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2025 Newsletter week 04

Jan 28
2

DFDS: 2024 Preliminary Results, 2025 Preliminary Outlook & Financial Ambitions

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Preliminary results for 2024     

  • DFDS’ revenue for 2024 increased 9.0% to DKK 29.8bn which was in line with the latest outlook revenue growth range of 8-10%.
  • The 2024 EBIT was DKK 1.5bn in line with the latest EBIT outlook range of DKK 1.5-1.7bn.
  • The adjusted free cash flow for 2024 was DKK 1.0bn compared to an outlook of around DKK 1.2bn.

Preliminary outlook for 2025

  • DFDS’ EBIT for 2025 is expected to be around DKK 1.0bn.
  • The EBIT expectation includes substantial negative earnings impacts from the changed competitive environment of the Mediterranean ferry network. The addition of the Türkiye & Europe South business area (previously Ekol International Transport) to the Logistics Division will as expected also reduce EBIT in 2025.

DFDS will in 2025 focus on:

  • Adapting Mediterranean ferry operations to the changed competitive environment.
  • Turning Türkiye & Europe South around to breakeven by year-end 2025.
  • Progressing the Logistics turnarounds initiated in 2024.
  • Deleveraging the capital structure will also be a priority in 2025 along with a review of non-core asset ownership.

The annual report for 2024 is set for release on 21 February.

Jan 28
2

Grimaldi Group’s Motorways of the Sea Expand to Another Turkish Port

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Expansion to Gemlik: Grimaldi Group has added the port of Gemlik (Gemport) to its Trieste-Patras-Ambarli RoRo route, with regular calls starting mid-December 2024.

 Significance: Marks an extension of the Motorways of the Sea to the Asian side of Turkey, strengthening connections in the region.

 Route Development:

  • Launched in September 2024 as a direct service between Trieste (Italy) and Ambarli (Turkey).
  • Enhanced in October 2024 with an intermediate stop in Patras (Greece), creating direct Greece-Turkey links and improving Italy-Turkey connectivity
  • Offers access to Bari and Venice in Italy via transshipment in Patras.

Strategic Location: Gemlik, in Turkey’s industrial heartland, serves the textile and automotive sectors, complementing the route’s logistics network.

 Eco-Friendly Fleet:

  • Served by Grimaldi’s eco-friendly vessels, ECO MALTA and ECO MEDITERRANEA, with twice-weekly calls at each port.
  • Plans to add a third vessel due to increasing demand for quality and sustainable transport.

Source: Grimaldi Group

Jan 28
2

Wasaline’s 2024 Performance: Progress and Sustainability Highlights

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Key Developments and Achievements

  • Reduction in Carbon Footprint:
    • Total carbon dioxide emissions reduced by 5% in 2024.
    • Increased use of green shore power by 22%, saving 1,800 tons of CO₂.
  • Operational Performance:
    • Cargo volumes increased by 6% in tonnage and 3.2% in length metres.
    • Passenger numbers and vehicles decreased by 9%, while buses saw a 1.3% decline.
    • Revenue dropped by 3.7%, but overall results remained stable.
  • Market Share Gains:
    • Maintained market share in passenger traffic.
    • Passenger vehicle and bus market share increased, with a 50% growth in the bus segment.
  • Intermodal and Carbon-Neutral Transport:
    • Launched intermodal transport from Umeå to southern Sweden and Europe, minimising emissions.
    • Introduced carbon-neutral transport options for passengers and cargo, with climate compensation allocated to biofuel or battery resources.
  • Commitment to Carbon Neutrality:
    • Targeting full carbon neutrality by 2030.
    • Hybrid vessel AURORA BOTNIA uses LNG, biogas, and batteries, operating on electricity in port areas with green shore power.

Outlook

  • Positive booking trends indicate an economic turnaround for both passengers and cargo.
Jan 28
2

Stena RoRo Expands Fleet with the Addition of STENA SHIPPER

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Stena RoRo has announced the acquisition of the RoRo vessel GIUSEPPE LUCCHESI, now renamed STENA SHIPPER, as part of its fleet expansion strategy.

  • Seller: CIN (Compagnia Italiana di Navigazione SpA), part of Moby Lines SpA.
  • Built in 2012 at the Odense Yard
  • Danish flag
  • Comes with an existing contract for service on the Rades–Marseille route in partnership with Cotunav.
  • Length: 193 metres
  • Cargo Capacity: 3,663 linear metres across four decks
  • Speed: 21 knots
Jan 28
2

One More Route Between Spain and Algeria

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Baleària launched a new RoPax ferry route from the port of Barcelona to Algiers, which is the company’s first international line from the port of the Catalan capital.

The company currently offers four routes to Algeria:

  • Barcelona-Algiers
  • Valencia-Algiers
  • Valencia-Oran
  • Valencia-Mostaganem

Baleària has been operating on Algeria since 2016, when it opened its first Valencia-Mostaganem route. Last October, it began operating between Valencia and Algiers, and in December between Valencia and Oran.

The Algerian routes become highly competitive with several European ferry companies offering services, against a weakened state-owned Algérie Ferries.

Source: Baleària

Jan 28
2

Smyrna Di Levante on the Kyllini – Zakynthos Route

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Levante Ferries’ RoPax SMYRNA DI LEVANTE is set to temporarily replace her fleetmate MARE DI LEVANTE on the Kyllini – Zakynthos route starting January 21, during the latter’s annual maintenance. SMYRNA DI LEVANTE is the largest ferry ever to serve this specific route.

The ferry is also planned to operate on the Kyllini-Zakynthos-Poros (Kefalonia) route next summer, marking a significant expansion of the company’s fleet and bringing new opportunities to the port of Zakynthos.

Photo: Kostas Papadopoulos

Jan 28
2

List and Price of Vessels Sold by Moby in 2024

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The latest financial report (2023), published by Moby this week, includes a complete and detailed list of vessels sold or disposed of by the Onorato-controlled company in the last 12 months:

  • RoRo ship PIETRO MANUNTA sold to Salem Al Makrani Cargo of Dubai for €7.7 million.
  • RoPax vessel MOBY VINCENT sold to Ship Recycling Investments Inc. for final scrapping at the SOK Denizcilik and Ticaret Limited Sti shipyard in Turkey for $2.2 million.
  • Ferry BASTIA sold to Alilauro Gruson for €854,000.
  • RoPax MOBY CORSE sold to Ferry Med Srl for €6.2 million.
  • Ferry MOBY ALE sold to Ship Recycling Investments Inc. for €873,000.

After completing its financial restructuring and debt settlement a year ago, Moby has filed its 2023 financial report, showing its first profit in years. The company reported a net profit of €371 million, largely due to debt write-offs of about €285 million from the settlement process concluded in January 2024.

Revenues grew to €242 million in 2023 (up from €211 million in 2022), and EBITDA turned positive at nearly €8 million, recovering from a €26 million loss the previous year.

(Source: Shipping Italy)

Jan 28
2

Tallink Grupp’s Ropax STAR Returns To Estonia And Starts Service On Paldiski-Kapellskär Route From 9 February 2025

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  • STAR, which is returning to Estonia from long term charter to Irish Ferries, starts operating on the Paldiski-Kapellskär route from Sunday, 9 February 2025.
  • Due to port service restrictions, only freight and car passengers.
  • The vessel will operate on an intensified schedule, alternating in the opposite direction to the schedule of the company’s cruise ferry BALTIC QUEEN, which sails between Tallinn and Stockholm. This ensures that ferry travel between Estonia and Sweden is again possible almost daily.
  • Before returning to regular service on the Paldiski-Kapellskär route, STAR will undergo the necessary renewal and preparatory work in dry dock at Naantali, Finland.
  • Will replace the vessels SAILOR and REGAL STAR, which previously operated on the route and will now remain on standby for future company decisions.
Jan 28
2

PORTS

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Ferry Terminal Turku: Passenger Terminal Constructor Chosen, Contract Signed

 Port of Turku Ltd and Skanska have signed a contract for the construction of the Ferry Terminal Turku passenger terminal.

  • The construction starts January 2025, completion end of 2026.
  • The main facade materials of the passenger terminal, named ORIGAMI, will be glass and aluminium. The three-story complex will cover over 10,000 square meters.
  • The project aims to achieve three stars in the environmental classification.

Source: Port of Turku

Jan 28
2

Port of Kiel Records a Satisfactory Result in Challenging Times

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With 7.6 million tonnes of cargo (-3.8%) and 2.7 million cruise and ferry passengers (-5%) handled, the port is only slightly behind the record results of the previous year.

While volumes on the Scandinavian ferry routes declined, freight volumes to the Baltic region and the Swedish paper business experienced significant growth.

As a consequence of the current economic slowdown in Scandinavia and Germany, volumes fell both on the route to Gothenburg (total cargo 1.97 million tonnes) and to Oslo (total cargo 774,000 tonnes).

The development is different at the Ostuferhafen, which accounts for almost half of the total throughput at the port of Kiel with 3.6 million tonnes handled.

The Baltic route experienced positive growth for the second year in a row and closed with 2.74 million tonnes (+4.5 %). The paper business also developed strongly, particularly at the beginning of the year, and closed with significant growth (total result 744,000 tonnes, + 10 percent).

Intermodal transport in the port of Kiel continued to suffer from the railway infrastructure in need of renovation and the constantly rising track prices in 2024, falling to 13,000 units.

An extension to the existing shore power system is currently under construction at the Ostseekai, one of Kiel’s two large cruise terminals. The port is also planning further investment projects, including the expansion of the port area, additional photovoltaic systems and e-charging stations for cars and lorries.

In total, the Port of Kiel plans to invest 70 million euros over the next five years.

More information: Port of Kiel