Mar 10
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Equity fund ownership for Naviera Armas

By 2023 Newsletter week 10

The four private equity funds JP Morgan, Barings, Bain Capital and Cheney Capital were this week preparing to become the new major shareholders of the Naviera Armas group.

After first reducing debt through a conversion of financial exposure into shares and entering capital, El Confidencial revealed that these institutional investors now intend to recapitalise the group by becoming its controlling shareholders.

Once rescued, the next action will be to proceed with the sale of Naviera Armas.  In pole position among the interested parties is Balèaria but the Boluda Group and MSC are also in the running.

Photo: Naviera Armas

Mar 10
Love0

Moby ro-ro sold

By 2023 Newsletter week 10

The 2001-built ro-ro ferry ELIANA MARINO has been sold at auction by Moby Lines for EUR 12.5 million (plus VAT).

The buyer is reported to be the MSC Group.  She will be deployed on routes linking Italian ports to Tunisia and Libya.  ELIANA MARINO will join JOLLY BLUE and JOLLY EXPRESS (formerly VICTORIAN RELIANCE and TASMANIAN ACHIEVER) owned by MSC subsidiary Conglomerate Maritime Ltd and used on the joint venture with Ignazio Messina & C.

The 2,500 lane metre ELIANA MARINO joined Moby in 2016 on bareboat charter, and a contractual purchase option had been recently exercised.   The ship has spent most of the past two years on charter to DFDS then Hansa Destinations.

Mar 10
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Pride of Burgundy sold for recycling with newbuild en route

By 2023 Newsletter week 10

Brokers are reporting that P&O Ferries has sold their 1993 ro-pax PRIDE OF BURGUNDY to Turkish ship recyclers.

The former Dover – Calais ferry has been laid up at Dunkerque East since late 2021.  The vessel was “permanently withdrawn” in 2020 during the height of the Covid pandemic only to have a short-lived return to service the following year.

The ship is expected to end her life at an EU-approved recycling facility at Aliaga in the coming months.  Her sale is reported at the rate of $320 per LDT, a total price of $3.7 million based on her 28,100 GT.

The ship’s age and English Channel focussed design made a sale for further use unlikely.

It remains to be seen what fate awaits the PRIDE OF KENT and PRIDE OF CANTERBURY with the arrival of P&O PIONEER and P&O LIBERTE this year.

Meanwhile, P&O PIONEER departed China on 3 March for her delivery voyage to Europe.  A visit to Singapore waters followed on 8 March and at the time of writing was due at Colombo on 11 March.  P&O Ferries has confirmed that the ship is due to enter service on 1 May.

Mar 10
Love0

New hybrid electric vessel for Norled

By 2023 Newsletter week 10

Norled and Brødrene Aa have entered into a contract for the construction of a new hybrid electric vessel, to be named BRE.

It will be used as a reserve vessel on Norled’s routes from Bodø to Væran and Gildeskål.  On these services she will have a hybridization rate of 70% electric operation.

When not operating on these routes, BRE will operate as a 100% electric sightseeing boat for Brim Explorer.

  • Passengers :  130 with space for luggage, bicycles and kayaks
  • Speed : 30 knots
  • Length : 24 metres
  • Battery : 1.2 MWh
  • Construction : Carbon Fibre

Photo: Brødrene Aa

Mar 10
Love0

Condor Ferries buys Straitsman

By 2023 Newsletter week 10

With significant global interest, it is Condor Ferries that has succeeded in buying the ro-pax STRAITSMAN from Bluebridge Ferries, New Zealand.

As reported last week by FSN, operators including CTMA and CMAL/NorthLink Ferries were also in the running to acquire the ship.

Re-named and upgraded, the 125-metre vessel will enter service between the UK and France and the Channel Islands in the autumn.  Condor has said that the move will bring “greater resilience, capacity and connectivity”.

Condor Ferries has promised an overnight service in both directions from the UK and Channel Islands.  The new vessel will also provide additional passenger capacity in the event of Condor’s fast craft being affected by bad weather.

The larger fleet will also assist with inter-Island frequency and help to develop the growing freight services from France.

Built in 2005, the 400-passenger STRAITSMAN is very close in design to Condor’s existing ro-pax ferry, COMMODORE CLIPPER.  She previously operated in Europe as Bornholm’s DUEODDE.

Photo: Condor Ferries

Mar 03
Love0

Tallink Grupp statistics for February

By 2023 Newsletter week 9
  • +51.3% passengers = 355,796
  • +11.0% passenger vehicles = 50,259
  • -18.7% freight units = 26,784

Variables

  • GALAXY stopped sailing Turku – Stockholm in September 2022 due to a charter contract.
  • SILJA SERENADE and SILJA SYMPHONY didn’t sail on the Helsinki – Stockholm route for 17 days due to annual maintenance.
  • MYSTAR was added to Tallinn – Helsinki route, leading to an increase in sailings.
  • SEA WIND freight ferry was sold in April 2022.  She sailed on the Muuga – Vuosaari route.
  • SILJA EUROPA stopped sailing on the Tallinn – Helsinki route in August 2022 due to a charter contract.
Mar 03
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Finnlines report superb 2022

By 2023 Newsletter week 9

January – December 2022 Finnlines reported (compared to 2021)

  • Revenue amounted to EUR 736.1 million, an increase of 27%
  • Result was EUR 133.3 million (EUR 74.7 million)
  • EBITDA amounted to EUR 221.2 million (EUR 160.3 million)
  • 750,000 freight units
  • 138,000 cars
  • 648,000 passengers (including drivers)

Finnlines describes freight volumes as “fairly good”.  This is despite the Ukraine war, inflation, higher interest rates and soaring energy costs.

The Superstar ro-paxes for the Naantali – Långnäs – Kapellskär route will be delivered this year, FINNSIRIUS in Q3 and FINNCANOPUS in Q4.

Click cover to access results

Mar 03
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Record year for Wasaline

By 2023 Newsletter week 9

Wasaline has reported a record 2022:

  • Operating profit was EUR 3.3 million
  • Revenue up 78.6%
  • Fuel costs increased 55.4% to EUR 5.97 million
  • Labour and benefit costs increased by 37.5%
  • Passenger revenue was up 150.7 % and volumes up 149%
  • Freight revenue up 7.7% and volumes by 4.4%
  • Passenger vehicle numbers increased 126%
  • Departures of AURORA BOTNIA increased 14% to 1,133 sailings
  • Energy consumption reduced by 21% per trip and CO2 emissions by 19.6%
Mar 03
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Ab Eckerö reports much improved performance in 2022

By 2023 Newsletter week 9

Full year 2022 (compared to the full year 2021):

  • 2,624,674 passengers, 93% increase (1,357,442).
  • 159,228 freight units, 4% decrease (165,567)
  • Turnover EUR 185.8 million, 51% increase (EUR 122.9 million)
  • Operating profit EUR 4.1 million (EUR -38.1 million)
  • Overall profit EUR -2.7 million (EUR -30.6 million)

Profits were negatively affected by the high bunker prices arising from the Ukraine War.  The Group was also affected by the cost of living crisis and the weak Swedish krona.

Note – 2021 figures included the writedown of BIRKA STOCKHOLM.