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2024 Newsletter week 31

Aug 02
2

Finnlines: a half-year report with a bright future

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Financial 

H1, 2024 

  • +6% Revenue EUR 358.0 (336.4 in 2023) million. 
  • -7% EBITDA EUR 83.7 (89.6) million. 
  • -42% Result EUR 24.2 (41.9) million. 
  • Interest-bearing debt increased by EUR 76.3 million and was EUR 464.1 (387.8) million at the end of the period. 

Q2, 2024 

  • +13% Revenue EUR 195.8 (173.2 in 2023) million. 
  • +22% EBITDA amounted to EUR 53.6 (44.1) million. 
  • +19% Result for the reporting period EUR 24.2 (20.3) million. 

 Statistical (H1) 

  • Cargo units 400,000 (356,000 in H1, 2023)  
  • Cars 47,000 (86,000) (not including passenger cars) 
  • Tons of non-unitised cargo 658,000 (707,000)  
  • Passengers (*) 409,000 (306,000) (*private passengers and professional drivers) 
  • The number of private passengers has more than doubled on the route between Finland and Sweden via Åland Islands (Naantali–Långnäs– Kapellskär) after the introduction of two new Superstar vessels. 

 Click on the cover to access the report 

Aug 02
2

More new ships for Finnlines?

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Finnlines’ EUR 500 million Green Newbuilding Programme was completed in February this year when Finncanopus entered service. That programme was 3 new RoRo- and 2 new RoPax vessels, all very “green” ships. 

In its half-year report two items caught our attention: 

  1. Small-capacity vessels or ferries without the proper environmental requirements will be sold 
  2. Finnlines is currently evaluating another EUR 400–500 million Green Investment Programme on the Finland–Germany route (Helsinki–Travemünde route).  
Aug 02
2

End of space charter agreement DFDS – P&O Ferries

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DFDS will leave the space charter agreement with P&O Ferries covering the Channel’s Dover-Calais route. 

With P&O Ferries’ recent agreement to enter into an additional and separate space charter agreement with the third ferry operator on Dover-Calais, Irish Ferries, the terms of a continuing space charter arrangement would change. 

The space charter agreement was entered into in May 2021 and will end when the contractual notice period is complete at the end of August 2024. 

Source: DFDS 

Aug 02
2

Moby returns the RoRo vessels ALF POLLAK and MARIA GRAZIA ONORATO to Siem

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Both RoRo ships ALF POLLAK and MARIA GRAZIA ONORATO will be redelivered by the long-time charterer Fratelli Onorato Armatori (Moby) to the owner Siem (Seven Yield Pte Ltd., a company in the SIEM Group).  

 Sources familiar with the matter confirmed to Ferry Shipping News that a legal dispute between the two companies has been closed with an agreement. 

 MARIA GRAZIA ONORATO and ALF POLLAK are to be renamed respectively LONGSTONE and LISMORE. 

 SIEM Ship Management now takes care of the management.  

 Moby subchartered the vessels to DFDS, which is likely to remain the commercial operator of the ships. Currently the vessels operate on the routes between Turkey and France/Italy. 

Aug 02
2

GNV increases the capacity of three RoPax ferries under construction

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GNV Polaris, the first newbuilding under construction in China and scheduled to be delivered before the end of the current year, will be deployed on the routes linking Barcelona and Valencia to Palma de Mallorca and Ibiza. 

Due to the exit of the fire-stricken La Suprema from the fleet, GNV decided to increase the passenger capacity of the other three RoPax ferries ordered from GSI shipyard in China by adding the number of cabins from 250 to 450 (3,000 lane metres garage confirmed). The upgrade will increase the value of the newbuilding programme for all four new ships signed by MSC Group for GNV from EUR 500 to EUR 600 million. 

GNV closed the financial year 2023 with a loss of EUR 155 million. Total revenues reached EUR 600 million while EBITDA was negative for EUR 53 million. 

According to the Genoa-based, MSC-controlled company, the reasons are linked to the high competition in the cargo market, the fire that occurred in January 2023 on the ferry La Suprema (total loss declared in exchange for EUR 85 million from the insurers), bunker costs, and expenses for the Balearic Islands startup plan launched in 2021. 

Aug 02
2

Scilly Ferries service abandoned before launch due to overambitious plans

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Owner Harland & Wolff announced the cessation of Scilly Ferries, including the Atlantic Wolff fast ferry, effective immediately. The decision comes as Harland & Wolff refocuses on its core business activities, following a comprehensive assessment by the company’s new board. 

Harland & Wolff’s Interim Executive Chair, Russell Downs, explained the rationale behind the closure: “We understand that this will be difficult news for those affected directly and for the people of the Isles of Scilly and sincerely apologise for the inconvenience and uncertainty caused. As the company’s new board assesses all aspects of the group’s functions, the ferry operation was identified as being overly ambitious given current circumstances.”  

Scilly Ferries was scheduled to begin sailings from Penzance to the Isles of Scilly on 20 August, following multiple delays.  

Fast ferry Atlantic Wolff will be returned to its manufacturer, Damen. 

Harland & Wolff Marine Services will continue its freight operations. 

Source and photo: Harland & Wolff 

Aug 02
2

CLdN: multimillion-pound investment in Liverpool terminal

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CLdN starts a multimillion-pound investment in its Brocklebank terminal at the Port of Liverpool. These investments are part of CLdN’s plans to increase capacity on its Liverpool-Dublin route.

The infrastructure upgrades at the terminal will improve the use of space and enhance the flow of cargo movements while a new gate set-up, improved drivers’ facilities and a new terminal operating system will increase efficiency and lead to an improved customer experience for dropping off and picking up cargo.

The enhancements to the quayside will also facilitate the use of the terminal by larger, more environmentally friendly ships. 

Source: CLdN 

Aug 02
1

IMAGE CARDS

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This summer, Wasaline’s AURORA BOTNIA was painted with a new tagline: “A masterpiece of co-operation – towards a sustainable world.” 

In an era of environmental challenges, achieving sustainability requires joint efforts from all sectors of society. Wasaline collaborates with various stakeholders, including Wärtsilä, Liquid Wind, and Umeå Energi, to develop environmentally friendly technologies and future fuels. 

Peter Ståhlberg, Managing Director of Wasaline, states, “Co-operation is crucial; no one can tackle future challenges alone. Our partnerships with Vaasa and Umeå are also vital.” 

Source: Wasaline 

Baleària adds a new weekly service to Algeria. The shipping company opens a weekly connection between Alicante and Oran, which reinforces the three current connections between Valencia and Mostaganem.