Color Group H1 Interim Report

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Key highlights H1:

  • Group revenue generated totalling €264.0 million, €0.9 million more than H1, 2022.
  • Operating profit generated was €16.2 million, compared to an operating profit of €17.4 million in H1, 2022.
  • EBITDA generated of €49.0 million, €1.7 million more than H1, 2022.
  • Gross cash balances of €35.0 million (31 December 2022: €39.0 million).
  • Net debt at €164.5 million, €6.6 million lower than at the beginning of the year.
  • The Directors have declared an interim dividend of 4.87 cent per share (2022: 4.64 cent) payable on 6 October 2023 to shareholders on the register on 15 September 2023.
  • In May 2023, the Group chartered the OSCAR WILDE cruise ferry (ex Tallink’s STAR) for an initial 20-month period with further extension options. The vessel entered service on the Rosslare – Pembroke route, replacing the BLUE STAR 1.
  • Further investment in environmentally friendly port equipment at Dublin Ferryport Terminals with final commissioning of new heavy plant machinery including a new ship-to-shore crane.


Financial summary ICG    
H1 2023 H1 2022 Change %
Revenue €264.0m €263.1m +0.3%
EBITDA*** €49.0m €47.3m +3.6%
Operating profit €16.2m €17.4m -6.9%
Profit before tax €14.0m €15.4m -9.1%
Basic earnings per share 7.50c 8.00c -6.3%
Interim dividend 4.87c 4.64c +5.0%
Net debt*** €164.5m €154.5m +6.5%
Net debt (pre-IFRS 16)*** €116.6m €105.9m +10.1%

“H1, 2023 has been a successful period for Irish Continental Group. We have benefited from the continued normalisation in passenger travel levels post pandemic in all our markets, growth in our Ro-Ro freight carryings and the strengthening of our position on the Dover – Calais route.”

“This continued return of passenger travel alongside the continued support of our freight customers on both our old and new routes resulted in the highest ever revenue levels in the Ferries Division. This has been partially offset by a reduction in revenues in the Container and Terminal Division which has been impacted by a significant drop in container volumes due primarily to a weakness in the deep-sea market. Despite this, the Group reports a record level of revenue in the period of €264.0 million.”

Irish Continental Group Chairman, John B. McGuckian

Volume movements ICG
H1 2023
H1 2022
Change %
Cars 229.1 214.2 +7.0%
RoRo freight 348.2 330.2 +5.5%
Containers shipped (teu*) 142.3 169.3 -15.9%
Port lifts 152.5 164.9 -7.5%

Ferries Division

Financial Summary Ferries Division
H1 2023 H1 2022 Change %
Revenue* €179.8m €167.9m 7.10%
EBITDA €33.3m €29.8m 11.70%
Operating profit €5.3m €5.7m -7.00%

* Includes intersegment revenue of €16.7 million (HY 2022: €15.2 million) (FY 2022: €35.3 million)

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Color Group H1 Interim Report

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Color Line’s operating income was NOK 2.7 billion and the operating result was NOK 467 million in the first half of 2023, driven by high demand in the Norwegian and foreign markets, stable operational operations and a positive development in ticket revenues, customer values ​​and the freight market.

  • 1,536,514 pax (1,405,360)
  • 97,021 freight units (86,348)
  • Operating revenues NOK 2,733 million (NOK 2,230 million)
  • Freight income accounts for NOK 311 million of this figure
  • Operating expenses NOK -2,266 (NOK -1,992 million in 2022)
  • Operating earnings before depreciation and amortisation and other exceptional items amounted to NOK 467 million (NOK 238 million). This figure includes NOK 52 million deriving from the sale of Ro-Pax COLOR VIKING.
  • EBIT NOK 175 million (NOK -59 million).
  • Net financial items amounted to NOK -151 million (NOK -94 million) and include net unrealised foreign exchange gains on the Group’s foreign currency borrowings, as well as a net increase in the market values of the Group’s interest rate/currency derivatives, the overall effect being NOK -13 million (NOK 50 million in 2022). To this can be added the positive effect on earnings of NOK 41 million contributed by ONS Ship Finance AS (primarily deriving from the sale of M/S EDDA SUN).
  • Interest payable (NOK 71 million in the first six months of the year) relating to the perpetual bond loan COLG17 is charged directly to equity.
  • Earnings before tax costs amounted to NOK 24 million (NOK -153 million in 2022). Post-tax earnings amounted to NOK 28 million (NOK -119 million in 2022).
  • Other revenues and expenses developed favourably, amounting to NOK 16 million, largely related to unrealised gains (after tax) on the company’s future bunker fuel contracts, as well as translation differences (foreign exchange).
  • Total comprehensive income amounted to NOK 44 million (NOK -107 million in 2022).

Stena AB H1 Interim Report

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H1 (1 January – 30 June 2023) in million SEK

  • Consolidated EBITDA: 6,458 (5,547)
  • Consolidated Operational EBITDA, excluding net gain on sale of assets and change in fair value of investment properties: 6,356 (4,978)
  • Result before taxes: 485 (82)
  • Liquidity position remains strong: SEK 24.0 billion

FERRY OPERATIONS: Increased car- and passenger volumes partly offset by lower freight volumes compared to the same period last year.

  • Operational EBITDA decreased by SEK 376 million to SEK 1,686 (2,062) mainly due to higher costs. Freight volumes decreased 3% compared to last year, car volumes increased 2% and passenger volumes increased 5%.

SHIPPING: Increased operational EBITDA as a result of strong rates within Tanker operations together with increased operational EBITDA within the RoRo segment due to larger fleet in operation compared to the same period last year.


  • Operational EBITDA from chartering out Ro-Ro vessels increased by SEK 153 million to SEK 444 (291) million in H1, mainly due to larger fleet in operation.


Revenues and expenses, reported in Swedish kronor, are significantly affected by fluctuations in currency exchange rates, primarily relative to the U.S. dollar, the British pound and the Euro.

Revenues in Q2: 28% USD | 21% EUR | 15% GBP | 25% SEK

Grimaldi’s CRUISE SMERALDA to Adria Ferries?

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The 1997-built ro-pax ferry CRUISE SMERALDA seems to be close to become a ship part of the Ancona-based Adria ferries fleet.

Market rumours, not confirmed but neither denied by the interested parties, say that Grimaldi Group is to sell the vessel currently deployed for Finnlines on the Malmö – Travemünde link to the Italian company active on the routes from the ports of Ancona and Bari to Albania.

CRUISE SMERALDA = 1,500 passengers | 2,200 lane meters.

Adria Ferries recorded very positive financial results in 2022 (EUR 68 million of revenues and EUR 18 million of profit) and has been looking for further tonnage at least for the last 12 months.

Siremar – Caronte to shut down maritime continuity with some islands in Sicily from September 30th

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Due to the legal dispute ongoing with the Sicilian Region on the maritime continuity and the seizure of three ferries from the Court of Messina, Siremar – Caronte & Tourist Isole Minori announced that will stop serving the maritime link to and from Aeolian, Egadi and Ustica islands as from next September 30th.

One of the consequences of this decision is that 71 seafarers will be axed but the company said that it has no other options.

In order to face this situation, the Sicilian Region last week anticipated that it will look for other ferry operators to cover some subsidized maritime links with the small islands surrounding Sicily proceeding through a direct call to the remaining Italian ferry players.

Trasmapi’s HSC Incat 045 renamed CHAMPION JET 3

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HSC CHAMPION JET 3 is the new name of the former HSC Incat 045.

Spanish Trasmapi sold her to Seajets in early August. The 86m ship is currently at the port of Vigo, flying the Cypriot flag and will be delivered to the Greek crew soon.

The ship is the third sister ship of CHAMPION JET 1 and 2. She was built in Australia (Incat, Tasmania) in 1997.

Her carrying capacity is for 670 passengers and 200 private cars. She plies at 35 knots.

Seajets has the largest high-speed fleet of the Aegean, connecting 50 islands (Cyclades and Crete) with 400 connections.

Its fleet capacity is 24,000 passengers (one of the largest in Europe) and 3,800 vehicles.

Photo: Trasmapi

A record summer: over 4 million passengers were transported the last two months via the three main ports of Attica

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The Greek Minister of Shipping and Island Policy met with the Board of the Association of Passenger Shipping Companies and discussed all issues that concern the shipping and ferry industry. Millions of passengers are transported every year.

The Minister referred to the significant increase in passenger traffic and pointed out that in July and August, more than 4 million passengers were transported from the three main ports of Attica (Piraeus, Rafina and Lavrio), which is a record number.

He also underlined that the majority of ferry companies have responded to society’s request, with significant discounts on ferry tickets.