Godby Shipping agreed to sell roro vessel LINK STAR to Norwest Ship Management in Norway.
The delivery will take place in Husoy, Norway between 12 to 25 November 2021.
Link Star was built in 1989 at JJ. Sietas Shipyard in Hamburg, Germany. Godby designed the vessel together with the first customer Transfennica, crew and shipyard. We have thus owned the vessel Link Star since delivery 1989.
Length 107m | DWT 4,453 | Cargo handling stern ramp and side loader
With the international climate change summit, COP26, just around the corner, Wightlink says it is drawing up specifications for its next new ferry on the Portsmouth – Fishbourne route.
The company hopes that shore power can be used to charge batteries, meaning full electric operation can become a reality.
Italian shipowners’ association Confitarma chaired by Mario Mattioli (and backed by Grimaldi Group among others) publicly complained and protested for public subsidies (roughly EUR 225 million) addressed to ships renewal plan on the local cabotage. “It would result in an unfair economic advantage for those companies which are investing now, on late, on green shipping solutions, if compared with those which have already spent money for the same purpose,” according to Confitarma.
Luca Sisto, general manager of the association, highlighted that, “some Italian shipping companies have already invested millions of euros to implement and improve solutions aimed at reducing emissions.”
Confitarma would like the Italian government to extend to every kind of ships (not only small ferries) the subsidies, to link the financial measure to the effective cost of the investments done by the company and to remove the limit which impose for the vessel subsidized the obligation to operate on the local cabotage.
In the long-lasting story of Moby’s debt restructuring, a new chapter seems to be emerging. The news provider Reorg Research revealed this week that the Milan-based ferry company is likely to present a “new restructuring proposal, which is part of a memorandum of understanding signed with its ad hoc group of bondholders in September. It envisages a 30% recovery for the portion of its unsecured debt that is not covered by the value of the company’s collateral”.
According to Italy’s bankruptcy law, a competing concordato preventive proposal “on a going-concern basis can be presented by creditors holding at least 10% of a company’s debt, only if the shareholders’ proposal doesn’t imply a recovery of at least 30% for unsecured creditors”.
Overall recoveries for the Italian shipping company’s secured creditors will improve compared with previous concordato proposals because of the disposal of non-core assets such as its tugboat division, sources said.
According to the MoU, the ad hoc bond holders group would be available to provide the company about Eur 60 million in new super senior money.
Before next Christmas Moby and Cin Tirrenia’s creditors will be called to express their vote on the presented plans.
Following the specific article in our previous newsletter, we would like to add a remark:
The increase in the fares in the Adriatic service came as a consequence of the pandemic and the following sudden increase in fuel prices, which is something that wasn’t mentioned in the article. Furthermore, the adjustment of fuel surcharge is relevant to the adjustment of fuel oil prices and it exists for many ferry operators in Europe.
NB213-TOMREFJORD sister, of NB212-MALMEFJORD (120 PCU Electrical Ferry), built for Boreal Sjö AS, has departed Sedef Shipyard last week.
The Group’s parent company Rederi Ab Eckerö has successfully completed the placement of a bond loan:
An application for a listing of the bond on the market for corporate bonds at the Oslo Stock Exchange will be submitted. The funds received will be used to shorten existing loans.
Handelsbanken Capital Markets and Nordea.
Eckerö expects to be able to present a complete solution for the Group’s financing within the next month.
Ropax HEDY LAMARR is the last of 6 Baleària ferries to be retrofitted
Where: West Sea shipyard in Viana do Castelo (Portugal)
What:
When finished, Baleària will have nine vessels that can run on LNG.
Investment: 380 million euros (some is part of the CEF funds of the European Union).
After several months of cordial negotiation, the Baleària partners, Adolfo Utor with 57.5% of the shares and the Matutes group of companies (42.5%), have agreed to end their relationship of more than 17 years as partners in Baleària.
Adolfo Utor takes control of 100% of the shares of the shipping company of which he was the founder.
The first renderings of the Scottish-led HYSEAS III project, which aims to build Europe’s first sea-going ferry powered by hydrogen fuel cells, have been completed.
As a double-ended sea-going passenger and car ferry, it will have capacity for 120 passengers and 16 cars or two trucks.
It has been designed to operate on the route between Kirkwall and Shapinsay in Orkney, where hydrogen fuel is generated through wind power, although it will be capable of operating at other ports where hydrogen could become available in the future.
The EU-funded HYSEAS III programme involves partners CMAL, St. Andrew’s University, Orkney Islands Council and several European organisations.
The designs, by AqualisBraemar LOC Group, show how a vessel purely powered by renewable energy may look and will provide a blueprint to the further development of zero-emissions ferry travel.
The next stage of the project will see the consortium seek feasibility approval in principle of the designs from DNV.
The design will be complete in March 2022, at which point CMAL will seek funding partners to take the approved design to the procurement stage, which will lead on to the eventual tendering and construction of the vessel.
