Three-year extensions to key ship charters reinforce P&O Ferries’ commitment to North Sea routes

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P&O Ferries extended with 3 years the charter agreement with Bore Ltd on the RoRo vessels NORSKY and NORSTREAM, maintaining its presence on the Zeebrugge-Teesport and Zeebrugge-Tilbury routes for the long term.

P&O Ferries also reinforced its commitment to the Zeebrugge-Teesport route through a separate extension of the FINNPULP charter agreement with Finnlines. The RoRo vessel will continue serving the route on two midweek sailings a week.

The Port of Odense and Fayard are expanding their collaboration with a new 30-year agreement

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Fayard A/S and Odense Havn A/S have per 1 July 2023 entered into an agreement on the extension of Fayard’s involvement in the Port of Odense. The parties have entered into a 30-year non-cancellable lease agreement, in which Fayard has secured the right to dispose of the unique shipyard facilities at the Port of Odense for the next three decades.

Fayard is one of Northern Europe’s largest repair yards and services, among other things, container ships, passenger ferries, tankers, military vessels and a large number of other ships. Fayard has a central position in the green transformation of shipping in relation to energy optimization of ships as well as upgrades and retrofits of the existing world fleet

Tallink Grupp statistics for June 2023 and Q2 2023

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In June 2023:

-1.3% passengers, driven mostly due to chartering of vessels (less capacity)

-24.9% freight units

+5.1% passenger vehicles

In Q2 2023 (April-June)

-0.7% passengers: the decrease was driven mostly due to chartering of vessels including SILJA EUROPA and GALAXY I that transported more than 250,000 passengers Q2 of 2022.

-22.0% freight units

+5.0% passenger vehicles


  • The second quarter Finland-Sweden results reflect the operation of the Helsinki-Stockholm and the Turku-Kapellskär route. The cruise ferry GALAXY I stopped operating on the Turku-Stockholm route in September 2022 due to a charter contract.


  • The second quarter Estonia-Finland results reflect operations of shuttle services of MYSTAR and
  • The cruise ferry SILJA EUROPA stopped operating on the Tallinn-Helsinki route in August 2022 due to a charter contract.
  • The shuttle vessel STAR has been chartered out since 5 May 2023 and is operating under the OSCAR WILDE name between Ireland and the United Kingdom.
  • The cargo vessel SEA WIND was sold in April 2022.


  • The second quarter Estonia-Sweden results reflect the operations of the Tallinn-Stockholm and the Paldiski-Kapellskär route by one cruise ferry and two cargo vessels.

SeaJets submitted an improved proposal for the acquisition of ANEK Lines

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On June 30, 2023, SeaJets, Kiara Shipping and Golden Step Shipping Ltd submitted a new improved proposal to the Piraeus Bank for the acquisition of ANEK Lines.

[see last week’s news: Surprise: SeaJets submitted a proposal for the acquisition of ANEK Lines]

According to the new letter, which was also sent to ANEK Lines and its Creditors and Shareholders:

  • The three companies proposed an increased offer at EUR 83 million, under the same terms of payment.
  • In terms of transparency, they proposed a loan of EUR 55 million secured by first marine mortgages on ships with a commercial value of EUR 138 million (coverage rate of 250.9% of the loan). The remaining EUR 28 million will be paid from equity, which is immediately available and certainly reduce the Bank’s exposure.

In addition to the increased offer, the letter mentions a few arguments as a response to the Bank’s objections. Among other things it is stated that:

  • Until approval is given by the Competition Committee, the “implementation” of the Attica transaction, which the bank claim is in progress, is illegal.
  • It is already known to the public that the proposed Attica “transaction” raises significant competition issues based on the initial views of the Competition Committee.
  • The formulations adopted in the Bank’s response raise many questions and lead to the conclusion that the Bank is acting and arguing as the buyer of ANEK Lines rather than as a representative of its Creditors.
  • SeaJets proposal does not contain a due diligence clause, as it is inaccurately stated in the Banks’ answering letter. On the contrary, the Bank acknowledges that due diligence was carried out by Attica Group and information was provided to Attica Group, even though ANEK is a listed company. This constitutes privileged information and leads to an audit of the related stock market transactions to date.
  • SeaJets proposal ensures not only the competition but also a greater return for the Bank’s own loans.
  • The view that SeaJets proposal does not “meet the necessary criteria to constitute a viable credit risk” is not substantiated.
  • The three companies are willing to immediately engage in direct discussions with each one of the informants to avoid misunderstandings and await a prompt action.

Source: ANEK, 3 July 2023 (in Greek)

Shipping set for €3 billion-plus 2024 EU ETS bill

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The European Union’s Monitoring, Reporting and Verification (EU MRV) dataset for shipping’s European CO2 emissions for the year 2022 has been published, with the data highlighting some significant year-on-year changes from 2021 despite the shipping industry as a whole showing a modest reduction in emissions.

The EU MRV regulation requires all ships exceeding 5,000 gross tons to collect and report data on CO2 emissions released to and from EU and EEA ports and will serve as the basis for shipping’s inclusion in the EU Emissions Trading System (ETS) from 1 January 2024.

Total ETS-applicable emissions for the maritime industry amounted to 83.4 million metric tonnes of CO2 equivalent (tCO2e) in 2022, a modest decrease of 0.22% from 2021. At the current market value of €90 per emissions allowance (EUA), shipping emissions carried a total worth of €7.5 billion for the year.

Taking into account the ETS phase-in period covering 40% of emissions in 2024, 70% in 2025 and 100% in 2026, and utilizing the forward curve in EUAs, estimates indicate that the shipping industry could be liable for €3.1 billion in 2024, €5.7 billion in 2025 and €8.4 billion in 2026.

The data showed emissions decreases across multiple shipping segments, including tankers, container ships, general cargo ships, reefers, Ro-Ros and chemical tankers. The container sector showed the largest reduction, however, passenger ships and LNG carriers logged substantial increases.

“The projected liabilities emphasize the importance of shipping companies preparing for their entry into the ETS. We have been onboarding customers from across shipping’s value chain in order to have them fully prepared by the start of next year. We encourage more shipping companies to do the same,” said Hugo Wilson, Director of Hecla Emissions Management. Hecla Emissions Management was established by Wilhelmsen Ship Management (WSM) and Affinity Shipping LLP in 2022 to assist shipping clients with each of the compliance obligations associated with EU ETS participation.

Baleària plans to stop emitting almost 80,000 tonnes of CO2 by the end of the year thanks to the use of LNG

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In recent weeks, Baleària has increased the consumption of natural gas on its 10 dual-fuel engined ships to 100%.

The shipping company estimates that this will allow it to stop emitting around 80,000 tonnes of CO2 into the atmosphere between June 1st and the end of the year.

In October 2021, in order to avoid becoming less competitive, the shipping company continued to use this cleaner energy only on port entries, approaches and stays.

It should be noted that, despite the temporary reduction in the use of gas due to the adverse circumstances, Baleària maintained its commitment to this fuel, which enables CO2 emissions to be reduced by up to 30%.

As a result, Baleària has added two more gas-powered vessels to its fleet, having completed the retrofit of the HEDY LAMARR in 2022, and chartering the RUSADIR, a RoPax equipped with an electric propulsion system powered by dual natural gas engines, this spring.

Baleària considers LNG to be the cleanest and most mature currently available for maritime transport. Furthermore, their ships are technologically prepared to consume either 100% biomethane or synthetic methane, as well as green hydrogen mixtures of up to 25%, although these CO2-neutral renewable energies are unfeasible at the moment due to their cost and availability.

Fast ferry MARGARITA SALAS to be launched in autumn

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The Armon shipyard in Gijón has already built 90% of the aluminium structure for the Margarita Salas, Baleària’s second dual-engined fast ferry for passengers and cargo. The ship is scheduled to be launched this autumn and to come into operation next spring on the Barcelona-Ciutadella-Alcúdia route.

This new ship will have the same characteristics as its twin, the ELEANOR ROOSEVELT (123 metres long, 28 metres wide and the capacity to transport 1,200 passengers and 400 vehicles), but it will have a second deck with a lounge seating area at the bow and will double the surface area of the stern terrace with an outdoor bar service.

In addition, MARGARITA SALAS will be 10% more powerful than its sister ship, ELEANOR ROOSEVELT.

AFIR and FuelEU Maritime: ESPO calls for cooperation and flexibility in the roll-out of onshore power supply to ensure smooth implementation of the legislation

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On Monday 10 July, the European Parliament will discuss in Strasbourg the final agreement on both the Regulation on the deployment of Alternative Fuel Infrastructure (‘AFIR’) – which sets the framework for the deployment of onshore power supply (OPS) in ports – and the Regulation on the use of renewable and low-carbon fuels in maritime transport and amending Directive 2009/16/EC (‘FuelEU Maritime’) – which regulates the use of OPS by ships in EU ports. Both agreements will be voted on Wednesday 12 July. Once the Council has then formalised its agreement with the text, both AFIR and FuelEU Maritime are expected to enter into force shortly after.

The European Sea Ports Organisation (ESPO) welcomes the final agreements, allowing ports, terminals and shipping lines to prepare for their implementation.

“The final adoption of the AFIR allows ports and all port stakeholders who are to play a role in the deployment of OPS to effectively prepare for compliance with the new rules. The development and use of new fuels and energy solutions, such as onshore power supply, is the most important pillar of greening the shipping sector. For ESPO, it is important that for the first time, the strict framework for deployment of OPS is accompanied by an obligation to use the infrastructure. The emissions at berth will only go down if the OPS installations are properly used. We now have to take the legislation to the quay and sit together with all relevant stakeholders including shipping lines and terminal operators to make quick progress ahead of 2030.”, says ESPO Secretary General Isabelle Ryckbost.

To assist their members in the process of deploying and using OPS in Europe’s ports, ESPO has already been organising different workshops. During these workshops different challenges relating to deployment and use of OPS have already been identified.

Continue to read on the ESPO website