Mar 04
11

New Refinancing Of Fjord Line

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Fjord Line has now secured a financial platform until May 2022 in a comprehensive refinancing where both owners and lenders have contributed.

This is the second of a total of two refinancing operations, due to the pandemic. The refinancing has a total liquidity effect for Fjord Line of a total of NOK 950 million (in the period May 2020 to April 2022).

Preliminary figures 2020:

-55% Turnover NOK 729 million,

-90% Turnover in some periods with very limited travel activity

-NOK 140 million Result before taxes

Fjord Line has received NOK 198 million in cash support from the Norwegian Authorities for the period March to October.

For November / December, Fjord Line expects NOK 70 million.

Without the cash subsidy, the deficit for Fjord Line would probably have been more than NOK 400 million in 2020.

Source: Fjord Line (in Norwegian)
Mar 04
11

Fjord1: Smooth Operations And Revenue Growth As Expected

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Fjord1: Smooth Operations And Revenue Growth As Expected

Q4

+20% Revenue NOK 826 million (driven by new contracts)

+67% EBITDA NOK 266 million

Investments NOK 103 million, net of NOK 31 million in vessel NOx compensation received in Q4

Full Year 2020

+14% Revenue NOK 3,118 million,

+27% EBITDA NOK 1,042 million

Total investments for the full year 2020 came to NOK 1,428 million

Revenue growth in line with expectations

New electric vessels are reducing operating costs and increasing EBITDA margins.

Electricity now accounting for approximately 40 per cent of the fuel mix.

Outlook

Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.

Strong contract portfolio has a value of NOK 24.1 billion through 2033.

The company expects more moderate revenue growth 2021, with cost improvements continuing to bolster operating margins.

Click on the picture to see the relevant file:

Mar 04
11

Fjord Line Welcomes New Catamaran

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Friday February 26 saw the delivery of Fjord Line’s new high-speed catamaran, “FJORD FSTR”.

The 110m-long 31m-wide vessel was built by Austal in the Philippines.

Speed: 37 knots

Capacity: 410 vehicles and 1200 passengers

Time for crossing: 2 hours and 15 minutes between Kristiansand and Hirtshals

She still has to make the long journey from the Philippines to Norway.

Press Release Austal
Mar 04
11

Corsica Linea And La Méridionale Have Been Awarded The Corsican Public Service Contract

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No surprise: the Corsican Assembly has voted to attribute the 5 subsidised ferry lines to Corsica Linea and La Méridionale. (public service contract).

Route 1: Marseille – Ajaccio: Corsica Linea & La Méridionale

Route 2: Marseille – Bastia: Corsica Linea

Route 3: Marseille – Portovecchio: Corsica Linea

Route 4: Marseille – Propriano: La Méridionale

Route 5: Marseille – Ile-Rousse: Corsica Linea

Period: 1 March 2021 – 31 December 2022

Earlier it was reported that Corsica Ferries’ offer was rejected (because of “non-compliance of the offer”).

The Report (in French) can be downloaded here

Mar 04
11

Sea Lines Decide To Suspend Turkey – Romania Route For A While

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On February 2, Sea Lines launched a new roro line between Karasu in Turkey and Constanta in Romania. After only two weeks, they had to close the new line, temporarily.

“Due to an unsustainable heavy administrative burden and unforeseen costs, the Karasu-Constanta Ro-Ro route will be temporarily suspended. Sea Lines is in consultation with authorities, ports and customers, supporting the necessary changes to resume the service.”

Roro vessel VASALAND is now on its way to Tunisia for another charter.

Mar 04
11

SHORT NEWS

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Kerkyra Lines’ ferry EVDOKIA (300gt/1995) performed her first sailing from Corfu to the Diapontia Islands on March 2, 2021.

EVDOKIA was built in Japan (1995) and her carrying capacity is for 300 passengers and 20 cars.

  • Rederiaktiebolaget Eckerö has signed an agreement with Wiklöf Holding Ab to sell its entire holding of 22,429 shares (11.3%) in Alandia Försäkring Plc. The deal will be completed in the next week.
  • DFDS charters roro PAQIZE for the Turkey – Europe route. (3 months)(MarineTraffic)
Mar 04
1

PHOTOS OF THE WEEK

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The christening of the roro ECO LIVORNO took place at the port of Livorno, March 2nd.

The brief ceremony was held on the occasion of the ship’s inaugural call in the port of Livorno – her first Italian stop since she left the Jinling shipyard.

At the end of the brief speeches, the ECO LIVORNO was blessed by Mons. Placido Bevinetto, belonging to the diocese of Livorno. The ceremony ended with the cutting of the ribbon and the traditional breaking of the bottle by the godmother Nicoletta Landi, the wife of Livorno’s mayor Luca Salvetti.

The ECO LIVORNO will set sail from the Tuscan port to begin serving regularly the roro connection between Livorno, Savona, Barcelona and Valencia.

Feb 25
1

Tallink Grupp Reports Net Loss

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Tallink Grupp reported an unaudited net loss of EUR 108.3 million for the 2020 financial year (net profit of EUR 49.7 million in 2019), resulting from travel restrictions, border closures and states of emergency due to the global COVID 19 pandemic.

Consolidated revenue amounted EUR 442.9 million (949.1 million)

EBITDA EUR 8.0 million (171.1 million)

Gross profit EUR -43.5 million

-62% passengers

-5.2% cargo units

-20% trips

Attempts to boost its operations by setting up various temporary routes during summer 2020 and by operating a number of special cruises where possible. These attempts were once again curbed in autumn 2020 by travel restrictions.

Investments EUR 100.1 million.

Mainly prepayment instalments for the new LNG-fuelled vessel MYSTAR (2022).

Also increasing the company’s cargo capacity by acquiring roro SAILOR.

The group ended the year with a total liquidity buffer of EUR 147.1 million (EUR 128.9 million in 2019).

Employee numbers: from 7240 at the end of 2019 to 4237 at the end of 2020.

Tallink Grupp’s CEO Paavo Nõgene: “As we wait for the COVID storm to pass and borders to reopen for travelling, we continue to develop business areas we feel will give us a strategic advantage going forward and enable us to spread risks, make preparations for offering our services again with an even stronger focus on safety and sustainability and get ready to provide safe and happy journeys and to reunite people around the Baltic sea after a year of separation.”

Full Year and Q4 Report Tallink Grupp