2024 Newsletter week 44

Can electric foiling ferries balance decarbonising the ferry industry with operational success?

Artemis Technologies, a global leader in clean maritime innovation, believes they can. With the world’s first electric foiling ferries the Artemis EF-24 Passenger due to hit the water in 2025 the industry is seeking proof that, not only can the technology help reduce harmful emissions, but adopting this new technology can bring multiple benefits to operators too.

In reality, what does this mean?

Read the full story on our website

Meet Artemis Technologies in Athens at the Ferry Shipping Summit.

First 9 Months

• Sales amounted to EUR 370.6 M (EUR 379.2 M).
• Other operating revenue was EUR 0.8 M (EUR 8.9 M, including the EUR 8.6 M gain on the sale of Rosella).
• Operating income totalled EUR 25.2 M (EUR 52.4 M, including the EUR 8.6 M gain on the sale of Rosella).
• Net financial items were EUR -9.1 M (EUR -8.7 M).
• Income before taxes totalled EUR 16.1 M (EUR 43.7 M, including the EUR 8.6 M gain on the sale of Rosella).
• Income after taxes was EUR 12.4 M (EUR 34.8 M, including the EUR 8.6 M gain on the sale of Rosella).
• Investments mainly in Viking Cinderella and Birka Gotland totalled EUR 18.3 M (EUR 30.3 M).

Unchanged outlook

There is significant uncertainty given the recession under way in Finland, which has a negative impact on customers’ consumption patterns. Other factors contributing to this uncertainty are the current geopolitical situation and its potential impact mostly on energy prices. All in all, as a result the management expects that income before taxes for 2024 will weaken to a level that is worse than in 2023 excluding the EUR 8.6 M gain on the sale of Rosella, which is the same conclusion as for the last report period.

Q3

• Sales amounted to EUR 151.5 M (EUR 152.9 M).
• Other operating revenue was EUR 0.2 M (EUR 0.0 M).
• Operating income totalled EUR 29.4 M (EUR 35.3 M).
• Net financial items were EUR -1.0 M (EUR -1.1 M).
• Income before taxes totalled EUR 28.4 M (EUR 34.2 M).
• Income after taxes was EUR 24.9 M (EUR 27.6 M).

Source: Viking Line

The Board of Directors of Viking Line and CEO Jan Hanses have agreed that, as his retirement will occur in 2026, he will step down from the role of CEO in 2025 and then work as a senior advisor until his retirement in April 2026. The Board will therefore initiate a recruitment process to appoint a successor. Jan Hanses will serve as CEO until his successor takes office and has committed to ensuring a smooth transition to the new CEO in his role as senior advisor.

Source: Viking Line

All-time high operating results.

• Record Operating Results
  • Highest ever cargo units: 140,556 (+7% from last year).
  • Passenger count: 2.42 million (-2% from last year), despite fewer departures.
  • M/S Shipper sold for 4.5 million EUR, profit impact of 3.2 million EUR.
• Financials
  • Sales: 171.7 million EUR, consistent with last year.
  • Operating profit: 20.3 million EUR, second highest recorded.
  • Adjusted operating profit: 17.1 million EUR (+2% from last year).
  • Period result: 14.7 million EUR (+31% from last year).
  • Net debt: -1.1 million EUR (cash exceeds liabilities).
• Route Market Shares
  • Finland-Estonia route: 28% passenger share, 39% cargo share (up from 37%).
  • Åland-Sweden route: Passenger share above 80%.
• Q3 Highlights
  • Highest-ever Q3 passengers: 1.09 million (+2%).
  • Cargo units: 51,488 (+15%).
  • Q3 Sales: 72.2 million EUR.
  • Best-ever Q3 operating profit: 17.6 million EUR (+26%).
• Operational Improvements
  • M/S Finlandia’s fuel consumption down by 9% due to optimised hull and propeller.
• Outlook
  • Stable results expected, but geopolitical risks remain.

Full story on Rederi AB Eckerö

Gotlandsbolaget has officially taken over the Oslo-Frederikshavn-Copenhagen route from DFDS, following a 400 million DKK acquisition, which includes two cruise ferries and more than 800 employees. This strategic investment aligns with Gotlandsbolaget’s expansion in passenger shipping, building on last year’s Birka Gotland acquisition.

CEO Håkan Johansson expressed pride in continuing the route’s legacy, emphasising the focus on enhancing the passenger experience. Planned upgrades will prioritise cabin improvements with a broader review of onboard facilities. While the route will initially operate under the DFDS brand, a new identity and brand launch is anticipated in the coming year.

Full story on Gotlandsbolaget

Last week, Stena held a joint ‘launch’ and ‘keel-laying’ ceremony at the China Merchants Jinling Shipyard, Weihai, celebrating the release of STENA FUTURA into the water for the first time, and the laying of the keel for STENA CONNECTA, which marks the beginning of the build.

Once operational, the vessels will enhance freight capacity by 40% on the Belfast-Heysham route in response to an increase in customer demand for services between Northern Ireland and Great Britain.

The two NewMax hybrid vessels will play a key role in Stena Line’s journey to sustainable fuel as they will both be able to operate on methanol fuel.

They will also be enhanced with built in technologies that will be able to utilise both battery propulsion and shore power, when available.

Stena Line is working closely with methanol suppliers, ensuring future volumes of e-methanol and fulfilling their strategic ambition of shifting to renewable fuels and cutting 30% of its CO₂ emissions by 2030.

Source: Stena Line

A recent ruling by the administrative court in Bastia rejected Corsica Ferries’ request to annul the 2019 maritime service delegation agreements between the Collectivity of Corsica and Corsica Linea.

The court found Corsica Ferries’ offer to be incomplete, which disqualified it from contesting the validity of Corsica Linea’s offer.

Additionally, Corsica Ferries argued that these agreements violated European law, claiming no legitimate public service need existed.

The court disagreed, confirming a genuine need for public maritime transport services for both freight and passengers between Corsica and the mainland.

Photo: Jean-Pierre Fabre

An amendment proposed by MP Michel Castellani has been approved by the French Finance Committee. This amendment aims to increase territorial continuity funding for Corsica, which would help support essential services, infrastructure, and accessibility on the island, enhancing connections between Corsica and mainland France. This funding adjustment of 50 MEUR is seen as a step forward in recognising Corsica’s unique logistical challenges due to its geographical isolation.

This is good news for Corsica Linea and La Méridionale.

In summer 2024, CMA-CGM-owned La Méridionale played a key role in Corsican tourism, transporting 132,000 passengers—a notable increase of 31,000 compared to 2023. Alongside passenger services, the company handled 188 km of freight, reinforcing both regional continuity and economic vitality.

Source: La Méridionale on Linkedin