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2023 Newsletter week 34

Aug 25
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Viking Line: a half-year that exceeds expectation

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Q2, 2023

  • Sales amounted to EUR 132.4 million (EUR 141.0 million)
  • Other operating revenue was EUR 0.1 million (EUR 2.4 million)
  • Operating income totalled EUR 18.0 million (EUR 10.1 million)
  • Net financial items were EUR -4.4 million (EUR -2.5 million)
  • Income before taxes totalled EUR 13.6 million (EUR 7.6 million)
  • Income after taxes totalled EUR 10.6 M (EUR 6.3 million).

H1, 2023

  • Sales amounted to EUR 226.3 million (EUR 199.8 million)
  • Other operating revenue was EUR 8.9 million (EUR 8.3 million)
  • Operating income totalled EUR 17.1 million (EUR -8.0 million)
  • Net financial items were EUR -7.9 million (-4.7 million)
  • Income before taxes totalled EUR 9.2 million (EUR -12.7 million)
  • Income after taxes totalled EUR 6.9 million (EUR -9.8 million)

Outlook for the full financial year 2023

The Board of Directors has decided to revise its earnings outlook for 2023. Provided that energy prices remain at current levels, Viking Line’s Board of Directors believes that income before taxes will be significantly better than last year.

On June 21, 2023, the outlook was:

Provided that energy prices remain at current levels, Viking Line’s Board of Directors believes that income before taxes will be better than last year.

Half-year report PDF
Aug 25
0

Rederi AB Eckerö: Performance record on all routes, vessel sales completed and extensive loan amortisations

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Q2, 2023

  • 882,209 passengers travelled with the Eckerö Group’s ships, which was 22% more than in the same period last year (722,917)
  • The number of cargo units was 44,326, which was 7% more than in the same period last year (41,432)
  • Sales increased by 23% to EUR 62.8 million (EUR 50.9 million)
  • The operating result was EUR 11.9 million (EUR 1.0 million), which is the best second quarter operating result ever
  • The result for the financial period was EUR 6.9 million (EUR -0.2 million), which is the third best second quarter result ever
  • The sales of BIRKA STOCKHOLM and EXPORTER were completed in the second quarter and the Group has amortised EUR 46.0 million of its interest-bearing liabilities since the sale of the vessels. After these amortisations net liabilities amount to EUR 18.0 million and the equity ratio to 47.8% as of 30.6.2023.

H1, 2023

  • 1,416,387 passengers travelled with the Eckerö Group’s ships, which was 32% more than in the same period last year (1,075,514)
  • The number of cargo units was 86,763, which was 8% more than in the same period last year (80,561)
  • Sales increased by 28% to EUR 102.1 million (EUR 79.9 million)
  • The operating result was EUR 6.5 million (EUR -4.5 million), which is the best first half year operating result ever
  • The result for the financial period was EUR 1.3 million (EUR -4.2 million), which is the third best first half year result ever

Outlook

The third quarter has started with volumes in excess of pre-pandemic levels. The continued relatively high bunker prices, high inflation and volatile Swedish krona create continued uncertainty. Despite these uncertainties the company is expected to deliver a full year result on a level with the best years before the pandemic.

Interim Report PDF
Aug 25
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P&O Ferries will stop Liverpool-Dublin route

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P&O Ferries announced in a message that the Liverpool-Dublin route will be axed.

The company says that, earlier this year, the owner of our Liverpool site, Peel Ports, informed P&O that its current berth would no longer be available after the end of 2023.

P&O says it has been looking for solutions, but “no suitable alternative has been offered or found that would enable to maintain the current service into 2024.”

The company is now “beginning a consultation process with the employees affected by the intended closure of this service.”

NORBAY and NORBANK, which currently serve the Liverpool-Dublin route with 24 sailings per week, will be redeployed elsewhere on the P&O Ferries route network in the coming months.

Photo: Wikimedia 2013harry

Aug 25
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Incat Tasmania to deliver the World’s largest Battery Electric Ship

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Incat Tasmania has under construction the largest lightweight battery electric ship so far constructed in the world for delivery to Buquebus.

This ship, the world’s largest battery-electric Ro-Pax ferry, will be 100% battery electric.  The energy storage system (ESS) battery storage at over 40MWh will be four times larger than any battery installation that has been constructed and installed anywhere in the world for the marine transport environment.

The batteries power a series of E-motors which drive the water jet propulsion system.

The electrical system integration is by Wärtsilä and ESS by Corvus Energy.

Incat 096 will have a capacity for 2,100 passengers and crew, 225 cars and will also include a Duty-Free Shop of over 2000 square metres.

Aug 25
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Increased passenger traffic in August and July at the major Greek ports

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According to the Hellenic Ministry of Shipping and Island Policy’s data, from July 1 to August 15, 2023, there was an increase in passenger traffic by 6.58%.

More specifically, a total of 3,140,906 passengers were transported from the country’s three major ports (Piraeus, Rafina, Lavrion), compared to 2,946,747 passengers, during the same period 2022.

Also, during the period of August 1 to August 15 the passenger traffic increased by 4,37% (1,118,445 pax) compared to the same period of 2022 (1,071,516 pax).

Aug 25
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Grimaldi: Two new state-of-the-art ro-ro ships on the Venice – Bari – Patras line

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With the new state-of-the-art ro-ro ships, ECO CATANIA and ECO MALTA, the Italian Grimaldi Group launched zero-emission-in-port vessels in Patras, Venice and Bari at the end of June 2023.

Each of the two ‘GG5G’ class ships can carry around 500 trailers and 180 cars (7,800 lane meters), which is twice as much as their predecessors.

Photo: Grimaldi Group

Aug 25
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FINNSIRIUS made two calls in Southern Italy and Northern Europe before reaching Naantali

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FINNSIRIUS, just delivered to Finnlines by China Merchants Jinling shipyard, called at the port of Gioia Tauro before reaching the port of Naantali to start the regular line with Långnäs and Kapellskär from mid- September.

In Southern Italy, the Superstar-class new vessel discharged new cars loaded in China and embarked new vans to be delivered in Northern Europe.

The Grimaldi-controlled ferry company stated that FINNSIRIUS’ maiden voyage from Naantali to Kapellskär will take place on Friday 15 September 2023. The first passengers will then get to travel on the new ship and enjoy special programmes: music entertainment, a guided tour around the ship, extra offers in the restaurants and in the tax-free shop. Tickets for the maiden voyage are now available via Finnlines’ website.

FINNSIRIUS departures from Naantali will be scheduled in the mornings at 11:45 on Monday–Wednesday, and at 10:30 on Thursday–Sunday. The ship arrives in Kapellskär after rush hours and the drive to Stockholm takes only one hour.

FINNSIRIUS will depart from Kapellskär in the evening.

Aug 25
0

The Swedish Competition Authority approves cooperation between Gotlandsbolaget and Viking Line

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Viking Line and Gotlandsbolaget announced on 9 August 2023 that they are forming a joint company with the task of developing and offering cruises with BIRKA STOCKHOLM between Stockholm-Mariehamn and Stockholm-Mariehamn-Visby.

The completion of this business transaction and the start-up of the new joint venture are contingent on the approval of the Swedish Competition Authority. The Swedish Competition Authority has (on August 23, 2023) announced that they are deciding to leave the concentration without action, which means that the deal is proceeding according to plan.

Aug 25
0

Ferry companies needed for the short sea links to Sicilians islands

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Following a legal dispute involving some ships and consequently some lines operated by Siremar – Caronte & Tourist Isole Minori Spa, the Sicilian Region said publicly that it will look for other ferry operators to cover some subsidized maritime links with the small islands surrounding Sicily.

In order to guarantee the maritime continuity and due to some public tenders which remained not assigned, the local government of the island decided to proceed with a direct call to the Italian ferry players in order to find new maritime transport providers for passengers, cars and ro-ro cargo.

Earlier this summer Italys’ financial police (Guardia di Finanza) seized nine ferries serving the Aeolian Islands and Ustica from the shipping company Caronte & Tourist since they would not be compliant for passengers with reduced mode according to the prosecutors.