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2024 Newsletter week 43

Oct 25
2

Tallink Grupp Publishes 2024 Q3 Results

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Q3

  • Passengers:
    Tallink Grupp carried 1,715,496 passengers in Q3 2024, a 3.4% decrease from 1,775,821 in Q3 2023.
  • Trips:
    The company operated 1,840 trips in Q3 2024, an increase of 131 trips compared to 1,709 trips in Q3 2023.
  • Revenue:
    Revenue for Q3 2024 was EUR 231.9 million, a 3.7% decline from EUR 240.7 million in Q3 2023.
  • EBITDA:
    EBITDA for Q3 2024 stood at EUR 68.4 million, down 16.7% from EUR 82.1 million in Q3 2023.
  • Net Profit:
    Q3 2024 net profit was EUR 36.8 million, a 24.4% decrease compared to EUR 48.7 million in Q3 2023.
  • Liquidity Buffer:
    At the end of Q3 2024, the company’s liquidity buffer amounted to EUR 107.6 million, compared to EUR 199 million at the end of Q3 2023.
  • Investments:
    Investments in Q3 2024 were EUR 5.6 million, down from EUR 6.1 million in Q3 2023.
  • Loan Repayments & Dividends:
    The company repaid loans worth EUR 27 million and made dividend payments of EUR 44.6 million in Q3 2024.

First Nine Months (1 January – 30 September 2024):

  • Revenue: EUR 602.3 million, a 6.1% decline from EUR 641.6 million in the same period in 2023.
  • EBITDA: EUR 149.5 million, down from EUR 177.7 million in 2023.
  • Net profit: EUR 45.5 million, down from EUR 76.7 million in 2023.

The financial result of the first 9 months of 2024 was impacted by the following factors:

  • Low consumer and business confidence in the home markets as well as mounting geopolitical tensions.
  • The number of vessels on charter dropped from 5 in the beginning of the year to 3 as at the end of the third quarter.
  • Sale of the cruise vessel Isabelle in the first quarter of 2024.
  • Two vessels in lay-up including the cruise vessel Romantika the charter agreement of which was prematurely terminated in September 2023 and MV Superfast IX (formerly Atlantic Vision) the charter agreement of which ended in May 2024.
  • Payment of dividends in the amount of EUR 44.6 million in the third quarter of 2024.
  • Income tax expense on dividends in the amount of EUR 9.2 million was recorded in the second quarter of 2024. In the third quarter of 2024, income tax on dividends was paid in the amount of EUR 4.9 million (EUR 4.3 million of the dividend tax expense was offset by prepaid income tax).
  • Repayment of long-term loans in the amount of EUR 59.5 million.

CEO’s Outlook (Paavo Nõgene):
Despite challenging market conditions and the fragile economic environment, Tallink Grupp’s third quarter results are strong. With two vessels suspended, the company has still managed to deliver confidence-inspiring results. The company remains lean and aims to reinstate its regular dividend payments in 2025, barring any unforeseen disruptions during the remainder of the year.

For a more detailed report: Tallink Newsroom

Oct 25
2

Brittany Ferries Unveils Hybrid-Powered SAINT-MALO Ahead of 2025 Launch

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Brittany Ferries has taken delivery of its first hybrid-powered ferry, running on LNG and electricity. Chartered by Somabret, a consortium uniting the Brittany Region and its four departments, this vessel is set to enter service in February 2025 on the daily route between Saint-Malo and Portsmouth.

The ferry, built for owner Stena RoRo, now bears the Brittany Ferries logo and is awaiting final administrative steps before flying the French flag.

A significant green revolution is underway for Brittany’s ports. By using LNG instead of marine gas oil, the ferry will significantly cut local emissions. Additionally, CO2 emissions are expected to drop by 20-25%. The optimised hybrid system, coupled with the electrification of the ports, will further decrease overall energy consumption and greenhouse gas emissions, allowing the ferry to operate emission-free while entering and leaving Saint-Malo.

Looking ahead, Brittany Ferries has also trialled the use of bio-LNG on two ships in Santander, Spain. This renewable energy source, derived from organic waste, can reduce CO2 emissions by nearly 100% compared to conventional LNG. The switch to bio-LNG requires no modifications to the ships’ engines and does not compromise their performance, making it a promising solution for the future of green maritime transport.

Before the Saint-Malo ferry begins service on 12 February 2025, several tasks remain. These include port tests, the validation of LNG refuelling procedures, and the installation of IT and commercial systems. Crews will also undergo mandatory training. Additionally, as is tradition with Brittany Ferries, contemporary artists have been commissioned to create approximately 400 artworks that will be displayed throughout the ship.

Oct 25
2

Six Shipyards for Seven New Ferries for the Clyde and Hebrides Network

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The procurement of seven new electric ferries to help support Scottish island communities and improve the resilience of the Clyde and Hebrides network is progressing to Invite to Tender.

The first stage of the competitive tender process assessed shipyards interested in bidding for the contract against specific criteria including facilities, capacities and capabilities to take on the project. The following six yards have been selected to progress to Invite to Tender stage:

  • Asenav S.A. (Chile)
  • Cammell Laird (UK)
  • Cemre Marin Endustri A.S (Türkiye)
  • Damen Offshore & Specialised Vessels. (Multinational)
  • Ferguson Marine (Commercial) Ltd (UK)
  • Remontowa Shipbuilding S.A. (Poland)

Estimated costs for Phase 1 of the Small Vessels Replacement Programme are around £175 million, which includes allowances for the seven vessels as well as port improvements and shore power upgrades.

The tender returns are expected by January 2025, with a view to awarding the contract in March 2025.

Source: Transport Scotland

Oct 25
2

Green Corridor between Port Of Holyhead and Dublin Port Moves One Step Closer Following Funding Boost

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The Green Corridor initiative, a collaboration between the ports of Holyhead and Dublin with ferry operators, Stena Line and Irish Ferries, and supported by the environmental consultancy Ricardo, Maynooth University and EDF, has received £122,303 in grant funding from the International Green Corridor Fund, towards the total project investment.

Source: Stena Line UK

Oct 25
2

Building Permit Granted for Ferry Terminal

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The new passenger terminal and associated passenger bridges of the Ferry Terminal Turku project have been granted a building permit, marking a significant milestone for the project. The permit was issued by the Turku City Building and Permit Committee at their meeting on Thursday, October 10th.

Construction of the terminal is set to begin at the start of 2025, with an estimated completion date in 2027. Tallink Silja will start using the terminal as soon as it is completed, and Viking Line will follow once the work on the second pier is finished in 2027.

Source: Port of Turku

Oct 25
2

Port of Antwerp Bruges: Unaccompanied RoRo on the Rise

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Port of Antwerp Bruges published its results for the first nine months, and what we are particularly interested in are the ferry statistics.

The RoRo ferries operating from Zeebrugge saw an increase of 2.8% in unaccompanied cargo throughput (excluding containers). The 4.1% decline in traffic to and from the UK was offset by substantial growth in throughput to Spain and Portugal (+35.7%), Scandinavia (+16.7%), and Ireland (+2.2%).

Overall RoRo (including the massive amount of PCTC’s) traffic dropped by 5.5%, primarily due to reduced imports rather than increased customer demand, which eased pressure on car terminals.

Transport equipment throughput declined by 13.3%, high & heavy vehicles by 23.5%, trucks by 10.3%, and used cars by 42.6%.

New car shipments, which had surged in 2022 and 2023, decreased by 11.4% in the first three quarters of this year.

Source: Newsroom Port of Antwerp Bruges

Oct 25
2

Tallink Grupp Signs Agreement To Extend Charter Of Vessel Galaxy I To The Netherlands

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Tallink Grupp has announced signing an agreement with Dutch company Slaapschepen Public BV for the extension of the charter contract for its vessel Galaxy I. The vessel has been chartered to the Netherlands since September 2022, and currently provides temporary accommodation for asylum seekers in Amsterdam. According to the new agreement, the charter of the vessel has been extended by another year from October 2024, with the possibility to extend the agreement by a further 6+6 months after that.

In addition to Galaxy I, the company’s vessel Silja Europa is currently also chartered to the Netherlands until the end of 2024, also providing accommodation for asylum seekers in the City of Rotterdam.

Photo Marko Stampehl.

Oct 25
2

RoPax LAMPEDUSA Sold by Siremar (Caronte & Tourist)

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The Sicilian ferry company Caronte & Tourist Isole Minori has just sold the 51-year-old ferry LAMPEDUSA, as confirmed by CEO Lorenzo Matacena to Ferry Shipping News. The ship had already been replaced on the routes operated by Siremar with the ferry Las Palmas, purchased last spring from Trasmediterranea.

LAMPEDUSA has been acquired by a Turkish operator and will continue in service, thus avoiding a dismantling yard.

Built in Italy by Cantiere Navale Orlando, the ferry has a gross tonnage of over 9,000 tonnes, a length of 125 metres, a width of 18 metres, a speed of 15 knots, and a cargo capacity of around 200 cars and 800 passengers. In April 2015, LAMPEDUSA was sold to Traghetti delle Isole, which was taken over by Caronte & Tourist in 2020.

Oct 25
2

ARIES to Leave GNV’s Fleet and Bound for Scrap in Turkey

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Sources familiar with the matter have confirmed to Ferry Shipping News that GNV ARIES is now en route to the port of Piraeus and will subsequently reach a dismantling yard in Turkey, after being sold for scrap by Grandi Navi Veloci.

The Genoa-based, MSC-controlled company has recently taken delivery of the newly built GNV Polaris and, on that occasion, confirmed that it will progressively retire older and underperforming vessels.

GNV Aries was built in 1987 and was purchased by MSC Group as Pride of York from P&O Ferries in 2021. It could accommodate up to 850 passengers and had 2,250 lane metres of space for rolling cargo and cars in its garage. The sale price has not been disclosed.

Oct 25
2

In the Media

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“The Transport Network Must Be Developed Across Europe”

Isabelle Ryckbost, Secretary General of the European Sea Ports Organisation (ESPO), expressed concern over the EU Commission’s potential restructuring of its budget framework, which could shift EU funding control to individual member states. She fears this could undermine a European approach to transport policy, as countries might prioritise local projects, like roads, over critical cross-border infrastructure, such as ports or rail connections.

Despite the EU’s existing guidelines for the trans-European transport network (TEN-T), Ryckbost stresses that coordinated European investment is essential for an integrated transport network, ensuring optimal connections that serve the entire EU, not just individual countries.

While she acknowledges the need to streamline EU programmes, she highlights the importance of the Connecting Europe Facility (CEF), which funds key infrastructure projects. Ryckbost believes this targeted approach must continue to ensure the development of essential transport links, like hinterland connections for major ports, which benefit all of Europe.

Source: DVZ