Better results for Viking Line in 2021

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January– December 2021 (compared to January–December 2020)

  • Sales amounted to EUR 258.2 million (EUR 188.8 million)
  • Other operating revenue was EUR 46.8 million (EUR 26.9 million)
  • Operating income totalled EUR 32.1 million (EUR -49.3 million)
  • Net financial items were EUR -3.8 million (EUR -3.6 million)
  • Income before taxes amounted to EUR 28.3 million (EUR -52.9 million)
  • Income after taxes totalled EUR 24.4 million (EUR -42.3 million)

Outlook for the financial year 2022

  • The COVID-19 pandemic continues to have an impact on Viking Line’s results. Uncertainty about regulatory requirements, aid, the effects of vaccination programmes and thus related limitations for passenger traffic, and market demand will affect Viking Line’s operations, results and financial position in 2022 as well.
  • In 2021, a number of fixed assets were sold, which led to a strengthening of the company’s liquidity and had a positive effect on income. Viking Line does not foresee similar asset sales in 2022.
  • Taking into account the non-recurring nature of the items mentioned above, the uncertainty about the course of the pandemic – which so far has had a significant negative impact on the first quarter – and more stringent regulatory requirements and the current geopolitical situation, it is still too soon to quantify the impact on results so no earnings forecast for 2022 has been provided.

BC Ferries Q3: ferry traffic continues to recover from the impact of the pandemic

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Q3 2021

2 million vehicles = +26% (compared to Q3 2020) = -2% (compared to Q3 2019)

4.1 million pax = +43% (compared to Q3 2020) = -14% (compared to Q3 2019)

Year-to-date

6.7 million vehicles = +26%

14.2 million passengers = 34%

Q3 ending December 31, 2021 in CAD

Net loss -1.6 million (98.5 million) primarily as a result of the timing of recognition of ‘Safe Restart Funding’

Revenue 222.2 million (311.9 million)

Without the recognition of ‘Safe Restart Funding’ in both periods, revenues would have been 203.0 million, an increase of $45.9 million compared to the same period in the prior year.

Operating expenses were 209.5 million (199.0 million). This increase is due mainly to providing more round trips and higher fuel prices.

Year-to-date since April 1, 2021, net earnings were $83.0 million compared to $74.3 million in the same period in the prior year primarily as a result of higher traffic volumes and net retail sales, partially offset by lower ‘Safe Restart Funding’ applied to the current year and higher operating expenses.

Michalis Sakellis: The shipping companies paid more than EUR 130 million in additional fuel in 2021

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During the Annual General Assembly of the Association of Passenger Shipping Companies (SEEN), for the report of 2021, the Chairman Mr. Michalis Sakellis pointed out the following:

  • The year 2021 was particularly difficult period with two serious problems that concern SEEN and have to be addressed, the pandemic and the fuel.
  • The passenger traffic in 2021 was increased compared to 2020 but decreased by 40% compared to 2019.
  • In terms of vehicles, the reduction ranged from 15% to -20%, while the truck traffic appeared a relative stability and is reduced by 5% -10%, compared to 2019.
  • On the Adriatic service there was also a significant improvement compared to 2020. However, the traffic remained low compared to 2019, appearing a reduction of 35% in passengers and 28% in cars, while there is an increase in the truck traffic by 10%.
  • In 2021, it is estimated that the ferry companies (members of the SEEN), were burdened with EUR 130 million due to the increase in fuel costs by 45%.
  • The lines that SEEN ships serve must be serviced all around the year, while even when they are out of service the costs remain high at 40-45% of the total operational costs.
  • The prospects for 2022 are positive and the bookings, including hotels, appear significantly increased. That is a positive development for tourism in 2022, while it is certain that there will affect positively the annual traffic.
  • SEEN’s goal remains to reach the traffic figures of 2019, on an annual basis, something that will not probably happen in 2022.
  • Another serious issue that is of particular concern to SEEN for the coming years is the environment and the measures that have already been decided for the reduction of the pollutants and energy footprint which will be implemented gradually from 2023, with peak in 2030 when CO2 emissions must be reduced by 55% compared to 1990 or 2050 with zero emissions.
  • An additional serious issue is the renewal of the Greek Ferry Fleet, which is being discussed from 2018 but without final solutions. In 2035, out of the 107 ferries that are currently serve on the Hellenic Coastal Lines, 52 will be older than 40 years, while 20 of them will be older than 50 years.
  • In the international market, the availability of ferries suitable for the Greek Ferry Scene Shipping is limited, while there are no ships available that meet the environmental requirements. Furthermore, the construction of newbuilding ferries is time consuming and the cost extremely high in relation to the expected overall traffic which is characterized by high seasonality.

“In 2035, out of the 107 ferries that are currently serve on the Hellenic Coastal Lines, 52 will be older than 40 years, while 20 of them will be older than 50 years.

Michalis Sakellis

New board of directors for SEEN

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On Tuesday, February 22, 2022, the General Assembly of SEEN was held and the nominations for the election of a new Board of Directors with a three-year term took place. At the first meeting of the Board of Directors on February 23, 2022, it was formed in a House and the positions were distributed to the new members as follows:

  • Chairman : Spyridon Paschalis
  • Vice President of Coastal Shipping : Efstratios Apergis
  • Vice President of International Voyages : Spyridon Protopapadakis
  • Vice President of Cruise: Antonios Gelasakis
  • General Secretary : Theologos Panagiotakis
  • Treasurer : Dionysios Theodoratos

Following a proposal by Mr. Paschalis, the new Board of Directors awarded Mr. Michalis Sakellis the title of Honorary President of SEEN.

EUROFERRY OLYMPIA is towed to the safe port of Astakos

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Wednesday 23 Feb 2022 – The Hellenic Fire Service requested the transfer of EUROFERRY OLYMPIA at the safe port of Astakos (Etoloakarnania), in order for the Special Forces (EMAK) to continue smoothly their operations with the maximum possible security.

According to the recent official press release from the Hellenic Ministry of Shipping, the Fire Brigade informed that the operational possibilities of search and rescue on the burning ship in her current position have been completed. The ship is currently in the sea area of ​​Kassiopi north of Corfu. The Ministry of Shipping contactedthe company that has taken over the management of the ship for the appropriate safety actions, in order to move her to the port of Platygiali, in Astakos (Etoloakarnania).

The fire on Grimaldi’s EUROFERRY OLYMPIA broke out on the third garage deck on February 18 in the sea area northeast of Ereikoussa during her scheduled trip from Igoumenitsa to Brindisi.

EUROFERRY OLYMPIA will be replaced on the Igoumenitsa-Brindisi line by FINNCLIPPER (Finnlines).

More time for Moby and CIN

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Moby S.p.A.” announced on February 15, 2022, that the Court of Milan has granted to the Company and to its subsidiary, CIN S.p.A., a deferral of the meeting of creditors, as result of a filing to the Court, last January 19, of the new continuity Plan.

The new meeting dates have been set for 20th and 27th June 2022, respectively for Moby and CIN, setting the date for 31 March 2022 as a deadline for filing, inter alia, the agreement with Tirrenia di Navigazione SpA in Amministrazione Straordinaria, which represents the main CIN creditor, missing from the consent to the restructuring plan, which has seen the two Companies overcome the difficulties of the pandemic repositioning itself as a leader in the reference markets.

(Message by Moby’s investor relations communication)

Tender launched for a new ropax ship to be built for the Sicily Region

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Sicily Region has just officially launched a tender for finding shipyards interested in building a first new ropax vessel to be deployed on the routes to and from Lampedusa and Pantelleria islands.

A first tender launched last year failed at finding interested parties for building two units.

Tender price has now been increased to EUR 100 million  for one vessel (of which 4.5 million are a fixed value related to safety equipment), while last year the same contract was worth EUR 130 million for two units.

Offers must be submitted before March 22nd.

Maritime continuity ‘for sale’ from Civitavecchia to Arbatax and Cagliari

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Italy’s transport ministry has just launched a dedicated tender for the next cycle of maritime continuity between Italy mainland and the Sardinia island regarding specifically the route linking the ports of Civitavecchia, Arbatax and Cagliari.

The tender is for a regular link to be served for 12 months with one ro-pax ship aged less than 30 years and capable of transporting no less than 600 passengers and 820 lane metres ro-ro cargo.

Tender price is EUR 13 million while the deadline for submitting the offers is February 28th.

Since last September and for six months (expiring at on March 22nd) the same service is operated by Grimaldi Group (EUR 6 million).

UK economic boost expected as Portsmouth showcases sustainable port masterplan

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Portsmouth International Port is looking beyond its boundary as  it sets out an ‘ambitious sustainable future’ following the launch of its 20-year Masterplan on Wednesday 16 February, which is expected to generate £739m in ten years.

As a result the port has developed a Masterplan that will focus on:

  • expansion of port land to cater for increase in unaccompanied freight
  • extension of berth to cater for ships up to 300m
  • creation of out-of-city pre gate and storage facilities
  • smart technology to manage cargo and passenger flow
  • sustainable infrastructure to manage alternative power demands
  • achieve net zero by 2030
  • facilitate a new electric ferry service
  • upgrade facilities at international cargo terminal Portico
  • new Border Control Post

Arm wrestling between Collectivity and Corsica Ferries continues

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At the end of September, the Collectivité de Corse (CDC) was definitively ordered by the Council of State to pay 86.3 million euros to Corsica Ferries in compensation for the damage related to the ‘illegal subsidy’ of its competitor, the former SNCM between 2007 and 2013.

February 10, 2022, was the deadline to settle the entire amount and its interest.

After a long legal battle, condemnation of the CDC, and lobbying, the French State announced that it would grant 50 million euros to the CDC, to help to pay its fine.

Now a procedure has been started by the prefecture for the remaining sum due to Corsica Ferries for an amount of 9.2 million euros (the interests).