Scandlines generated higher revenue and results after car and shopping traffic rebounded in 2022

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 Scandlines continued to make headway in 2022 as the impact of COVID-19 eased and travel restrictions were lifted early in the year.

Traffic volume grew significantly driven by a rebound in leisure and shopping traffic as well as continued strong traction in the freight business.

Against this backdrop, Scandlines increased revenue (+42%) and earnings (+101%) and continued to improve its competitive offering with long-term investments in fleet and facilities.

+65% Cars

+68% Pax

+5% Freight

+49% Revenue from BorderShops (even though shopping activity remained significantly lower than before the outbreak of COVID-19. Factors such as increased fuel prices, general inflation pressure and a weak SEK play here a role here).


Modest growth is expected in leisure and shopping traffic volumes, which are seen to be somewhat impacted by a general economic slowdown.

Bus travel is expected to gradually return to previous levels.

The steadily growing freight traffic volume is expected to continue the positive trajectory – however at a modest level.

Management expects revenue and profits to increase moderately in 2023 subject to the level of economic slowdown.

The full annual report and the sustainability report for Scandlines Infrastructure ApS can be downloaded here.

Surprise: Seajets submitted a proposal for the acquisition of ANEK Lines

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In the last few days, a series of events have been taking place within the Greek Ferry Scene concerning the unexpected Seajets’ proposal for the acquisition of Anek Lines.

  • On June 16, 2023, three companies (Seajets, Kiara Shipping and Golden Step Shipping Ltd) submitted a proposal to Anek Lines’ Creditors and Shareholders (that represent 57,70% of the company’s total share capital), regarding the acquisition of ANEK’s shares and loans under specific conditions. That proposal included:
  • The immediate payment of EUR 82 million for the acquisition of all the Company’s loan obligations with the provision of collateral.
  • Acquisition of all the shares of the main shareholders for the price of € 0,2220 per share.
  • Piraeus Bank loan guarantee.
  • On June 23, 2023, Anek Lines issued a press release (in Greek) to the Athens Stock Market informing officially the Market Capital Committee as well as the investors about that proposal. Also, told that Anek Lines’ Board of Directors addressed the proposal to the Company’s Shareholders and Creditors, to be evaluated by them. The Company pledged to make announcements to inform the investing public if the relevant legal conditions are met.
  • On June 27, 2023, Anek Lines issued a new press release (in Greek), where Piraeus Bank rejected Seajets’ proposal.
  • Piraeus Bank, as a representative of Bond Creditors, sent a letter of refusal to the proposing companies on June 26, 2023. That letter was also sent to the Competition Committee as well as to the Board of Directors of ANEK Lines.
  • In it, the Piraeus Bank explained that:
  • The proposal comes at the wrong time, as the ongoing merger of ANEK Lines with Attica Group is already known to the public since September 2022.
  • The Bank’s consultant analysis judged that the submitted proposal is inferior to the current agreement under implementation between Attica Group and ANEK Lines in terms of recoverable value. At the same time, that proposal exhibits a significantly greater risk, so it is not a viable alternative for ANEK Lines.
  • There is uncertainty in the financing of the proposed price, as well as in the condition of carrying out due diligence, a process which has already been completed for the Attica Group proposal.
  • The proposal does not consider ANEK Line’s cash flow needs towards third-party creditors, nor does it include planning for the smooth transition and uninterrupted operation of the company due to the potential termination of the ANEK – Superfast joint venture (operational risk).
  • Therefore, the proposal does not meet the necessary criteria to constitute an acceptable credit and business risk and cannot be accepted.
  • Also, the VARMIN Shareholder (Vardinoyannis Family) with a letter to the Board of Directors of Anek Lines stated that: “We do not accept the specific proposal due to the price offered and its structure. We consider that the existing agreement with Attica Group for the merger of ANEK Lines, which is already in the approval stage is the only immediate solution, which ensures the company’s rescue”.

Greek sources say that Seajets is preparing a counteroffer.

See also our news from 22 September 2022:

Scottish Government: opportunities for a modern and sustainable ferry service

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The Net Zero, Energy and Transport Committee’s [what is this?] inquiry into a Modern and Sustainable Ferry Service for Scotland sought to identify the current and evolving needs of ferry users and to consider how services could be better designed to meet those needs.

The report discusses the urgency of the need for change. It says that the forthcoming Islands Connectivity Plan represents the chance for a genuinely fresh start, a chance the Scottish Government must seize.

Basel III Rules: Recognition of ship finance positive, but further action is needed

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European shipowners welcome the agreement on the Basel III rules reached between the European Parliament and the Council yesterday that gives explicit recognition to ship finance.

The new rules will allow banks to apply preferential treatment to shipping portfolios on specialised lending when calculating risk weights and ultimately their capital requirements. As a result, the new law will enable banks to finance at a competitive price.

This is a positive step forward but more needs to be done to restore access of shipping companies to adequate financing in Europe and support the competitiveness of the industry.

“The strategic role of shipping for Europe’s energy, food and supply chain security must be properly recognised in the conditions for ship finance as well. Supporting the industry’s competitiveness is a prerequisite for enhancing Europe’s security and for supporting the continent’s energy transition. The recognition of ship finance under the new European law is a necessary step forward but it is clearly only a starting point.” –  said Sotiris Raptis, ECSA Secretary General.

A diverse range of toolkits of financing and funding instruments are needed to maintain and advance the competitive edge of the European shipping industry vis-à-vis its key global competitors.

The new law will have to be formally approved by the Plenary of the European Parliament and the Council in the following months.

A new Red Funnel Port for Cowes, Isle of Wight

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Red Funnel Ferries are proposing to redesign and upgrade the existing sites in East Cowes to build resilience whilst enhancing the overall look of the waterfront.

The consultation on the initial plans for Red Funnel Port opened on Monday 26th June and will close on Sunday 23rd July. Following this first round of consultation, Red Funnel will incorporate the feedback they receive into the proposals and come back to the community for further feedback on more detailed plans in the autumn.

Amendment to terms of charter agreement for SUPERSPEED 2

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Color Line Transport AS, an indirectly wholly-owned subsidiary of Color Group AS, and Oslo Line AS, a company in which Color Group indirectly holds a 38.6% ownership interest, have

signed an amendment agreement to the existing charter agreement for Ro-Pax SUPERSPEED 2. The Vessel is owned by Oslo Line and chartered to Color Line Transport on bareboat charter terms.

Under the amendment agreement that has been entered into, the charter period is extended to 1 July 2035, and certain adjustments to the charter hire have been agreed on.

Further, Color Line Transport is granted an option to purchase the Ship in 2028 or alternatively in 2033.

More methanol for Stena Line

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Stena Line is taking the next step in its shift to sustainable fuels by converting some of its ferries to methanol with planned launch in 2025.

“We see methanol as a strong alternative fuel that will help us delivering on our strategy to decarbonise all our operations and contributing to future green corridors where we operate. The positive experience we have from running the Stena Germanica on methanol will be valuable when taking the next stop on this journey”, says Ian Hampton, Stena Line.

The conversions will be carried out by technology group Wärtsilä and will include modifications and installations of a number of modules including fuel supply systems and engine controls. Stena Line will announce the affected vessels and routes at a later stage.

SpaceX internet for ferries in Denmark

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Molslinjen’s ferries must have internet from the SpaceX project, Starlink. An experiment on the fast ferry EXPRESS 3 on the Kattegat has proven to be able to greatly improve the experience with internet on board the ferry.

“Sending land-based internet across the curvature of the earth and out across the water to hit a moving fast ferry at 70km/h has always been a difficult exercise. But we have had Maritim Starlink on EXPRESS 3 in a test which has turned out really well”, explains Molslinjen’s commercial director, Jesper Skovgaard.

The good test means that all the ferries on the Bornholm line will receive internet from the thousands of communication satellites that Elon Musk has sent into orbit in space already during the summer holiday period. Soon after, the remaining fast ferries on the Kattegat also get internet from Starlink.

The routes of the Molslinjen, the Alslinjen, the Samsølinjen and the Langelandslinjen as well as the ferries on the Øresund between Helsingør and Helsingborg do not experience the same challenges, as they sail shorter routes and closer to land.

Kerkyra Lines’ IONIAN EXPRESS arrived in Greece

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On June 22, 2023, Kerkyra Lines’ IONIAN EXPRESS (ex- ASAKAZE No 5) arrived in Greece.

The ship left the port of Hakodate (Japan) on May 23.

She was purchased from Seikan Ferry in January 2023 and delivered to Kerkyra Lines on March 26, 2023.

She has been serving on the Aomori – Hakodate line since 1998.

The ship was sent to Atsalakis Shipyards for necessary repairs and upgrades.

Photo: Voyager (Christos Chatzaras)