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2023 Newsletter week 45

Nov 10
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Finnlines’ Financial review January–September 2023

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Key figures

January-September 2023

  • Revenue EUR 513.2 (558.4 in 2022) million -8%
  • EBITDA EUR 131.7 (169.2) million -22%
  • Result for the reporting period EUR 56.9 (105.2) million -46%
  • Interest bearing debt increased by EUR 52.4 million and was EUR 457.1 (404.7) million at the end of the period.

Q3, 2023

  • Revenue EUR 176.8 (201.5 in 2022) million -12%
  • EBITDA EUR 42.1 (71.5) million, -41%
  • Result for the reporting period EUR 15.1 (48.8) million -69%.

Tom Pippingsköld, President and CEO, in conjunction with the review:

“The geopolitical situation is uncertain, and both global and Euro area demand are slow. The EU is experiencing either negative or stagnant growth. Projections for GDP growth in 2023 and 2024 are modest at 0.6% and 1.1%, respectively. Central banks remain wary of inflation, despite a decrease. The European Central Bank’s swift interest rate hikes have negatively impacted private consumption, construction, and corporate investments, hindering economic activity in EU countries. Finland’s export volumes have decreased by 4.7%, and imports by 9.6% in the last 12 months. There’s a call for the ECB to promptly address the declining growth outlook by reducing interest rates.“

“While the negative development in Finland’s exports and imports have resulted in lower cargo volumes for Finnlines and reduced our result, the upward trend in passenger volumes has been very good. Despite the reduced cargo volumes, Finnlines was able to retain its market share.”

Finnlines took delivery of three hybrid ro-ro vessels already in 2022 and this year, in mid-July, the first of the two Superstar class vessels, Finnsirius, was delivered and entered the Naantali–Långnäs–Kapellskär (Finland–Åland Islands–Sweden) route on 15 September 2023.

The second Superstar ro-pax vessel, Finncanopus will be delivered at the end of the year. Finnlines’ EUR 500-million Green Newbuilding Investment Programme, which started in 2018, is nearly completed.

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Nov 10
0

Marfret takes delivery of its new Ro-Ro FERRYMAR

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FERRYMAR has been delivered to its owners Marfret and will leave the shipyard of Jiangsu Dajin Heavy Industry Co soon.

The purpose-built Ro-Ro vessel will be serving the French overseas territories in the Caribbean.

The vessel’s characteristics are specifically adapted to inter-island navigation. With its length of 120m and 22m beam, FERRYMAR has a load capacity of 1,200 lane metres.

Its three decks allow to carry more trailers, accompanied and unaccompanied, as well as a greater number of containers.

Nov 10
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North Sea Port Wins the ESPO Award 2023

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On 7 November, North Sea Port (Ghent, Terneuzen, Vlissingen) won the ESPO Award 2023 in recognition of its role in restoring nature in and around the port area to the benefit of the citizens and local community.

The ESPO Award was handed out by Magda Kopczynska, Director General of DG MOVE in the European Commission, during a specially festive edition which also marked the 30th anniversary of ESPO. The dinner and ceremony took place at the Art and History Museum in the Cinquantenaire in Brussels, and gathered more than 180 guests.

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Nov 10
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Baleària and Fred. Olsen Express Celebrate their Fifth Anniversary of Alliance

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Five years ago, Baleària and Fred. Olsen Express started to jointly operate a maritime connection between Huelva and the Islands of Gran Canaria and Tenerife.

Baleària and Fred. Olsen offer three weekly departures between the ports of Huelva, Las Palmas de Gran Canaria and Santa Cruz de Tenerife.

The shipping companies have continued to operate with Ro-Pax MARIE CURIE, one of Baleària’s new generation vessels.

Baleària’s Director of Operations and Operations, David Fernández, stressed that “the figures show that the alliance for these routes is a guarantee of excellence for customers, both from the point of view of passengers, and for cargo, with a reliable and efficient service with tight delivery times. A third weekly departure also proves the commitment to the Canary Islands and the strategic importance of this market for the shipping company.”

Nov 10
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Technological Advancements Onboard Tallink Grupp’s Vessels Reduce the Negative Environmental Impact of Ships

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Tallink Grupp recently conducted technical maintenance on the passenger ferry BALTIC QUEEN in Naantali. The maintenance included various works on the hull and interior, along with technological and environmentally friendly upgrades. One significant upgrade involved replacing the propeller blades with more innovative shapes to enhance the ship’s propulsion efficiency, leading to reduced fuel consumption and emissions. Additionally, testing results indicate a decrease in underwater noise generated by the ship, showcasing positive environmental impact. While further analysis is needed for the fuel consumption aspect, the reduction in underwater noise has already been confirmed.

Photo Baltic Queen propeller blades. Tallink Grupp.

Read more on Tallink.com
Nov 10
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Strategic changes within Adria Ferries’ fleet

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Italy’s Adria Ferries recently acquired a vessel, renaming it AF MIA (formerly CRUISE SMERALDA). The company has relocated the ship to Croatia’s Viktor Lenac shipyard for technical enhancements and a makeover to incorporate the company’s branding and colours.

According to Alberto Rossi, the leader of the group overseeing Adria Ferries, AF MIA is anticipated to commence service between Ancona and Durres in Albania by the end of November or early December. This ship will replace the aging AF FRANCESCA, which is slated for sale (possibly to a scrapyard).

Meanwhile, the third vessel in Adria Ferries’ fleet, AF CLAUDIA, is set to be chartered out, as per Rossi. Previously, AF CLAUDIA operated on the Ancona–Durres and the Bari–Durres maritime routes.

Nov 10
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Liberty Lines’ first new HSC named VITTORIO MORACE to be launched this month by Armon shipyard

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Liberty Lines, a ferry company based in Trapani, has announced an upcoming milestone in collaboration with the Spanish shipyard Armon. The first of a series of 12 hybrid high-speed crafts, named in honor of the company’s founder, Vittorio Morace, is set to be launched between 2023 and 2026.

Earlier this year, the Morace family-controlled shipping company expanded their order, exercising an option for three additional vessels, bringing the total order to 12. Furthermore, the company still retains options for the construction of an additional 6 vessels, scheduled for delivery between 2027 and 2030.

This impressive endeavor has been significantly supported, with the initial 12 units receiving EUR 23.4 million in public subsidies from the Italian fleet renewal plan, a component of the EU Next Gen program, approved by the European Commission.

The innovation doesn’t end with the number of vessels; these new high-speed ferries will boast an integrated propulsion system featuring MTU Series 4000 engines by Rolls-Royce. This system will supply both traditional and electric propulsion, a testament to the collaborative efforts between Liberty Lines, Armon shipyard, Rolls-Royce, RINA, and Incat Crowther.

This groundbreaking model of hybrid HSC ferries was recently unveiled at the Interferry annual conference in Hobart, Tasmania, showcasing the culmination of intensive collaboration and cutting-edge technology.