Jun 27
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Attica Group Is in the Process of Concluding a 5-Year Bond Loan

By 2019 Newsletter week 26

According to a Euro2day article (in Greek), the Attica Group is in the process of concluding a 5-year bond loan from the domestic market within July. The goal is to raise funds from EUR 100 to 170 million. The 100 million of that loan will be used to repay existing bank loans (pp. Fortress’s loans were repaid at the end of last year) and therefore high-value pre-payments will be removed. Another EUR 25 million will be made available for investments to ship scrubbers in order to meet the new EU stricter standards. If additional funds are raised (up to EUR 45 million), they will be used for general business purposes.

Jun 27
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Successful Fiscal Year for BC Ferries

By 2019 Newsletter week 26

BC Ferries’ report of the fiscal year ending on 31 March 2019, sees the following highlights:

  • Consolidated net earnings of $52.2 million for fiscal 2019 ($59.9 million)
  • Highest vehicle traffic levels ever
  • Passenger traffic levels were the second highest in the company’s history.
  • Increase in operating because of higher bunker prices, wage rate increases and higher depreciation. As a result, total operating expenses increased $36.4 million from $784.3 million to $820.7 million.

BC Ferries invested:

  • $133.5 million in vessel upgrades and modifications
  • $49.0 million in new vessels
  • $28.2 million in information technology
  • $19.5 million in terminal building upgrades
  • $10.9 million in terminal marine structures

BC Ferries now has five vessels operating on LNG, and is looking at all possible “green” solutions. It currently has two Island Class electric battery hybrid ships under construction. When electric technology matures and electricity is available in the quantities required, BC Ferries plans to operate them as fully electric ferries.

BC Ferries also continues to focus on fare affordability.

Jun 27
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Grimaldi Asks Italian Authorities to Stop Paying Public Subsidies to Tirrenia CIN

By 2019 Newsletter week 26

Italy’s financial newspaper MF-MilanoFinanza revealed that, earlier this month, Grimaldi Group sent a petition to the local Transport Minister, the Antitrust Authority and the Court of Audit, asking for an early termination of the subsidies (EUR 72 million per year) paid to CIN Tirrenia by the Italian State.

This subsidy supports lifeline maritime transportation with Sardinia, Sicily and Tremiti Islands.

Grimaldi stated that the public subsidies should be stopped due to breach of the public contract following the case sentenced by the Italian Competition Authority for alleged abuse of dominant position in the freight business in Sardinia and the alleged deferred payments under the CIN-Tirrenia purchase agreement.

Onorato Armatori later replied that Grimaldi’s petition is based on “false information”.

Jun 27
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Closing of MacGregor’s TTS Acquisition Postponed to Q3 2019

By 2019 Newsletter week 26

MacGregor, part of Cargotec, announced on 8 February, 2018 that it has entered into an agreement to acquire the marine and offshore businesses of TTS Group ASA. The acquisition is subject to regulatory approvals from the competition authorities in Germany, South Korea and China. MacGregor announced the approval from the German regulator on 6 November 2018 and the approval from the South Korean regulator on 27 December 2018.

MacGregor announced in March that it expected to receive approval from the competition authority in China and close the transaction during Q2 2019. Due to a longer than expected regulatory process in China, the company currently expects closing of the transaction to take place in Q3 2019.

Jun 27
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IN THE MEDIA

By 2019 Newsletter week 26

Brittany Ferries Might Be Interested in Condor Ferries

An internal letter from Brittany Ferries informed its employees that the company might be interested in taking over Condor Ferries, together with a co-investor.
Brittany Ferries would not like to see Condor being taken over by a competitor.
The BF management said it was too early to comment.

Condor Ferries is currently owned by The Australian Macquarie Fund.

Jun 27
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SHORT NEWS

By 2019 Newsletter week 26
  • DFDS’ second Chinese newbuilding TROY SEAWAYS has started to work on the Turkey-Italy service, setting a freight record for the company, by loading 552 units.
  • Wagenborg Shipping confirmed the sale of ro-ro vessels SCHIEBORG and SLINGEBORG to AB DFDS Seaways on 17 June 2019. The vessels have been renamed BELGIA SEAWAYS and GOTHIA SEAWAYS respectively.
Jun 27
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PHOTOS OF THE WEEK

By 2019 Newsletter week 26

Eckerö’s New Acquisition Started to Operate

The FINBO CARGO started service on Tuesday 25 June.

This photo (by Kalle Id) was taken during her first arrival in Vuosaari harbour, at least in commercial service. She did do a berthing test some days earlier.

She sails between Vuosaari (Finland) and Muuga (Estonia). Why Muuga and not the old city harbour in Tallinn. Rumour has it that the port of Tallinn didn’t originally want to make the necessary changes to the Muuga harbour, but the big public outrage of a cargo-oriented ferry coming to the city center made them change their mind.

And in Helsinki, of course, these days harbour fees for trucks are more expensive in the city center harbours than they are in Vuosaari, hence additional capacity in Vuosaari makes sense.

Jun 20
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TOP STORY

By 2019 Newsletter week 25

Maelir AB Becomes Viking Line’s Largest Individual Owner

On Wednesday 19 June, Maelir AB acquired just over 17.1% of Viking Line Abp.

Maelir AB is a private holding company based in Stockholm. It is active in real estate, hospitality and shipping.

After the transaction, Maelir’s ownership in Viking Line amounts to 17.75%. From now on Maelir is Viking Line’s largest individual owner.

Sellers include the companies Ab Rafael and Rafael Investering Ab.

Rafael Mattsson co-founded Rederiaktiebolaget Vikinglinjen, which later became Viking Line Abp. He was also the founder of the company which today constitutes both Ab Rafael and Rafael Investing Ab. For a long time, he was board member of Viking Line, and CEO ad interim when co-founder Gunnar Eklund retired.

Jun 20
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FERRY SHIPPING

By 2019 Newsletter week 25

What is Operation Marhaba? Each year many Moroccan expats travel to their home country during summer. Known as ‘Operation Marhaba 2019’, this migration sees a huge peak in ferry travel across the Western Mediterranean and Strait of Gibraltar. In the beginning of summer to go south, at the end they head back north.

When? From 5 June till 15 September 2019.

Numbers:  28 Ferries on 11 Routes.

What has been improved?

  • Algeciras – Tanger Med
  • +8% daily rotations: 13 ferries offer 53 daily rotations
  • +11% passenger capacity 47,210
  • +13% car capacity 12,895

Almeria – Nador

  • +30% daily rotations: 4 ferries offer 6.5 daily rotations
  • +56% passenger capacity 7,800
  • +62% car capacity 2,185

Busiest periods

Southbound peak period is 14-21 July and 25 July- 8 August, with 5,000 cars and 18,000 pax per day.

Northbound peak period starts mid-August, with more than 5,000 cars and 18,000 pax per day, until 2 September.