Jun 03
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FERRY SHIPPING

By 2021 Newsletter week 22

Latest News From The Maritime Continuity In Italy

Regarding the public tender launched for the subsidized Genova – Porto Torres link, both Tirrenia CIN and GNV had been excluded by the Italian transport ministry, while Grimaldi appealed to the Regional Administrative Court in Rome contesting some aspects of the procedure.

The tender will have to be relaunched, but the Onorato-controlled group has just announced that they (Moby and Tirrenia CIN) will operate the same line for the whole year with no need for public money.

On June 1, Grimaldi Euromed officially started the new Naples – Cagliari – Palermo link with ropax CORFU. This follows a public tender for the maritime continuity where Grimaldi Group emerged as the only interested player.

For Grimaldi Group this is the first line calling the port of Naples, in the city where the company is headquartered.

(CORFU completed her last sailing on Igoumenitsa – Ancona on May 30).

On the route Naples – Cagliari Moby – Cin will also be active with a new regular ro-ro cargo line.

Jun 03
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Stena AB, Q1 Results 2021

By 2021 Newsletter week 22

Result before taxes: SEK –1,129 (–2,101) million

Consolidated EBITDA: SEK 1,054 (1,028) million.

Consolidated EBITDA, excluding net gain on sale of assets and change in fair value of

investment properties: SEK 845 (761) million.

Available liquidity was further strengthened

FERRY OPERATION

Revenu SEK 2,312 million (2,803)

EBITDA increased compared to last year despite only half a month of negative Covid-19 impact last year. Passenger and car volumes are still under pressure but are compensated by strong freight volumes and cost reductions. SEK 317 million (211)

SHIPPING

The first delivered RoPax newbuilding in Q3 2020 has commenced its 10-year charter contract (Brittany Ferries) which contributes to a stable EBITDA for RoRo operations: SEK 73 million (70).

View Stena AB Q1 pdf

Jun 03
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A New Italian Company Bought Ferry ICHNUSA

By 2021 Newsletter week 22

Genova Trasporti Marittimi, a 50-50 joint venture participated by the Genoa-based Finsea Group and San Giorgio del Porto shipyard, announced to have purchased the 1985-built ferry ICHNUSA from Blu Navy.

The vessel in question (325 passengers and 200 lane metres capacity) will be deployed to reactivate the Santa Teresa di Gallura – Bonifacio route linking north of Sardinia with south of Corsica. Corsica Ferries will be the technical manager of the vessel at least for the first months.

Genova Trasporti Marittimi emerges as a brand-new player on the Italian ferry market.

Jun 03
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Finnlines: Construction Of The First New Superstar RoPax Has Begun

By 2021 Newsletter week 22

Construction of the first of the two new Superstar ro-pax vessels has begun. The traditional steel cutting ceremony of FINNSIRIUS was held at the China Merchants Jinling Shipyard (Weihai) in China on 1 June 2021.

The environmentally friendly ropax vessels will bring innovative solutions to Finnlines’ services and will enhance the customer experience to a new level.

With space for 1,100 passengers and a deck capacity of 5,100 lane metres, the 235-metre long Superstar ropax vessels will be Finnlines’ largest passenger-freight vessels.

Jun 03
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SHORT NEWS

By 2021 Newsletter week 22

HSC HELLENIC HIGHSPEED Enters Service On July 2

Hellenic Seaway’s HELLENIC HIGHSPEED (1997) will be introduced on the new Piraeus-Mykonos-Ag. Kyrikos (Ikaria)-Leros line on July 2.

She will serve that line daily except Saturday until October 3, 2021, while every Wednesday and Friday she will call at the port of Fournoi too.

SEVERINE to CoTuNav

Compagnie Tunisienne de Navigation charters roro SEVERINE to replace ULYSSE, because of urgently needed repair work. ULYSSE should be back on June 7.

DFDS ARK DANIA and ARK GERMANIA on Göteborg/Brevik – Gent

ARK DANIA and ARK GERMANIA will service the Göteborg/Brevik – Gent route during a couple of weeks.

HUMBRIA SEAWAYS is still at the shipyard in Odense, Denmark. She is expected to be back on the Göteborg – Gent route June 25.

Oslo – Frederikshavn – Copenhagen starts on 2 July

The DFDS Oslo – Frederikshavn – Copenhagen route will resume sailings on 2 July for PEARL SEAWAYS and 3 July for CROWN SEAWAYS.

GNV Bridge

May 27
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Ferry Shipping

By 2021 Newsletter week 21

Good News for Truckers: A Ferry Departure Every 36 Minutes

DFDS and P&O Ferries have entered into a mutual space charter agreement on the Dover-Calais ferry route.

Ferry Shipping News understands this has been under consideration for a long time.

Truck drivers will be able to board the next available sailing on the Dover-Calais route, regardless of which of the two companies is operating the crossing.

It will reduce the time drivers spend waiting at the ports, giving them access to a departure every 36 minutes and reducing gate-to-gate journey times by an estimated 30 minutes.

All commercial activities and relationships with freight customers remain entirely under the control of each operator. The Dover-Calais agreement is similar to space charter agreements entered into by DFDS on routes on the North Sea, the Baltic Sea and in the Mediterranean.

The new agreement is for freight vehicles only and does not apply to sailings on the DFDS Dover-Dunkerque route

DFDS operates three ropax ferries between Dover and Calais (and 3 on Dunkerque):

  • COTE DES FLANDRES
  • COTE DES DUNES
  • CALAIS SEAWAYS (to be replaced by newbuilding COTE D’OPALE).

P&O Ferries operates five ropax ferries on Dover – Calais:

  • SPIRIT OF BRITAIN
  • SPIRIT OF FRANCE
  • PRIDE OF CANTERBURY
  • PRIDE OF KENT
  • PRIDE OF BURGUNDY

The agreement is expected to start during the summer.

The Port of Dover has welcomed the announcement “as a powerful statement of returning focus to driving the unrivalled benefits of the Dover-Calais crossing: to preserve and maximise the unique advantages of high pace, frequency and capacity provided to supply chains on the shortest sea crossing between the UK and its principal global trading partner – the EU.” [Statement Port of Dover]

May 27
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Moby Submitted A Plan To Save Tirrenia CIN: Five Ferries For Sale

By 2021 Newsletter week 21

Last Monday (May 24th), Moby filed a ‘concordato’ proposal for its subsidiary CIN (Tirrenia) as no agreement was found with the main creditor, i.e. the judicial administrators of Tirrenia AS, which is in extraordinary administration.

CIN owes EUR 180 million in unsecured debt (deferred payment) for the acquisition of the former public company Tirrenia from the Italian state in 2012.

The procedure will be therefore similar to the one selected also for Moby group since an out-of-court restructuring plan with the ad hoc group of bond holders was not reached either.

According to the plan submitted for Tirrenia CIN to the Court of Milan and exclusively revealed by news site Shipping Italy, five ferries are expected to be sold before 2025 (*)

Moby’s subsidiary is offering a 20% minimum guaranteed recovery to its unsecured creditors and the recovery could increase up to 35%. The repayment would take place at the earliest date of either 31 December 2025 or 36 months after the ‘concordato’ preventive homologation.

(*)

High-speed vessel ISOLA DI CAPRAIA is scheduled for sale in 2022, EUR 1.9 million

  • Roro BENIAMINO CARNEVALE in 2022, EUR 6.8 million
  • Ropax BITHIA in the same year, EUR 29.5 million
  • Ropax JANAS in 2024 for EUR 29.5 million
  • Ropax ATHARA also in 2024 for EUR 32.5 million
May 27
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Fjord1 Increased EBITDA Margin In Q1

By 2021 Newsletter week 21
  • -8% Revenue (NOK 691 million) because of the phasing out of one ferry contract and lower revenue in the Catering segment due to the pandemic.
  • +2% EBITDA (NOK 198 million)
  • EBITDA margin increasing to 29% from 26% The improvement in margin reflects lower operating costs for the electric vessels.
  • Investments amounted to NOK 124 million in the first quarter.
  • Net interest-bearing debt (NIBD) stood at NOK 5,400 million as of 31 March, a decline of NOK 103 million from the close of 2020.
  • Fjord1’s long-term contract portfolio, is worth NOK 21.2 billion

Outlook

Fjord1 is confident that there will continue to be a strong demand for safe, environmentally-friendly and reliable transport in coastal regions in the future. Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.

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

May 27
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Brittany Ferries Will NOT Open A New UK – Portugal Route This Summer

By 2021 Newsletter week 21

The decision to re-open Spain to British tourists, combined with falling Covid cases and rapidly rising vaccination rates in the country, means opening a new Porto route is no longer commercially viable.

Brittany Ferries hope and expect Spain to be placed on the UK’s green list at the first review in early June and for that reason they took the decision to shelve the plan.

Last week, Spanish authorities confirmed the country would open for tourism from Monday 24 May and that Brits would not need to take a PCR test before arrival.

“We have been overwhelmed by messages of support from existing passengers, new customers and via social media urging us to sail to Porto,” said CEO Christophe Mathieu. “Portugal? Never say never.”

May 27
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Call for Companies Interested in Operating the Civitavecchia – Arbatax – Cagliari Line for Six Months

By 2021 Newsletter week 21

Following a public tender for the maritime continuity on the Civitavecchia – Arbatax – Cagliari which recently failed to obtain participants, the Italian transport ministry decided to release a call for shipping companies interested at operating the line for a short period of time: from July 1st to next December 31st.

It will be a ‘negotiating procedure’ and the selected ferry companies will be paid at least EUR 17.24 million. At least because any potential difference between revenues and costs will be fully refunded by the Italian State.

Ships not older than 20 years and with at least an 800-passenger capacity and 820 lane meters are requested.

Deadline for submitting offers is May 31st.