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2026 Newsletter week 15

Apr 10
Love3

ICG Delivers Strong Growth Across All Key Metrics

By 2026 Newsletter week 15

Irish Continental Group reported a robust 2025 financial performance, driven by freight demand, pricing discipline, and high asset utilisation.

Key Financials (2025 vs 2024)

  • Revenue: €666.7m (+10.4%)
  • EBITDA: €150.6m (+12.8%)
  • Operating Profit: €85.6m (+23.9%)
  • Profit Before Tax: €77.5m
  • EPS: 46.6c (+28.4%)

Cash & Balance Sheet

  • Operating cash flow: €162.2m
  • Capex: €102.0m (incl. fleet investment)
  • Net debt: €256.1m (1.0x EBITDA)
  • Shareholder returns: €123.2m
    • Dividends: €25.5m
    • Buybacks: €97.7m

Operational & Cost Dynamics

  • Revenue growth supported by:
    • Higher freight volumes
    • Improved pricing
    • Strong asset utilisation
  • Cost pressures included:
    • Crew and port inflation
    • EU ETS carbon costs (now structural)
    • Fuel cost volatility (partially offset via surcharges)

Strategic Highlights

  • Transition to full fleet ownership completed (purchase of JAMES JOYCE)
  • Continued investment in terminals and fleet upgrades
  • Strong performance across both divisions:
    • Ferries
    • Container & Terminals

Returns & Efficiency

  • ROACE: 18.9% (up from 16.9%)
  • Continued disciplined capital allocation and strong cash conversion

Source: https://icg.ie/investors/reports-and-presentations/

Apr 10
Love3

Gotlandsbolaget to Acquire Minority Stake in Nordic Ferry Infrastructure

By 2026 Newsletter week 15

Gotlandsbolaget, together with Interogo Infrastructure and Lægernes Pension, has agreed to acquire a 30% stake in Nordic Ferry Infrastructure (NFI) for approximately €510 million (≈ SEK 6 billion). The investment is made via newly established NP HoldCo AS.

EQT Infrastructure V remains majority owner with 70%. The transaction is subject to regulatory approval and is expected to close in Q3 2026.

Structure and financing:

  • Gotlandsbolaget holds 54% of NP HoldCo and is its largest shareholder
  • Investment financed with own funds
  • NP HoldCo becomes a subsidiary of Gotlandsbolaget

About NFI:

  • Operates via Torghatten and Molslinjen
  • 59 routes, 101 vessels
  • 25 million passengers annually
  • 3,200 employees
  • 2024 revenue: NOK 9.0 billion, EBITDA margin: 31%

The investment aligns with Gotlandsbolaget’s strategy to expand in sustainable maritime infrastructure and build long-term partnerships in the Nordic ferry market. The transaction does not affect its operational activities.

Apr 10
Love3

PPA Reports Higher Revenue and EBITDA for FY 2025, Maintains Stable Dividend

By 2026 Newsletter week 15

Piraeus Port Authority (PPA S.A.) reported record revenue and EBITDA for FY 2025, with solid performance across key segments.

Financial highlights:

  • Revenue: €250.8 million (+8.6%, +€19.9 million vs 2024)
  • EBITDA: €132.3 million (+2.2%)
  • Net profit: €86.2 million (–1.5%)
  • Cash position: €149.8 million (as of 31 December 2025)

The company proposes a dividend of €1.896 per share, broadly in line with €1.92 in 2024. PPA maintains a payout ratio of 55% of net profit.

Segment performance:

  • Cruise: Passenger traffic and revenue reached a new all-time high (+24.8%), reinforcing Piraeus as a leading Eastern Mediterranean hub.
  • Car terminal: Revenue decreased by 5.4%, reflecting extraordinary storage revenues recorded in 2024. Transhipment volumes increased by 17.6%.
  • Container terminals: Showed resilience, with Pier I revenue up 17.0% (reaching profitability) and Piers II & III up 10.8%, despite lower throughput and ongoing Red Sea-related disruptions.
  • Ferry sector: Revenue decreased by 28.4%, following reduced port fees from May 2025 at the request of the Ministry of Maritime Affairs and Insular Policy. Passenger and vehicle volumes increased, confirming Piraeus’ key role in domestic connectivity.

Overall, the results highlight PPA’s resilience amid ongoing geopolitical and market challenges.

Source: https://www.olp.gr/en/news/press-releases/item/15309-ppa-s-a-financial-results-for-fiscal-year-2025-further-increase-in-revenue-and-ebitda-stable-dividend-policy

Apr 10
Love3

Boreal Orders 20 Electric Hydrofoil Vessels from Candela

By 2026 Newsletter week 15

Norwegian operator Boreal AS has ordered 20 Candela P-12 electric hydrofoil vessels, marking the largest electric high-speed passenger fleet announced to date.

  • The vessels are designed for Norway’s fjord network, where high-speed ferries (“hurtigbåtar”) are essential for daily transport.
  • The Candela P-12 delivers 25 knots and ~40 nm range, enabling electric operation on routes traditionally served by diesel fast ferries.
  • Deliveries:
    • First units in 2027
    • Fleet rollout continues through 2028–2030

Technology & Operations

  • Hydrofoils lift the vessel above water, reducing drag and cutting energy use by ~80%.
  • Charging time ~1 hour using standard DC fast chargers—no need for heavy port infrastructure.
  • Low noise levels (~64 dB) and active ride control improve passenger comfort and reduce seasickness.

Strategic Significance

  • Addresses a key challenge: electrifying high-speed coastal transport.
  • Supports higher frequency and faster journeys in fjord regions.
  • Reinforces Norway’s role as a front-runner in maritime electrification.
Apr 10
Love3

Echandia To Supply Battery System for GOTLAND HORIZON X

By 2026 Newsletter week 15
  • Sweden’s Echandia will deliver a 780 kWh battery system for GOTLAND HORIZON X, a new hybrid high-speed catamaran for Gotlandsbolaget.
  • The vessel, to be built by Austal Limited, is scheduled for delivery in mid-2028.
  • Capacity: 1,500 passengers and 400 cars; service speed 29 knots (Visby–Nynäshamn in just over 3 hours).
  • The battery system is designed for a 20-year lifespan, supporting hybrid functions such as peak shaving and load levelling.
Apr 10
Love3

Seajets’ RoRo CABO at Perama Drydock

By 2026 Newsletter week 15

Seajets’ latest acquisition, CABO (ex CABO STAR, ANTARES, FINNFOREST), entered PIRAEUS III dry dock in the Perama repair zone on 30 March 2026.

The vessel is undergoing maintenance and preparations for her introduction into Hellenic coastal shipping. She is expected to remain in dry dock until 15 April.

Seajets acquired the vessel from Bridgemans Services Group (Canada) in January 2026.

Built in Gdansk (Poland) in 1988 for Fincarriers, CABO has a capacity of:

  • 130 passengers
  • 2,500 lane metres (approx. 130 trailers)

Photo: Kostas Papadopoulos

Apr 10
Love3

HSC TERA JET 3 Arrives in Greece

By 2026 Newsletter week 15

On 7 April 2026, Seajets’ HSC TERA JET 3 (ex NATCHAN WORLD) arrived at the port of Piraeus and proceeded to Spanopoulos facilities.

The vessel was sold in January 2026 and delivered after 15 February.

HSC TERA JET 3 is a sister ship to HSC TERA JET 2 (ex NATCHAN RERA, 2007), which was also acquired by Seajets in January 2024.

Built in Tasmania (Australia) by Incat in 2008, the vessel has a capacity of:

  • 800 passengers
  • 355 cars

Service speed is 40 knots.

Photo: Petros Psarras

Apr 10
Love3

Finnlines Marks Two Years Malmö–Świnoujście Route with 200,000 Passengers

By 2026 Newsletter week 15

Since launching the Malmö–Świnoujście route on 10 April 2024, Finnlines has transported over 200,000 passengers and drivers.

To mark the two-year milestone, the company will add an extra Saturday evening departure from Malmö on 18 and 25 April, offering two departures on those dates.

Finnlines reports steadily growing demand for the route, which connects southern Sweden and the Copenhagen area with northern Poland and onward access to Germany.

War Impact: Fuel Prices Affect Baltic Operations, Disrupt Corsican Traffic

  • Baltic: Rising fuel prices linked to the Iran war are forcing operators to adapt. Viking Line is reducing speed on Helsinki–Stockholm services from 13 April, with earlier departures and later arrivals to optimise fuel consumption. Tallink Silja has also adjusted schedules on the same route from 1 April.
  • Corsica: Corsican ports were blocked by fishermen from 7 April due to fuel price increases, halting all ferry traffic. The blockade was lifted on 9 April ahead of the holiday period.
Apr 10
Love3

RINA and Hanwha Sign Agreement to Promote Battery-Hybrid Propulsion

By 2026 Newsletter week 15

RINA and Hanwha Group have signed a Memorandum of Understanding to promote advanced battery-hybrid propulsion systems in the maritime sector, with a focus on RoRo ferries.

The collaboration aims to accelerate the shift to low-emission vessels by deploying innovative technologies. These enable the transition from conventional internal combustion systems to hybrid battery solutions, both for newbuilds and retrofits.

Key roles:

  • Hanwha Power Systems will act as lead integrator, overseeing ship design and system interface development.
  • It will combine:
    • Hanwha Aerospace’s marine Energy Storage System (ESS)
    • Hanwha Engine’s propulsion technologies
  • The goal is to deliver an advanced battery-hybrid propulsion vessel.
  • Hanwha Aerospace will enhance safety and reliability by applying aerospace energy technologies to marine ESS.
  • Hanwha Engine will use its expertise in medium-speed engines to optimise propulsion, improving fuel efficiency and reducing carbon emissions.
  • RINA will:
    • Verify regulatory compliance and technical integrity
    • Provide classification and statutory certification
    • Support market analysis in the ferry segment, drawing on its sector experience