Dec 16
Love0

DFDS November volumes: continued mixed picture for freight

By 2022 Newsletter week 50

Ferry – freight:

Total volumes in November 2022 were 12.0% below 2021. Volumes were 3.7% below 2021 adjusted for Channel that is impacted by a considerable total market decrease and overcapacity.

North Sea volumes were lowered by a temporary reduction in ferry capacity and continued supply chain disruptions for some automotive customers. Mediterranean volumes kept on growing in November, while Baltic Sea volumes remained negatively impacted by the war in Ukraine.

For the last twelve months 2022-21, the total transported freight lane metres decreased 2.4% to 42.2m from 43.3m in 2021-20. The decrease was 0.5% adjusted for Channel.

Ferry – passenger:

The number of passengers continued to recover and increased 119% to 179k equal to 80% of volumes in November 2019, the latest comparable month pre-Covid-19. The number of cars equalled 89% of volumes in 2019.

For the last twelve months 2022-21, the total number of passengers was 3.5m compared to 0.9m in 2021-20 and 5.1m in 2019.

Dec 16
Love0

Anek Lines 9-month key financial results and Q3, 2022

By 2022 Newsletter week 50

According to Anek Lines’ latest report on the 9-month and 3rd quarter key financial results that was published on December 9, 2022:

  • In the nine-month period of 2022, there was a significant strengthening of the Group’s traffic figures in relation to the comparable period of the previous fiscal year. However, the surge in fuel prices put an undue burden on operating costs, absorbed the benefit of revenue growth and significantly worsened operating results.
  • EBIT of the Group for the nine months of 2022 amounted to losses of EUR 7.9 million against profits of EUR 4.2 million in 2021 (9-month period). Consolidated EBIT in the Q3 amounted to a profit of EUR 8.6 million compared to EUR 10.3 million in Q3, 2021.
  • A 22% increase in turnover in the nine months of 2022, which amounted to EUR 139.5 million compared to EUR 114.2 million. Accordingly, in Q3 of 2022 the consolidated turnover amounted to EUR 65.3 million against EUR 56.0 million, recording an increase of 16%.
  • Consolidated EBITDA of the Group for the nine months of 2022 appears losses of EUR 0.9 million against profits of EUR 12.4 million in the nine months of 2021. Consolidated EBITDA in Q3 of 2022 amounted to profits of EUR 11.1 million against EUR 13.1 million.
Dec 16
Love0

Marfin: proposal for exchange of the entirety of the company’s bond loans for its participation in Attica

By 2022 Newsletter week 50

MARFIN INVESTMENT GROUP HOLDINGS S.A. announced on 13 December 2022 it received a proposal from the company “STRIX Holdings L.P.”, bondholder – owner of the entirety of the bonds

  • of the common bond loan issued by the Company on 14 May 2021, with an outstanding balance of EUR 282.9 m., and
  • the convertible bond loan issued by the Company on 31 July 2017, with an outstanding balance of EUR 160.8 m.,

for the exchange of the entirety of the bonds owned by STRIX and issued by the Company, for the Company’s total direct and indirect shareholding in “ATTICA HOLDINGS S.A.”, i.e. 22,241,173 shares representing 10.31% in ATTICA’s share capital, directly owned by the Company, and the entirety of the shares of the Company’s wholly owned subsidiary “MIG SHIPPING S.A.”, which owns 149,072,510 shares representing 69.07% in ATTICA’s share capital. The terms of the proposal include a confirmatory legal and financial due diligence in “MIG SHIPPING S.A.”, the approval of any competent competition authority, as required by law, and the granting of an

exclusivity period until 30 July 2023.

The Board of Directors accepted the aforementioned proposal and decided to appoint forthwith a financial advisor that will examine the fairness of the financial terms of the transaction. Any definite agreement will be submitted for approval to the General Meeting of the Company’s Shareholders.

In case of completion of the transaction, the Company will proceed to the cancellation of the entirety of its own bonds to be acquired and as a result, its borrowings amounting to EUR 443,8 m. will be fully and completely repaid.

Dec 16
Love0

Incat: former Tasmanian Premier Peter Gutwein appointed as Strategic Advisor

By 2022 Newsletter week 50

Incat Chairman Robert Clifford announced the appointment of the former Tasmanian Premier Peter Gutwein to the role of Strategic Advisor for the company.

During his period as Premier Peter Gutwein was Tasmanian Minister for Climate Change, hence a perfect candidate to support Incat’s growth in the global ferry market where zero emission is the ideal as International Maritime rules require reductions in CO2 emissions in the world’s fleet.

Incat is poised to revolutionise the world ferry market building lighter, stronger, fully electric zero emission ferries.

Dec 16
Love0

Finnlines will soon welcome foot passengers to its Sweden–Finland route – two departures a day

By 2022 Newsletter week 50

Presently, to board the Finnlines which operates from Kapellskär, north of Stockholm, via Långnäs on the Åland Islands to Naantali, close to Turku in Finland, passengers must have a vehicle (bicycles are allowed as well).

However, when two larger Superstar class ships enter the route as from September 2023, foot passengers can also embark the ship.

Dec 09
Love0

Stena AB’s Q3 Report for 2022

By 2022 Newsletter week 49

For the nine-month period ended 30 September 2022:

  • Consolidated revenue: SEK 38,422 (26,742) million.
  • Consolidated EBITDA: SEK 10,551 (6,116) million. The operational EBITDA was the strongest in the Group’s history.
  • Consolidated EBITDA, excluding net gain/loss on sale of assets, operations and change in fair value of investment properties: SEK 9,561 (5,022) million.
  • Result before taxes: SEK 1,840 (12) million

Ferry operation EBITDA increased significantly compared to last year: SEK  4,189 (2,675) million.

The result is mainly an effect of increased travel and freight volumes as well as improved travel rates compared to last year.

EBITDA from chartering out ropax vessels increased by SEK 227 million to SEK 441 (214) million in the nine-month period ended 30 September 2022 mainly due to the delivery of CÔTE D´OPALE in May 2021 and SALAMANCA in November 2021, offset by vessels sold in 2021.

In October 2022, a contract to sell the ropax vessel CONNEMARA was signed (buyer: Bluebridge Cook Strait Ferries).

Dec 09
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Viking Line to sell ROSELLA as part of its fleet modernization

By 2022 Newsletter week 49

Viking Line has agreed to sell ROSELLA to Greek Aegean Sealines Maritime Co.

The workhorse has served in Viking Line’s fleet since 1980.

ROSELLA will sail under a Greek flag and serve the Aegean Sea.

Viking Line has worked with great focus to modernize its fleet and is evaluating alternative solutions for its short-distance routes between Sweden and Åland.

The sale price is EUR 11,250,000 and will generate an accounting profit of about EUR 8,600,000 during the first quarter of 2023.

The vessel will end its service on January 8, 2023. Delivery will take place during the latter half of January 2023.

Aegean Sea Lines was founded in 2005 as the Aegean Speed Lines operating mainly high speed craft on the Piraeus – Western Cyclades line. In 2006, its shareholders changed and in 2009 they brought the successful Italian build sisters HSC SPEEDRUNNER IΙΙ, SPEEDRUNNER IV on the above line.

In 2016, Aegean Speed Lines sold SPEEDRUNNER IV due to the financial crisis that hit the Hellenic Coastal Shipping as well, while in April 2022 sold its only vessel SPEEDRUNNER III to Seajets but leaving a promise that it will come back!

With the today’s announcement the Aegean Sea Lines makes a dynamic come back on the line that made her great.

Dec 09
Love0

Viking Line chooses Finnish flag for Viking XPRS

By 2022 Newsletter week 49

Viking Line Abp had decided to register its passenger ship Viking XPRS in the Finnish  Register of Ships. The vessel, which began service in 2008, has been registered in Estonia since 2014.

The decision to register the vessel in Finland was made in order to make it easier to recruit staff and enable the company to administer all of its staff without any  intermediaries. The goal is to have the reflagging work completed during the first quarter of 2023.

Viking Line will begin the process of filling all the positions on board Viking XPRS under the Finnish flag with a few exceptions. Employees currently working on board the vessel (about 175 people) and employees from the company’s other vessels that sail under a Finnish flag can submit applications.

Dec 09
Love0

Delivery of MyStar

By 2022 Newsletter week 49

On 7 December 2022, Tallink Superfast Ltd, a subsidiary of AS Tallink Grupp, took delivery of the new fast passenger ferry MyStar from Rauma Marine Constructions.

  • There will be four different travel classes – the standard Star Class, upgraded Comfort Class, exclusive Business Lounge and the novel Platinum Lounge offering even more privacy.
  • There is a 2500 m2 Traveller Superstore shopping area through two decks with modern self-service solutions, and seven restaurants, cafes and bars. A children’s playroom, an area for older kids with gaming equipment, a large winter garden and a kennel for the pets on garage level.
  • The new ship has a service speed of 27 knots and she will operate on the Tallinn-Helsinki route with 6 departures per day in the company’s shuttle vessel schedule in tandem with the company’s other fast ferry Megastar.
  • The cost of the ship is around EUR 250 million and the purchase is financed with a loan of EUR 196,3 million from KfW IPEX-Bank GmbH Ltd., the credit is guaranteed by Finnish Export Credit Agency “Finnvera”. The maturity of the loan is twelve years and bears fixed interest rate.
  • MyStar is co-financed by European Union, the Connecting Europe Facility, Transport – Motorways of the Sea.
  • MyStar will start operating on 13 December 2022.
  • 212m | 2800 passengers | 750 passenger vehicles.
  • Dual-fuel engines LNG MDO
Dec 09
Love0

Short-term charter agreement

By 2022 Newsletter week 49

AS Tallink Grupp and Estonian Social Insurance Board have signed a short-term time-charter agreement ropax ISABELLE.

The vessel will be chartered to the Estonian authorities from 8 December 2022 for six months with extension options (6+1+1).

The vessel will be used to provide temporary accommodation to Ukrainian refugees arriving in Estonia.