May 05
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Annual Report ANEK Lines S.A. 2022

By 2023 Newsletter week 18
  • +24% pax 809,000
  • +2% cars 186,000
  • -14% cargo units 115,000
  • +20% in Group turnover: MEUR0 (MEUR 150.0)
  • +27% in Group cost of sales: MEUR5 (MEUR 133.0)
  • Sharp rise in fuel prices (average increase of more than 80% compared to 2021) burdened excessively operating results, absorbed the benefit from turnover increase and worsened the effort to preserve adequate working capital.
  • The increase in the expenses and the reduction in the Group’s gross profit resulted to the drop of EBITDA to MEUR 0.8 (MEUR 7.0 in 2021), while the Parent company showed losses of MEUR 0.8 versus profits of MEUR 4.1 in the previous year.
  • Net financial cost for the Group for 2022 amounted to MEUR 11.8 (MEUR 10.0), while the results from investing activities formed at profits of MEUR 0.5 against (losses of MEUR 25.7 in 2021). The significant losses from investing activities during 2021 were resulted mostly from impairment of the vessels’ value.
  • As a result of the above, the consolidated net results after taxes for 2022 amounted to losses of MEUR 20.4 (losses of MEUR 40.2 during the previous year), while the net results after taxes and minority interests amounted to losses of MEUR 21.4 (losses of MEUR 41.7). Respectively, net results after taxes for the Parent company for 2022 amounted to losses of MEUR 22.5 (losses of MEUR 43.9).
  • The losses recorded in 2022 continued to deteriorate the Group’s capital adequacy, which was also burdened in 2021 due to extraordinary non-recurring losses and provisions. As a result, the Group’s equity as at 31.12.2022 was negative by MEUR 61.4. Respectively, the capital adequacy as well as the liquidity of the Parent company has also deteriorated significantly, resulting in lack of fulfilling loan obligations as well as in difficulty to fulfil other current liabilities.
  • It is noted that following the agreement between Attica Holdings and the major creditors and shareholders of ANEK, representing 57.70% of the Company’s total capital, it is currently in progress the procedure of merger by absorption of the Company by Attica, according to the decision of ANEK’s Board of Directors dated 26 September 2022. The said agreement is deemed absolutely necessary due to the accumulated issues of the Company. The completion of the transaction is subject to the approval of the competent bodies according to the applicable legislative framework and currently lies at the stage of being examined by the Hellenic Competition Commission.
  • Source: ANEK Investors Centre
May 05
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Cheap SEK seduces Danish holidaymakers

By 2023 Newsletter week 18
  • Stena Line, which operates the two routes Halmstad-Grenå and Gothenburg-Fredrikshamn, reports a positive increase in bookings for the summer. So far this year, the Danish bookings to the Swedish west coast have increased by 29% for the summer. (source: cision in Swedish)
  • Low Swedish krona makes Sweden attractive to Danish vacationers.
  • +37% on Grenå – Halmstad (July)
  • +24% on Fredrikshamn – Gothenburg (July)
May 05
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RFI’s ferry IGINIA back in Genoa for installing auxiliary electric propulsion systems

By 2023 Newsletter week 18
  • IGINIA, delivered last year to Rete Ferroviaria Italiana (RFI) for deployment on the Strait of Messina, is back in the port of Genoa at T. Mariotti and San Giorgio del Porto shipyards.
  • The vessel will be equipped with batteries that are recharged via solar panels or via the shore.
  • The hybridisation of the ferry is part of the fleet renewal for rail and ro-ro transport between Sicily and Calabria. The programme includes hybrid adaptation interventions on two other ships and the construction of shore power infrastructure for recharging.
  • The overall investment of EUR 20 million is financed by the EU Next Gen program (in Italy called PNRR, National Recovery and Resilience Plan).
  • To improve the fast passenger transport service on the Strait of Messina, RFI plans also to purchase three new generation ships with LNG / electric propulsion, with the funding of EUR 60 million from the same PNRR program.
May 05
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Italy’s Government open to non-EU crew members on the local cabotage

By 2023 Newsletter week 18

Last Monday (May 1, 2023), Italy’s Prime Minister Giorgia Meloni’s Government implemented a new labor decree, which includes tax cuts and an article pertaining to maritime transport. Specifically, the law allows shipping companies that operate ro-ro and ro-pax vessels for local cabotage to hire non-EU seafarers for a limited duration of three months. However, this can only be done with an agreement with trade unions.

The new law was proposed by ferry companies due to the shortage of Italian and European seafarers last summer because of Covid-19 related restrictions. It is expected that the same emergency will occur during the upcoming summer season.

May 05
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New line in North Aegean for Seajets

By 2023 Newsletter week 18
  • Seajets announced the opening of a new line in North Aegean for summer 2023.
  • From July 4 to August 31, 2023 HSC CHAMPION JET 1 will connect the port of Thessaloniki with Lemnos and Lesvos islands.
  • The vessel will perform two morning sailings per week (every Tuesday and Thursday) at 7.00, while the return at the port of Thessaloniki will be at 22.00.
May 05
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BLUE STAR CHIOS enters service on the Piraeus-Santorini-Crete-Dodekanissos long run on May 5

By 2023 Newsletter week 18
  • On May 5, 2023, BLUE STAR CHIOS of Blue Star Ferries will be introduced on the Piraeus-Santorini-Anafi-Heraklion (Crete) -Sitia (Crete) -Kasos-Karpathos-Chalki-Rhodos long run.
  • The ferry will serve that line until October 31, 2023.
  • Port of Milos is no longer included.
  • BLUE STAR CHIOS replaced the older PREVELIS, which retired on May 3, after 14 years of continues service on that line.
  • BLUE STAR CHIOS will offer a faster trip to the Islands, due to her significant higher speed as well as her fewer ports of call.
May 05
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Finnlines’ Financial review January–March 2023

By 2023 Newsletter week 18
  • +4% Revenue MEUR 163.1 (157.0 in 2022)
  • +28% EBITDA MEUR 45.5 (35.6)
  • +42% Result MEUR 21.5 (15.1)
  • Interest bearing debt increased by MEUR 21.2 million and was MEUR 352.9 (331.7) at the end of the period.
  • Cargo volumes were on a satisfactory level regardless of the fact that Russian operations were already suspended in Q1 2022 and that there were strikes in ports and on railways in Finland in February. However, Finnlines’ passenger business has fully recovered after more than two years of travel restrictions.
  • Finnlines has further strengthened its liner network on its Belgium-Ireland freight service by adding a second ro-ro vessel, FINNPULP, on the Zeebrugge-Rosslare route in February.
  • A new port, Teesport, was added to the network when P&O Ferries chartered FINNPULP for three days a week.
  • Finnlines is preparing to open a new route between Malmö and Świnoujście.

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