Revenue record for Color Line in 2022

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  • Revenue NOK 5.8 billion (2.6 billion)
  • EBITDA NOK 1.2 billion (211 million)
  • EBIT NOK 598 million (-386 million)
  • 6 million passengers
  • 190,000 freight units (12-m equivalents)

“It is very gratifying to note that strong demand and high customer values ​​on all our routes have resulted in record sales and a historically good operating result. Despite geopolitical unrest and high energy prices, we experienced a large influx of foreign guests in the winter months, a new record in the important high season and a solid pre-Christmas period,” says CEO Trond Kleivdal.

In 2022, Color Line sold its two oldest ships, COLOR VIKING and COLOR CARRIER.

Operating costs increased because of the energy crisis and the sharp rise in wages and prices in 2022. The shipping company therefore carried out risk-reducing measures in the form of securing fuel and currency, and for 2023 has already secured around 80% of the total fuel requirement.

During 2022, net interest-bearing debt was reduced by NOK 966 million to NOK 4,405 million, while available liquidity at the end of the year was NOK 760 million.

Based on good underlying demand, Color Line expects a result for 2023 in line with 2022.

Photo: Octocopterfilm/Glenn Walmann

New records for Port of Ystad in 2022 – again!

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Port of Ystad has for many years been Sweden’s third largest ferry passenger port and really consolidated its position in 2022.

  • New records for both calls (+1.9%), passenger cars (+6.3%) and passengers (+8.6%) were noted.
  • It is the third year in a row the port’s passenger ferries to Poland and Bornholm are progressing, despite tough times and a protracted pandemic.

“It is of course very gratifying that the port’s investments together with the shipping companies Unity Line, Polferries and Bornholmslinjen are yielding results”, says Björn Boström, CEO of Port of Ystad.

The port opened two new ferry berths in 2021, allowing larger vessels, up to 240 meters length to call the port. The new ferry berths are complementary to the existing ones and the port now has seven ferry berths for passengers, passenger cars, buses and trucks,  one of which is combined also for railway cars.

The new ferry berths also give the opportunity for cruise ships to call. The port is now working for an expansion of the cruise business.

Port of Ystad looks forward with confidence to 2023, among other things, with the arrival of the world’s largest passenger catamaran, the Bornholmslinjens HSC EXPRESS 5, for traffic between Ystad and Bornholm.

Armas reduces its debt with the entry of investment giants into its shareholding

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The shipping company has managed to reduce its liabilities by 526 million euros in a scenario conditioned by rumors of sale

Debt for shares . With this restructuring maneuver , in which giants of the financial and capitalist universe such as JP Morgan, Deutsche Bank, Barings, BlackRock or Cheyne have participated , the Canarian company Naviera Armas has managed to reduce its liabilities by EUR 526 million.

DFDS Q4 and full-year 2022 interim report: significant growth delivered

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  • Q4 revenue increased 17% to DKK 6.5bn driven by the continued recovery in passenger numbers and spending, as well as price increases for freight services to cover rising energy and other costs.
  • Q4 EBITDA before special items increased 18% to DKK 1,084m.
  • The EBITDA for freight ferry and logistics activities increased 5% to DKK 987m driven by higher logistics earnings as the freight ferry result was at the same level as 2021.
  • The Q4 EBITDA for passenger activities in the Channel, Baltic Sea, and Passenger business units increased to DKK 97m from DKK -20m in 2021.
  • The Q4 passenger EBITDA was 66% above 2019, the latest pre-Covid-19 year.
  • For the full-year, EBITDA before special items increased DKK 1,544m or 45% to DKK 4,955m as the freight ferry and logistics result increased DKK 588m and the passenger result increased DKK 955m.

Outlook 2023

The outlook for EBITDA of DKK 4.5-5.0bn before special items includes continued growth but also assumes a European economic slowdown, negative impacts from the war in Ukraine, and overcapacity on the Channel. Revenue is therefore overall expected to remain at the same level as 2022.

Click here for a detailed outlook on page 10 in the full report

“2022 turned out to be the best year financially in DFDS history” Torben Carlsen, CEO

DFDS: Investments are expected to amount to around DKK 1.6bn, excluding acquisitions

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  • No purchases of new or second-hand ferries are expected
  • Dockings and ferry upgrades, including energy efficiency projects: DKK 800m
  • Port terminals and other equipment: DKK 400m
  • Cargo carrying equipment and warehouses, mainly related to Logistics Division: DKK 300m
  • Other investments, including digital: DKK 100m
  • An investment of DKK 1.2bn is expected for the acquisition of McBurney Transport Group

DFDS January volumes: freight in line with expectations

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Ferry – freight

  • Total volumes in January 2023 were 6.0% below 2022. Volumes were 3.7% below 2022 adjusted for Channel that is impacted by a total market decrease and overcapacity.
  • North Sea volumes were above last year due mostly to higher volumes between Sweden and Belgium.
  • Mediterranean volumes were at the same level as last year following closure of the route between Turkey and Spain and transfer of its volumes to the route to France, which reduced volumes somewhat.
  • Channel volumes were below last year following a continued decrease in the total market and a negative impact from the entry of Irish Ferries.
  • Baltic Sea volumes remained negatively impacted by the war in Ukraine.
  • For the last twelve months 2023-22, the total transported freight lane metres decreased 4.3% to 41.6m from 43.4m in 2022-21. The decrease was 1.7% adjusted for Channel.

Ferry – passenger

  • The number of passengers continued to recover and more than tripled to 172k equal to 79% of volumes in January 2019, the latest comparable month pre-Covid-19.
  • The number of cars also equalled 79% of volumes in 2019.
  • For the last twelve months 2023-22, the total number of passengers was 3.9m compared to 0.9m in 2022-21 and 5.1m in 2019.

Ferry operator SeaJets acquire cruise ship COSTA MAGICA

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On February 8, 2023, it was announced that SeaJets of Mr Marios Iliopoulos acquired the cruise ship COSTA MAGICA.

This 4,000-pax cruise ship was built in 2004 and adds significant value to the 5 cruise ships of the SeaJets fleet. The shipping brokerage was Masters Shipping.

The specific acquisition came almost a week after it was announced in the Athens Stock Market that Ration Holding LTD of Mrs Despina Iliopoulou (daughter of Mr Marios Iliopoulos – Seajets) acquired the 5,48% of voting rights in Marfin Investment Group.

Aegean Sea Lines’ ANEMOS arrived in Greece

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On February 5, 2023, Aegean Sea Lines cruise ferry ANEMOS (ex ROSELLA) arrived in Greece after a 12-day journey from Mariehamn.

Ship’s first stop was at the island of Sifnos (her shipowner’s place of origin), where people gave her a warm welcome. Then, the ship visited shortly the island of Serifos and her journey ended up at Perama Repair Zone, where she will undergo a small-scale conversion. She is expected to join the Hellenic Coastal Shipping in the beginning of summer 2023.

Photo: Kostas Papadopoulos

Grendi and Corsica Ferries exploring new synergies in the ro-ro business

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Grendi Trasporti Marittimi, ro-ro shipping company part of Grendi Holding and controlled by the Musso family, made public the results reached in 2022.

Last year the group’s turnover was EUR 88 million thanks also to 83,871 TEU containers (+3%) and 50,506 ro-ro units (+59%) transported between Tuscany (port of Marina di Carrara) and Sardinia (Cagliari and Olbia).

The CEOs Antonio and Costanza Musso confirmed that the ro-ro vessel named ROSA DEI VENTI and operated on the line, will be purchased by Corsica Ferries at the end of the current 5-year time charter in May for a price of EUR 35 million.

The time charter contract will be renewed with Grendi for further 5 years and this is just one of the new synergies the companies are creating.

Antonio Musso specified that “with Corsica Ferries we are exploring new opportunities and potential synergies. They are not active in the ro-ro market and they would like to increase their presence in the Sardinia region which is exactly our core business. We are also talking about potentially increasing freight transport by sea with Corsica”.

Last year Grendi and Corsica Ferries also submitted a joint proposal for operating the subsidized Civitavecchia – Arbatax – Cagliari ro-pax line which was finally awarded to Grimaldi.