DFDS September Volumes: Freight continues growth in Mediterranean and North Sea

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Ferry – freight:

  • Due to lower volumes on the Dover Strait and on the Baltic Sea, total volumes in September 2022 were 7.5% below 2021. Freight volumes were above 2021 in all other regions.
  • North Sea volumes were above 2021 despite a negative impact from a strike in Felixstowe port as volumes to a large extent were diverted to the Immingham port instead.
  • Volumes in the Mediterranean network continued to grow driven by Turkish industrial production and exports.
  • Channel’s volumes were below 2021 following lower activity on the Dover Strait on account of a decrease in total market volumes and addition of capacity by Irish Ferries.
  • Channel’s year-to-date volumes were 0.3% above 2021.
  • Baltic Sea’s volumes were below 2021 due to the war in Ukraine, although to a lower extent than in previous months.
  • For the last twelve months 2022-21, the total transported freight lane metres decreased 1.5% to 43.1m from 43.8m in 2021-20.

Ferry – passenger

  • The number of passengers increased more than three times to 371k equal to 82% of volumes in September 2019, the latest comparable month pre-Covid-19.
  • The number of cars equalled 89% of volumes in 2019. Channel’s volumes were reduced by the addition of capacity by Irish Ferries.
  • For the last twelve months 2022-21, the total number of passengers was 3.3m compared to 0.8m in 2021-20 and 5.1m in 2019.

Tallink Grupp reports largest quarterly passenger number since 2019

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September

The September figures reflect the fact that as of 20 September 2022, six of the company’s vessels are chartered out.

+26.5% pax / +0.6% freight units / -4.7% pax vehicles

Q3

The biggest passenger number increase during the quarter was on the Finland-Sweden route with the passenger number increasing in Q3 2022 by a total of 82.2% compared to the same period last year.

The Estonia-Finland route also saw significant recovery in passenger numbers during the quarter year-on-year with the passenger number up in 2022 by 61.7%

+65.5% pax / +13.1% freight units / +21% passenger vehicles

Commenting on the statistics, Paavo Nõgene, CEO of Tallink Grupp said: 

 “As we enter the last quarter of this turbulent year, we have taken several steps to secure our business over the low season, both through unpleasant, but vital price increases as well as various charter agreements for our vessels. Although the latter means that we have less services to offer our loyal customers over the coming months, it also means that we have secured the future of these vessels in our fleet and will be able to offer more of these services again once our vessels return to the Baltic Sea.”

Irish Continental Group, 2022, H1 results: significant improvement

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Financial summary (EUR)

Revenue 263.1m  +85.8%

EBITDA 47.3m +272.4%

Operating profit 17.4m (was -10.3m)

Profit before tax 15.4m (was -12.2m)

Volume movements (,000)           

Cars 214.2 +618.8%

RoRo freight  330.2 +160.6%

Containers shipped (teu) 169.3 +4.2%

Port lifts 164.9 +0.4%

The performance of the ferries operations in HY 2022 was significantly improved on HY 2021 as travel patterns gradually returned towards pre-pandemic levels after the disruption caused by Covid-19 across 2020 and 2021.

The impact of the Dover – Calais operations, which commenced on 29 June 2021, can also be seen in the result for the period as the service moved to a three vessel operation with the addition of the ISLE OF INISHEER.

Outlook

The trading performance for the year to date across all our business has been strong. Despite significant cost pressures in both divisions, we have managed to maintain and grow profitability. The Group’s cost base has been affected by higher global prices, in particular fuel prices and charter rates. The Group so far has been successful on passing these costs through to customers. It is essential that the Group continues to do so.

The Ferries Division has enjoyed the benefit of a return to more normal travel patterns although Irish Ferries are yet to reach pre-pandemic levels.

Cars volumes increased on the legacy routes by 190.8% versus the same period in the prior year.

Trading in the key summer months of July and August was ahead of expectations.

RoRo freight business, despite the disruption of Brexit has continued to grow. RoRo volume growth on the legacy routes has increased by 12.9% year to date. This has been primarily driven by a return of freight traffic to the landbridge routes at the expense of the direct European routes.

Following the entry of the ISLE OF INISHEER to service on the Dover – Calais route in April 2022, Irish Ferries have been operating a full service with three vessels on the route. Performance on the route continues to match expectations.

Eckerö Group 2022, Q2 results

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  • +200% pax = 722,917 (240,209), which is in line with passenger volumes before the outbreak of the pandemic.
  • -4% cargo units = 41,432 (43,276)
  • Sales amounted to EUR 50.9 million (EUR 27.2 million)
  • The passenger market share was 66% (54%) on the short route between the Åland Islands and Sweden. On the route between Helsinki and Tallinn, the passenger market share was 29% (27%) and cargo market share was 31% (35%)
  • Bunker prices were high, however 30% of the estimated bunker volumes are price hedged
  • Operating result was EUR 1.0 million (EUR -2.0 million), adjusted for revenue from state support operating result was EUR 0.8 million (EUR -6.9 million)
  • Result for the period was EUR -0.2 million (EUR -1.0 million)
  • Interest-bearing liabilities were EUR 96.2 million (EUR 108.1 million)
  • Net debt was EUR 72.3 million (EUR 81.2 million)
  • Cash and cash equivalents amounted to EUR 23.8 million (EUR 26.9 million). Undrawn credit limits amounted to EUR 7.0 million (EUR 0.0 million)
  • Q3 has started with volumes on pre-pandemic levels

Finnlines’ Financial Review H1

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  • +32% revenue totalling EUR 356.9 million
  • +0.5% cargo units totalling 393,000
  • -19% cars totalling 73,000
  • +9% tons of freight not possible to measure in units, totalling 742,000
  • +25% passengers (incl. commercial) totalling 286,000
  • Due to EU sanctions Finnlines stopped calling Russian ports in early March, which naturally has resulted in loss of revenue. However, the increased cargo volumes on other lines have compensated for this loss and the passenger business has also recovered and reached pre-pandemic figures.
  • The three Finneco series hybrid ro-ro vessels were all delivered during the late spring and early summer of 2022 at the shipyard in China. The vessels have entered Finnlines’ North Sea and Bay of Biscay services.
  • The roro vessel FINNMERCHANT in Poland-Finland route was chartered out to Dutch MoD in early July but she was replaced by FINNMILL vessel to support the increased volumes.

BC Ferries full year results: everything up, but still not to pre-pandemic

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BC Ferries: traffic, revenue, net earnings and expenditures are all up, however the financial results for the fiscal year ended March 31, 2022 (fiscal 2022) are still lagging behind pre-pandemic levels.

Key figures (full year, ending March 31, 2022)

+37% passengers (17.9 million) (but still 20% lower than pre-COVID fiscal 2019)

+26% vehicles (8.5 million) (but still 5% lower than pre-COVID fiscal 2019)

+12% Revenue $965.4 million

+11% Operating $868.0 million (increases in the number of sailings, staff required to provide more service, fuel and maintenance expenses.

BC Ferries experienced a net loss of $68.2 million prior to recognizing Safe Restart Funding. After recognizing $102.3 million of this federal-provincial funding, net earnings were $34.1 million, an increase of $13.1 million compared to the previous year, which included $186.0 million in Safe Restart Funding.

In December 2020, BC Ferries received $308 million through the Safe Restart Program, a federal-provincial initiative intended to help provinces and territories safely restart their economies.  Assistance to the public transportation sector, including BC Ferries, has been a critical part of the BC Safe Restart Plan. Without this funding, BC Ferries would have recorded a total loss of $233.2 million over the past two years ($68.2 million in fiscal 2022 and $165.0 million in fiscal 2021).

The operating relief component of the Safe Restart Funding BC Ferries received has now been exhausted. The company does not foresee the need for any further COVID relief funding.

DFDS Monthly Volume Report: Freight Up 11%, Passenger Recovery on Track

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Ferry – freight: Total volumes in May 2022 were 10.8% above 2021 driven by higher volumes in all business units, except Baltic Sea.

Channel’s volumes were elevated by P&O Ferries’ suspension of sailings for most of the month compared to last year.

North Sea volumes were above 2021 as higher activity on most UK routes offset lower industrial flows between Sweden and the Continent, partly due to supply chain bottlenecks in the automotive sector.

Volumes in the Mediterranean network continued to grow supported by higher capacity. The war in Ukraine lowered Baltic Sea volumes between mainly Germany and Lithuania compared to 2021.

For the last twelve months 2022-21, the total transported freight lane metres increased 1.5% to 43.8m from 43.1m in 2021-20.

Ferry – passenger: The number of passengers increased eightfold to 296k equal to 68% of volumes in May 2019, the latest comparable month pre-Covid-19. Transport segments are recovering faster than leisure segments as the number of cars was at 89% compared to 2019. Channel’s volumes were elevated by P&O Ferries’ suspension of sailings for most of the month.

For the last twelve months 2022-21, the total number of passengers was 1.6m compared to 1.0m in 2021-20 and 5.1m in 2019, the latter being the latest pre-Covid-19 year.

DFDS Q1, 2022: Growth, growth, growth…

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Group revenue increased 52% to DKK 5.7bn.

  • Ferry Division’s revenue was increased by higher freight and passenger activity as well as a rise in bunker surcharge revenue.
  • Logistics Division’s revenue was increased by the acquisition of HSF Logistics Group in September 2021 and ICT Logistics in January 2022 as well as higher activity and yield increases for the existing activities.

EBITDA increased 9% to DKK 822m.

  • The total freight EBITDA for ferry and logistics activities before special items increased 10% to DKK 926m driven mainly by growth in the Mediterranean business unit, improved logistics performance, and the acquisition of HSF Logistics Group.
  • The war in Ukraine reduced Baltic Sea’s freight volumes and the result.
  • The total EBITDA for passenger activities in the Baltic Sea, Channel, and Passenger business units decreased 12% to DKK -104m.
  • Earnings were reduced by the re-opening of Oslo-Frederikshavn-Copenhagen in a low season market environment with passenger numbers still recovering from Covid-19. This offset higher Channel earnings as all ferries have continuously operated in this market.

Outlook 2022
The revenue growth outlook is increased to around 30% compared to 2021 due to significantly higher revenue from oil surcharges as well as higher passenger revenue (previously 23-27%).
EBITDA before special items is unchanged DKK 3.9-4.4bn (2021: DKK 3.4bn).
The outlook is detailed on page 10 in the full report.

DFDS Monthly Volume Report: Freight Up 5%, Continued Passenger Recovery

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Ferry – freight:

  • Total volumes in April 2022 were 5.4% above 2021 driven by higher volumes in the Mediterranean and Channel business units.
  • Volumes in the Mediterranean network continued to grow supported by higher capacity. Channel’s volumes were well above last year due to a positive impact from suspension of P&O Ferries sailings through most of the month.
  • North Sea volumes were slightly below 2021 primarily due to dockings that reduced capacity between the Netherlands and the UK.
  • The war in Ukraine lowered Baltic Sea volumes considerably compared to 2021, mainly between Germany and Lithuania.

Ferry – passenger

  • The recovery in passenger numbers continued in April with a tenfold increase to 337k equal to 70% of volumes in April 2019, the latest comparable month pre-Covid-19.

Volumes increased in all regions, including a positive impact from suspension of P&O sailings on the English Channel.

Tallink Grupp publishes 2022 first quarter financials

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Low season quarter results were still strongly impacted by the pandemic and the start of the war in Ukraine in late February. The latter resulted in a sharp increase in fuel, food and commodities prices as well as some decrease in traveller confidence in the second half of the quarter.

The results were also impacted by the planned dockings of several of the company’s vessels, including dockings brought forward from autumn 2022, to ensure there are fewer traffic interruptions in Q4 this year.

Q1, 2022 (EUR)

+97.5% Revenue 106.1 million

Net loss 40.0 million

EBITDA -11.0 million (-6.3 million in Q1 2021)

Negative effects:

  • pandemic
  • war in Ukraine
  • high fuel prices
  • traveller confidence issues

 

Actions:

Sourcing alternative opportunities and work for vessels (such as ROMANTIKA charter to Holland Norway Lines, and ISABELLE securing a contract as a refugee accommodation vessel for at least four months this year)

Goal:

To end the year 2022 with a net profit.