DFDS in May: Freight up 31% Following Lockdowns in 2020

By | 2021 Newsletter week 24 | No Comments
  • Total RoRo volumes in May 2021 were 31.2% above 2020 (and 4% above May 2019)
  • The extraordinary volume growth in May 2021 vs 2020 reflected a recovery from the significant volume reductions in May 2020 caused by lockdowns.
  • Volumes were above May 2019 in each of the four business units mainly carrying freight, i.e. North Sea, Baltic Sea, Channel and Mediterranean. Trading between the EU and the UK continued to be robust.
  • The total number of passengers in May 2021 was 27.3% below 2020 reflecting the continued tight travel restrictions.

Passenger Ferry Division Hurt Rederiaktiebolaget Gotlands’ Year 2020

By | 2021 Newsletter week 12 | No Comments
  • Destination Gotland transported 32% less passengers, or 586,812 in total.
  • Group Sales decreased from SEK 2,716 million to SEK 2,011 million.
  • Operating profit decreased from SEK 506 million to SEK 142 million. During the year, vessels were sold with a total capital gain of SEK 120 million, which means that underlying operating profit amounts to SEK 22 million.
  • Profit after financial items decreased from SEK 403 million to SEK 159 million.
  • Profit after tax went up from SEK 310 million to SEK 333 million.
  • The current agreement for Gotlandstrafiken with the Swedish Transport Administration runs until January 2027.
  • During the year, support was received due to the corona pandemic for a total of SEK 8 million.

New Refinancing Of Fjord Line

By | 2021 Newsletter week 9 | No Comments

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.

Fjord1: Smooth Operations And Revenue Growth As Expected

By | 2021 Newsletter week 9 | No Comments

Fjord1: Smooth Operations And Revenue Growth As Expected


+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.


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.

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Tallink Grupp Reports Net Loss

By | 2021 Newsletter week 8 | No Comments

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.”


By | 2021 Newsletter week 6 | No Comments

DFDS Ends 2020 With Another Strong Freight Quarter

  • In Q4, the DFDS’ freight earnings were boosted by UK stockbuilding and the improved performance of the Mediterranean route network.
  • On the passenger side, Covid-19 restrictions continued to affect the business.

Q4 Results (DKK million)

-6.2% Revenue 3,761 (4,008)

-0.2% EBITDA before special items 769 (771)

12.5% EBIT before special items 289 (257)

-23.4% Profit before tax 97 (126)


Full Year Results (DKK million)

-15.8% Revenue 13,971 (16,592)

-24.8% EBITDA before special items 2,732(3,633)

-51.0% EBIT before special items 858 (1,751)

-66.0% Profit before tax 466 (1,371)

Outlook 2021

  • Revenue is expected to grow by 20-25% and EBITDA before special items is expected to be within a range of DKK 3.0-3.5bn (2020: DKK 2.7bn).
  • Uncertainty: duration of travel restrictions and longer-term effects of Brexit.
  • The acquisition of HSF Logistics Group is subject to regulatory approval but assumed consolidated from 1 May 2021.

DFDS In January: Freight Down After Q4 Stockbuilding Reversed As Expected

By | 2021 Newsletter week 6 | No Comments
  • Total volumes in January 2021 were down 12%.
  • Volumes for routes calling the UK were down 21% with volumes picking up towards the end of the month.
  • North Sea volumes were below 2020 as the stockbuilding ahead of Brexit reversed and the adoption of new rules and processes slowed trading.
  • Volumes between Sweden and Belgium were above 2020.
  • Volumes on the English Channel were likewise reduced by the stockbuilding reversal.
  • The new route between Ireland and France was successfully launched with volumes ahead of expectations.
  • Baltic Sea volumes were above 2020 adjusted for the closure of the Paldiski-Hanko route.
  • Mediterranean volumes were well above 2020 in all main corridors.
  • Passengers -84%

After a Bad Year, Ports of Normandy Gain Optimism

By | 2021 Newsletter week 5 | No Comments

2020 was a tough year for Ports of Normandy’s three ports – Caen-Ouistreham, Cherbourg and Dieppe.

  • -74.3% Cross-Channel passengers.
  • -14.56% Ferry freight tonnage
  • -5.92% HGV’s

2021 saw a very strong increase in traffic and the service offering to Ireland through Cherbourg with up to 12 departures a week (to Dublin and Rosslare).

  • Normally: 35,000 trailers per year on Cherbourg – Ireland
  • January 2021: 9,000 trailers

The future:

  • Create a rail terminal at the port of Cherbourg in cooperation with Brittany Ferries
  • Re-organisation of the Ouistreham ferry terminal and works to reinforce the West bank