Apr 14
Love4

Virtu Ferries signed a LOI for a new Foil 40 electric ropax hydrofoil with Seachange

By 2022 Newsletter week 15

Virtu Ferries confirmed to Ferry Shipping News to have signed a Letter of Intent with Seachange for their Foil 40 electric ropax hydrofoil with plans to start operating the vessel between both Valletta (Malta) and Pozzallo (Italy), and between Valletta and Gozo.

Manufactured from carbon composite, the fully electric Foil 40 by Seachange will be the first hydrofoil capable of carrying both passengers and vehicles. The 40-meter vessel with a capacity for 250 passengers and 200 lane metres for vehicles and freight, will sail at a speed of 45 knots.

The first Foil 40 vessel is expected to be in service by 2025.

With 6m long struts lifting the hulls out of the water, and advanced control algorithms, the Foil 40 will allow for sailings in sea conditions with a swell of up to five meters, offering great seakeeping and a smooth ride.

A prototype 24m version of the Foil 40, which is already under construction, is set to start o operation in 2023 on the Cook Strait between the North and South Islands of New Zealand.

Apr 14
Love4

Second tender by Sicily Region with no participants for a new ropax ferry

By 2022 Newsletter week 15

Sicily Region has received no offers following the tender officially launched some weeks ago 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 already failed at finding interested parties for building two units.

Tender price had 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.

As a consequence, the plan of the Sicily Region to have a first unit ready for deployment before the summer season 2024 will have to be reviewed.

Apr 14
Love4

Levante Ferries revealed SMYRNA DI LEVANTE’s new profile

By 2022 Newsletter week 15

Levante Ferries recently revealed SMYRNA DI LEVANTE’s (former KOPERNIK/1977) modern profile. The ferry was purchased in April 2019 and is currently undergoing a complete overhaul, a major technological upgrade, as well as a complete remodeling and renovation of her interiors (see our presentation).

She will be introduced soon on the Thessaloniki-Izmir line, offering the well-known quality service and safety standards of Levante Ferries.

Apr 14
Love7

Official start of Holland Norway Lines

By 2022 Newsletter week 15

Holland Norway Lines officially kicked off the first departure of ROMANTIKA to Kristiansand and the opening of the new terminal in Eemshaven on Thursday April 7.

The kick-off was attended by, among others, King’s Commissioner René Paas, mayor of the Hogeland Henk Jan Bolding and Cas König of Groningen.

Holland Norway Lines is a local start-up with a Groningen signature. It invests in good and long-term partnerships with involved parties such as the municipality and province, administrators, Groningen Seaports, customs etc.

In addition, the organization strives to collaborate as much as possible with local parties, suppliers and staff from the region. For example, HNL works together with MF Shipping Group from Farmsum, Columbia Signature GmbH from Hamburg, M+ Kassa from Leeuwarden, Broekman Agency Eemshaven, Kollektiv Media & PR from Groningen and students from regional schools.

The cruise-ferry service has ambitious plans. For example, it wants to work towards two ships that will sail emission-free in 2026-2027.

Rendering: C-Job

Apr 07
Love4

Attica Group results 2021 shows the beginning of the gradual normalisation of operations

By 2022 Newsletter week 14

Attica group 2021 results (in EUR)

  • 20% revenue increase, in total 347.91 mln (290.40 mln in 2020)
  • 4% EBITDA increas, in total 41.96 mln (40.39 mln in 2020)
  • Significant reduction in consolidated losses after tax: losses of 13.19 mln (losses of 49.42 mln in 2020)

Attica Group’s turnover continued to be adversely affected, for the second consecutive year, by the COVID -19 pandemic and the restrictions on the movement of passengers and vehicles, as well as by the imposition of a reduced passenger capacity protocol on board of the vessels.

Traffic volumes in 2021 are lower than those recorded in the pre-COVID-19 period, and in particular as compared to year 2019. However, despite the restrictive measures imposed on passenger traffic, especially during the first four months of 2021, and the delayed touristic traffic resumption, passenger traffic increased compared to 2020, marking the beginning of the gradual normalization of Group’s operations.

The results were achieved despite the significant increase in fuel oil prices, by over 32% compared to 2020, which resulted in the increase of Group’s operating costs by 31.76 mln. Partial fuel hedging transactions, which were conducted pursuant to the Group’s hedging policy, contributed to the reduction of the Group consolidated losses compared to year 2020.

On 31 December 2021 (compared to 31 December 2020):

  • Group’s cash and cash equivalents: 97.36 mln (80.53 mln)
  • Tangible fixed assets: 673.84 mln (678.66 mln) and mainly concern the vessels owned by the Group.
  • Total debt: 481.59 mln (430.54 mln)
  • Group Equity: 361.7mln which corresponds to EUR 1.68 per share.

Traffic volumes: +34% passengers | +38% cars | +11% freight units | +12% sailings

Outlook: uncertainty due to the Ukrainian crisis.

It requires measures including the adjustment of Group’s pricing policy to current conditions, optimization of fleet deployment, vessels speed reduction and partial hedging of the risk of fuel oil price fluctuation.

Apr 07
Love4

Tallink Grupp statistics: positiveness after a long period of challenges

By 2022 Newsletter week 14

Q1: +169% passengers | +85% cars | +20% cargo units

March:  +321% pax | +175% cars | +20% cargo units

Outlook:  cautious, because of war

Tallink Grupp: Short-term charter agreement for ISABELLE

Tallink Grupp and Estonian Social Insurance Board have signed a short-term time-charter agreement for ropax ISABELLE. The vessel will be chartered to the Estonian authorities from 7 April 2022 for four months with extension options (4+2+2).

The vessel will be used to provide temporary accommodation to Ukrainian refugees arriving in Estonia. Chartering of the vessel means that, in contrast with the original plans, the company will not re-open the Riga-Stockholm route in 2022.

“We have not planned to completely abandon the route, but it is still impossible to estimate when the route will be opened,” said Paavo Nõgene, President and CEO of Tallink Group. [Finnish press release]

Tallink Grupp published its 2021 Annual Report

Click on the cover to access the annual report

Apr 07
Love4

Roro market to remain firm, says BRS

By 2022 Newsletter week 14

The brokers of BRS Group published their very comprehensive annual report.

Some highlights for the roro section, starting on page 136.

  • Dramatic improvement in the roro market, caused by surging volumes, to keep up with the increased demand from consumers, and amid the need for inventory replenishment which were languishing at low levels.
  • Chartering activity followed the upward trend which began in 4Q20. The periods fixed became longer, and rates continued to rise significantly throughout the year.
  • In 2Q and 3Q, as cargo volumes continued to increase, the periods became longer as charterers became confident in the market and realized the importance of securing tonnage to cover the increased cargo volumes. Rates increased.
  • The outlook for 2022 is also optimistic based on the continued scarcity of tonnage.
  • Sale and purchase activity were higher: 21 units sold (8 in 2020, 18 in 2019)
  • Average age 27.5 years
  • Average size 1,590 lane metre. (boosted by several transactions including the ACACIA SEAWAYS (4,076 lane metre ) and POL STELLA (3,663 lane metre) etc…
  • BRS expect the second-hand market of roros to remain firm.
  • 10 roro ships delivered in 2021 amounting to roughly 50,500 lane meters.
  • 10 new orders were placed in 2021, up from only 2 in 2020.
  • The order book is down to a level BRS have not seen in several years.
  • Forecast: tonnage to remain tight in 2022, particularly in the 1,000-2,000 lane metre and 2,000-3,000 lane metre segments. BRS expect a strong market, but not necessarily with as high a volume of transactions as in 2021.

Click on the cover below to access the full BRS annual review

Apr 07
Love4

Refinancing of Torghatten and Molslinjen

By 2022 Newsletter week 14

Norway’s investment bank ‘DNB Markets’ said in a LinkedIn post that it acted as Debt Advisor in the NOK 14.3 billion Sustainability-Linked Joint Refinancing of Torghatten and Molslinjen on behalf of EQT Infrastructure.

EQT Infrastructure is combining the two leading ferry companies, Molslinjen and Torghatten, under one common holding vehicle to establish a pan-Nordic “floating bridge” and “island-to-mainland” transportation infrastructure champion.

“The combined entity will become the leading maritime transportation company located in one of the most attractive and creditworthy regions, with a strong and resilient financial profile underpinned by robust cash flow visibility and a highly diversified route and contract portfolio,” says DNB Markets.

Apr 07
Love4

Hurtigruten Norwegian Coastal Express plans first emission free ship by 2030

By 2022 Newsletter week 14

Hurtigruten Norwegian Coastal Express partners with research organization SINTEF to create zero emission ships for the Norwegian coast, with the first ready to sail by 2030.

The project includes all aspects of a new ship build program, from design, propulsion, energy and fuel to hotel operations and digital solutions. The goal is that the new ships will be emission-free to both air and sea, and sustainable from a circular economy perspective. As a partner, SINTEF will provide analysis, research and development.

In the next phase, leading maritime industry partners will be invited to participate in taking the project further towards development and qualification of innovative green ship designs and technologies.