DIF Capital Partners and EDF Invest to acquire Fjord1 from Vision Ridge Partners and Havila Holding

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Q3, 2023

  • 1,067,212 passengers = +16%
  • 44,795 cargo units = +16%
  • Sales EUR 69.4 million = +17%
  • Operating result (EBIT) totalled 14.0 million EUR (9.5 million EUR), maintaining levels consistent with the best third-quarter operating results ever achieved.
  • Result was 9.9 million EUR (5.2 million EUR), a historically favourable outcome for Q3.

First 9 months, 2023

  • 2,483,599 passengers = +24%
  • 131,558 cargo units = +10%
  • Sales EUR 171.5 million = +23%
  • Operating result totalled EUR 25.5 million EUR (5.0 million EUR), representing the best performance for January-September ever recorded.
  • Result was 11.2 million EUR (1.0 million EUR), which is among the best result for January-September ever.

Some key elements

  • Record-breaking volumes on all routes
  • Robust performance across all serviced routes
  • Escalating bunker prices
  • A weakening Swedish Krona


The fourth quarter commenced with volumes surpassing pre-pandemic levels. The continued high bunker prices, relatively elevated inflation, and the volatile Swedish krona continue to create uncertainty. Nevertheless, despite these factors of uncertainty, the company anticipates delivering a full-year result that is in line with its best years prior to the pandemic.

Photo: Ilves Valta

DIF Capital Partners and EDF Invest to acquire Fjord1 from Vision Ridge Partners and Havila Holding

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DIF Capital Partners (via its DIF Infrastructure VII fund), and EDF Invest (the investment arm of the EDF Group in real assets) have entered into a definitive agreement to acquire Fjord1 AS, the largest owner and operator of ferries in Norway.

The company will be acquired from Vision Ridge Partners, a global sustainable real assets investor, and Havila Holding, an investment company owned by the Sævik family in Norway.

Vision Ridge and Havila Holding have been investors in Fjord1 since 2019 and 2011, respectively. Terms of the transaction were not disclosed.

Following the close of the transaction, which is expected in early 2024, Fjord1 will continue to be led by CEO Dagfinn Neteland, supported by his current team of over 1,000 employees.

Under Vision Ridge’s and Havila Holding’s ownership, the proportion of vessels within Fjord1’s fleet that operate on electricity has increased by over 50%. As a result, Fjord1’s operating fleet today is approximately 60% electric – the highest proportion in Norway –  and comprises approximately half of all electric ferries currently operating in Norway, serving 44 routes across 16 contracts in the Norwegian market.

Photo: FRAM

Bluferries transferred from Rfi to Mercitalia Logistics

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The ferry company Bluferries has been transferred from Rete Ferroviaria Italiana to Mercitalia Logistics, both companies part of the Ferrovie dello Stato Group (the former is the manager of the national rail infrastructure, the latter is the logistics arm for cargo rail transport).

This operation “will allow greater sea-rail-road integration with a view to developing traffic in support of the local economy. The maritime operator’s employment level, which today consists of 145 people, will be entirely maintained” is written in a statement.

Bluferries’ fleet consist of five double-ended ships deployed between Villa San Giovanni and Tremestieri ports respectively in Calabria and in Sicily for the transport of Ro-Ro units and passengers.

A new to be completed vessel, with a hybrid propulsion system and sister ship of TRINACRIA currently under construction in Greece, is scheduled to join the company’s fleet in September 2024.

Attica: Registration of the Highspeed Ro-Pax Vessel HIGHSPEED 3

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Attica Holdings S.A. officially confirmed the acquisition and registration in the Greek flag of the highspeed ferry HIGHSPEED 3 (ex-BORAQ, built at Austal in 2000). The vessel was acquired through a public auction held in Algeciras, Spain, by the 100% subsidiary of Attica Group, HELLENIC SEAWAYS, for a total consideration of EUR 2,410,000.

HIGHSPEED 3 is currently undergoing renovation. Upon completion she will enhance Attica Group’s presence on the routes it serves.

Photo: Kostas Papadopoulos

Port of Gothenburg Q3: Containers Up, Ro-Ro Down

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The Swedish purchasing power remains low in the wake of economic downturn, resulting in reduced container imports. However, overall container handling in the Port of Gothenburg is increasing as the Swedish export industry continues to thrive, with the forestry sector leading the way.

Intra-European Ro-Ro traffic decreased by 6% during the first three quarters of the year. Like the container segment, import volumes have gone down, but the upturn on the export side has not compensated to the same extent as in the container segment.

New catamarans set to revolutionize coastal transport in Norway

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At Brødrene Aa’s shipyard in Hyen, two carbon fibre high-speed vessels are under construction, and the first vessel was recently launched and set afloat. These cutting-edge vessels will operate on 70% electric power, designed to navigate the demanding seas off Bodø.

  • Catamarans capable of running for two hours at 28 knots on battery power (= almost 60 nautical miles)
  • Designed to maintain a speed of 30 knots in 2.5-metre waves.
  • The challenge is to balance battery weight, passenger and cargo capacity, speed, and seaworthiness.
  • 40 metres in length and 10.3 metres in width.
  • Up to 130 passengers.
  • Designed for passenger transport in Væran and Gildeskål, but also capable of carrying various cargo types, including fish, bicycles, and kayaks.
  • Equipped with a specialized cold room and loading cranes for fish transport.

Photo: Arve Svenning

Attica Group Will Invest EUR 31,3 Million on Anek Lines’ Vessel Upgrades

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According to the Greek press, Attica Group decided to invest EUR 31,3 million in Anek Lines’ vessels after the completion of the merger process with the Chania-based ferry operator.

More specifically, EUR 20 million will be given for the installation of scrubber units on two ANEK Line ships, while another EUR 11,3 million will be spend on the upgrading of its fleet.

Attica Group estimates that the company will save EUR 9,5 million from the scrubber conversion on both ships.

The merger will form the second largest passenger shipping company in Europe in terms of passenger capacity, while Attica Group will maintain the brand of ANEK Lines.

The Agreement for the Sale of the 67% of the Igoumenitsa Port Authority Shares to Grimaldi Group was Officially Signed

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On October 20, 2023, Grimaldi EuroMed – Minoan Lines – EKEV (Investment Construction Commercial And Industrial S.A.) officially acquired the majority share of the Port of Igoumenitsa -during a ceremony in the port facilities- in the presence of Prime Minister Kyriakos Mitsotakis, Minister of National Economy and Finance Kostis Hatzidakis, Minister of Shipping and Insular Policy Christos Stylianides and CEO of the Hellenic Republic Asset Development Fund (HRADF) Dimitris Politis.

The specific agreement aims to upgrade the port of Igoumenitsa as well as the better exploitation of its potentials as a major gateway to the Adriatic and the Mediterranean Sea.

The State will maintain the ownership of all the ports’ infrastructure, in which the State remains a strategic partner of the private investor, maintaining a 33% stake through HRADF.

As part of the agreement, the Greek State will also receive an annual concession fee equal to 3.5% of the revenues of the Port of Igoumenitsa S.A. Fee that will mainly be attributed to the Municipalities of Igoumenitsa and Filiates as a tangible financial benefit to the local community.

Three Greek Secondhand Vessels for Jadrolinija

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Croatian Jadrolinija went shopping in Greece, which means three vessels will be added to the fleet:


  • Ex double-ender GLYKOFILOUSA IV (2017).
  • ΙΜΟ n° 9833993 [Marinetraffic].
  • LOA 107m | 780 Pax | 130 vehicles.
  • Purchased for EUR 7.7m (ex VAT) from Greek Livadas Shipping Co.
  • Future route: Split – Island of Brač.
  • Photo: Theodoropoulos Shipping.


  • Ex (2004) passenger-only ferry.
  • IMO n° 9289879 [Marinetraffic].
  • LOA 47m.
  • Purchased for EUR 2.0m (ex VAT) from Greek Star Gem Maritime Company.
  • Future route: Rijeka – Islands of Lošinj, Unije, Susak and Ilovik.
  • Photo: Star Gem.


  • To be renamed (1997).
  • IMO n° 9168518 [Marinetraffic].
  • LOA 108m | 680 pax | 100 vehicles.
  • Purchased for EUR 12.0m (ex VAT) from Greek Horizon Shipping Company.
  • Future route: Split – Vela Luka – Ubli na Lastovo, and if necessary, Split – Vis.
  • Photo: Kerkyra

Jadrolinija’s President David Sopta also confirmed that the first phase of the tender for the construction of three electric ships, with an estimated procurement value of 45 million euros, has been completed. According to Sopta, negotiations on technical solutions are starting now, while the signing of the construction contract is scheduled for the end of the year. (source: Novilist.hr)