Aug 12
Love4

Tallink Grupp to Increase Share Capital and to Conduct a Public Offering of New Shares

By 2021 Newsletter week 32
  • Intention to increase the company’s share capital by up to EUR 31.5 million
  • Intention to conduct a public offering of new shares
  • Subscription period is intended to be 18 August – 1 September 2021 (including)
  • Up to 66,988,204 new ordinary shares
  • In case of oversubscription, the company may increase the number of shares offered by 10%, i.e. up to 73,687,024 shares, as a result of which the company’s share capital would be increased by up to EUR 34.6 m
  • Intended issue price per one new share is 0.47 euro per one share, which corresponds to the accounting value of the share, i.e. there is no issue premium.

AS Infortar, the largest shareholder of the company, holding approximately 39% of all the shares of Tallink Grupp, has issued a subscription guarantee to the company under which it undertakes, unconditionally and irrevocably, to subscribe for the new shares (if offered publicly as described above) in the total value of up to EUR 15 million.

Aug 12
Love4

Changes in Finnlines’ Management: Marco Palmu Appointed as Head of Passenger Services

By 2021 Newsletter week 32

Marco Palmu has been appointed Head of Passenger Services as of 1 September 2021. He will join  Finnlines Group’s Board of Management and will report to Emanuele Grimaldi, President and CEO, Finnlines Plc.

Marco Palmu joins Finnlines from Tallink Silja Oy, where he has most recently worked as Commercial Director. He has an extensive background from shipping and passenger business. [LinkedIn]

Aug 12
Love4

Ongoing Travel Restrictions Continued to Impact Tallink Grupp Financial Results in Q2 2021

By 2021 Newsletter week 32

Key figures Q2

  • +10.2% passengers
  • +6.0% cargo units
  • +22.7% cars
  • +32.5% unaudited consolidated revenue = EUR 86.1 million.
  • unaudited EBITDA = EUR 4.4 million (EUR 2.4 million in Q2 2020)
  • unaudited net loss amounted to EUR 24.3 million (net loss of EUR 27.4 million in Q2 2020).
  • Revenue from the company’s route operations (core business) increased by EUR 9.7 million and amounted to EUR 66.1 million.
  • Some of the other activities positively contributing to revenue increase: short-term charter of SILJA EUROPA, various retail activities, including also Burger King operations and launch of the COVID testing service on board.
  • Investments in Q2 amounted to EUR 3.1 million (EUR 14 million in Q2 2020). Due to the changed economic environment and suspension of vessel operations, ship-related investments were kept to minimum and only critical maintenance and repair works were performed.
  • Investments were also made in the development of the online booking and sales systems as well as other administrative systems and in relation to the opening of Burger King restaurants.
  • At the end of Q2, the Group’s liquidity buffer remains strong at EUR 116.7 million (EUR 104.9 million at 30 June 2020) and the agreement by the Group at the end of the quarter with its financial partners on the amendment and the prolongation of the waivers of financial covenants and the postponement of principal payments under existing loan agreements, has provided further alleviation for the Group during the challenging times.
  • Shareholder confidence remains strong with the number of shareholders at the end of Q2 2021 being more than double compared to the end of 2019 and totalling 28,715 (13,670 at the end of 2019), out of whom more than 7,000 are Finnish FDR holders.
Aug 12
Love4

Ponte Ferries Forced to Postpone the Start of its Ferry Operations

By 2021 Newsletter week 32

“Last minute legal challenge forces us to delay the start of our Malta-Sicily service,” says a press release from Ponte Ferries.

The new ferry company says it has been forced to delay launch of its ferry service to Sicily due to a last-minute legal challenge with Sicilian authorities by another competing operator, which objected to Ponte’s use of the Port of Augusta.

In another press release, competitor Virtu Ferries denies. “Ponte Ferries have once again had to delay their ferry service, causing their clients much angst. This time they are seeking to conceal from their responsibility by seeking to shift the blame on Virtu Ferries, alleging that we have made a last-minute legal challenge. Virtu Ferries made no such, or indeed any other, challenge.”

Like Ponte Ferries, Virtu Ferries applied for berthing facilities at the Port of Augusta.

Neither Ponte nor Virtu had been given the green light to start ferrying passengers to Augusta.

Virtu Ferries lands its ferry in Pozzallo, south of Sicily.

Augusta is closer to the Strait of Messina.

Aug 12
Love4

A New Fast Ferry To Be Built in Vietnam for Degage Group

By 2021 Newsletter week 32

Austal Australasia Pty Ltd has been awarded a €20.5 million contract to design and build a 66m high-speed catamaran ferry for The Degage Group of French Polynesia.

Work will commence on the new ferry in August 2021 at Austal Vietnam, with a scheduled delivery in the first half of 2023.

Over two passenger decks, the vessel can accommodate 574 passengers, with an additional 80 seats available on an external sun deck. Crew accommodation includes 7 two-berth cabins and 2 single-berth cabins.

The vessel has four passenger access ramps and can carry up to 16 tonnes of cargo loaded via two cranes.

To be fitted with four diesel engines and four waterjets, as well as Austal’s Motion Control System (including active interceptors and T-foils) and the latest Marinelink and Marinelink-Smart programs, the new ferry will have a contracted top speed of 35.8 knots and a range of 360 nautical miles.

Austal has previously designed and built five vessels for The Degage Group, comprising two 69 metre monohull cruise ships (Austal Hulls 172 and 173), a 56 metre vehicle passenger catamaran ferry (Austal Hull 266), an 80 metre vehicle passenger catamaran ferry (Austal Hull 201) and a 49 metre vehicle passenger ferry (Hull 421).

The new ferry will operate as the APETAHI EXPRESS, between Papeete (Tahiti) and Vaitape (Bora Bora).

Aug 12
Love4

Stena RoRo & Crowley to Assist United States Maritime Administration (MARAD) in Acquiring Vessels for their Ready Reserve Force

By 2021 Newsletter week 32

Crowley Maritime Corporation’s Solutions business unit has been awarded a multi-year contract for Vessel Acquisition Management (VAM) by the U.S. Maritime Administration (MARAD).

Stena RoRo is included in Crowley’s project team, together with Serco and LCE (Life Cycle Engineering).

Stena RoRo will provide expertise related to market intelligence in the vessel selection process.

Stena RoRo will also act as broker within the VAM programme and support Crowley & MARAD with the conclusion of contracts for identified candidate vessels fulfilling the operational requirements set by MARAD.

The RRF currently consists of 41 vessels whereof 33 are Deepsea RoRos. A key objective in the VAM programme is a reduction of the overall age of the fleet and increase of ship reliability.

Aug 12
Love4

DFDS Welcomes New Ferry CÔTE D’OPALE to the Channel

By 2021 Newsletter week 32

E-Flexer CÔTE D’OPALE started to operate on the Dover-Calais route on 4 August.

The CÔTE D’OPALE can carry 3,100 lane metres of freight, making it the longest ferry on the Channel, and has space for up to 1,000 passengers and crew. It replaces CALAIS SEAWAYS.

The new ferry offers the largest duty-free shopping experience on any cross-Channel ferry. The shop stretches across 1,100 square metres. It features separate ‘wings’ for each product category on offer, including perfume and cosmetics, wine and spirits, and electronics.

In addition, the ferry has a Premium Lounge, which offers an exclusive, laid-back space for passengers to enjoy a peaceful crossing, and three dining areas. The 7 Seas restaurant and Lighthouse Café are for leisure travellers.

Commercial drivers have their own dedicated area in the Road Kings lounge and restaurant, with showers and rest areas specially designed for drivers.

Aug 12
Love5

Seatrials for Seajets’ AQUA STAR

By 2021 Newsletter week 32

On August 9, 2021 the former AZORES EXPRESS of Hellenic Med Ferries performed her sea trials under the Seajets ownership. She was purchased at the end of July and renamed AQUA STAR. According to the information she will be probably introduced within the next few days temporarily on the Lavrio – Agios Efstratios – Lemnos – Kavala line.

Aug 12
Love5

Corsica Ferries’ SARDINIA REGINA Sold?

By 2021 Newsletter week 32

Corsica Ferries is expected to sell the veteran ferry SARDINIA REGINA shortly.

An announcement has been published by the local Coast Guard in Genoa, explaining that the vessel will change flag (and ownership) from Italy to Libya.

The buyer is still unknown at the moment.

CORSICA REGINA had been operated by Corsica Ferries since 1986 and deployed on the routes linking France and Italy to Corsica.

She was built as VISBY in 1972.

Aug 12
Love8

Time to Say Goodbye

By 2021 Newsletter week 32

PRINCESS (1974, PRINSESSAN BIRGITTA, STENA SCANDINAVICA, KING OF SCANDINAVIA…PRINCE) has left Greece and has been deflagged to Comoros. She is now near Sri Lanka. It is expected she’s going to be scrapped in Bangladesh. [MarineTraffic]

APOLLO (1970, one of the famous ‘Papenburgers’) is being towed from Canada to Aliaga for recycling. [MarineTraffic, tug MIRJANA K]