furthermore, the construction of newbuilding ferries is time consuming and the cost extremely high in relation to the expected overall traffic which is characterized by high seasonality.

“In 2035, out of the 107 ferries that are currently serve on the Hellenic Coastal Lines, 52 will be older than 40 years, while 20 of them will be older than 50 years.

Michalis Sakellis

New board of directors for SEEN

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On Tuesday, February 22, 2022, the General Assembly of SEEN was held and the nominations for the election of a new Board of Directors with a three-year term took place. At the first meeting of the Board of Directors on February 23, 2022, it was formed in a House and the positions were distributed to the new members as follows:

  • Chairman : Spyridon Paschalis
  • Vice President of Coastal Shipping : Efstratios Apergis
  • Vice President of International Voyages : Spyridon Protopapadakis
  • Vice President of Cruise: Antonios Gelasakis
  • General Secretary : Theologos Panagiotakis
  • Treasurer : Dionysios Theodoratos

Following a proposal by Mr. Paschalis, the new Board of Directors awarded Mr. Michalis Sakellis the title of Honorary President of SEEN.

EUROFERRY OLYMPIA is towed to the safe port of Astakos

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Wednesday 23 Feb 2022 – The Hellenic Fire Service requested the transfer of EUROFERRY OLYMPIA at the safe port of Astakos (Etoloakarnania), in order for the Special Forces (EMAK) to continue smoothly their operations with the maximum possible security.

According to the recent official press release from the Hellenic Ministry of Shipping, the Fire Brigade informed that the operational possibilities of search and rescue on the burning ship in her current position have been completed. The ship is currently in the sea area of ​​Kassiopi north of Corfu. The Ministry of Shipping contactedthe company that has taken over the management of the ship for the appropriate safety actions, in order to move her to the port of Platygiali, in Astakos (Etoloakarnania).

The fire on Grimaldi’s EUROFERRY OLYMPIA broke out on the third garage deck on February 18 in the sea area northeast of Ereikoussa during her scheduled trip from Igoumenitsa to Brindisi.

EUROFERRY OLYMPIA will be replaced on the Igoumenitsa-Brindisi line by FINNCLIPPER (Finnlines).