Attica Group: Announced the merger with ANEK Lines to the Athens Stock Market

By | 2022 Newsletter week 38 | No Comments

According to an official Attica Group press release (in Greek) the deal contains:

  • The merger with the absorption of ANEK Lines by Attica Group with an exchange of one common or preferred share of ANEK for 0,1217 new common registered shares of Attica Group and
  • the payment of EUR 80 million for full and complete repayment of ANEK Line’s loan to its creditors from the consolidated scheme which will be formed on the date of the completion of the merger.

The agreement was sent on Tuesday 20 September 2022 by the legal advisors to be signed by the representatives of the contracting parties.

The Boards of Directors of both companies will be convened in accordance with the law and decide on the initiation and individual parameters of the merger process.

Attica Group points out at its press release that:  “We estimate that the specific agreement will benefit the shareholders, the employees and the suppliers of both companies as well as the Hellenic Coastal Shipping.”

XRTC report 2022 for the Hellenic Coastal Shipping (ANEK)

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About ANEK LINES, the report says the following (p.28):

“ANEK LINES has been forced to reclassify its long-term liabilities into short-term liabilities as of 31.12.2018, since it failed to service its loan and based on the relevant contracts, the non-service of the loan obligations constitutes non-compliance with the terms, which entails the obligation of the company for full repayment of the loans.

As a result, short-term bank liabilities on 31.12.2021 amounted to 260.1 million euros compared to 252.9 million euros on 31.12.2020 and are increased by the outstanding interest of the financial year 2021.

In case of completion of the agreement between Piraeus and Alpha Bank and the creditors of ANEK on the extent of the impairment of its loan obligations, ANEK will be saved.

The plan includes the purchase of Alpha Bank’s loans to ANEK by Piraeus, which will then, together with other creditors, refinance the remaining impaired loans and transfer them to the newly enlarged Attica. The agreement under discussion provides for a significant reduction in bank lending, up to 150 million euros, and ensuring that suppliers are paid in full.”

Anek Lines’ PREVELIS returned to her classic ferry line service

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Following an incredible sequence of events, it was eventually decided that Anek Lines’ PREVELIS will continue to serve on the Piraeus-Sitia-Kasos-Karpathos-Diafani-Chalki-Rodos and Piraeus-Santorini Anafi subsidized lines since July 22, 2022.

The former Japanese-built ferry stopped sailing on July 11 after 12 years of service on the above line and was about to be replaced by the Sea Speed Ferries’ RoPax OLYMPUS.

However, OLYMPUS failed to pass the Hellenic Ministry of Shipping inspections and never sailed. A sad development that forced the Ministry to find an immediate solution by re-activating Prevelis, at least for the rest of the summer season 2022.

ASTERION II chartered by Attica Group for Superfast Ferries

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Anek Lines’ ASTERION II is being chartered by Attica Group and will be operated by Superfast Ferries on the Patras-Igoumenitsa-Venice line.

The ropax was purchased by Alphaglobe Shipping Ltd. in 2018 and chartered (long-term time charter with purchase option) to Anek Lines until October 31, 2021.

Then a monthly charter followed until last week, when the charter was transferred to Attica Group.

The ships’ branding has been removed, and a Superfast banner added.

Photo: Arxipelagos.com

Fiscal year 2020: ANEK Lines Feels Impact Of Pandemic

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  • Significant impact of the pandemic on activity = significant reduction in turnover and EBITDA
  • Losses after taxes and minority interests against profits in the previous year.
  • Turnover € 124.5m (173.9m)
  • EBITDA € 6.9m (25.6m)
  • Net results € -14.1m (€ 3.8m)
  • Outlook: lots depends on summer season 2021 (peak season). Progress of vaccination is positive.

FERRY SHIPPING

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ANEK LINES Q3 2020 Key Financial Figures

During the first nine months (2020), traffic volumes of the ANEK Group vessels dropped by 50% for passengers, by 44% for private cars and by 8% for freight units.

Respectively, in Q3 (2020) traffic volumes decreased by 48% in passengers, by 38% in private cars and by 6% in freight units.

First 9 months of 2020 in EUR ,000 (same period in 2019)

  • Turnover: 97,004 (138,076)
  • Gross Profit:  13,893 (36,491)
  • EBITDA: 7,705 (26,582)
  • EBIT: -718 (18,080)

Consolidated profit before taxes: -7,685 (11,039)

Consolidated profit after taxes: -8,216 (10,120)

  • Q3 of 2020 in EUR ,000 (same period in 2019)
  • Turnover: 41,627 (65,573)
  • Gross Profit: 12,429 (27,711)
  • EBITDA: 10,004 (23,408)
  • EBIT: 7,155 (20,582)

Consolidated profit before taxes: 4,916 (18,069)

Consolidated profit after taxes: 4,642 (17,540)

The second wave of the pandemic and the new restrictive measures in the movement of passengers are expected to lead to a decrease in traffic and revenue during the winter period 2020-2021 compared to the same period last year, while a gradual recovery of sizes is expected after Q1, 2021.

ANEK LINES’ First Semester is No Surprise

By | 2020 Newsletter week 40 | No Comments

ANEK LINES S.A. reported its 1st semester results, which were heavily affected by Covid-19:

  • A rapid decline in the demand for goods and services
  • Implementation of emergency measures caused restriction in transfers and, consequently, large losses in maritime transport services.
  • The strict limitations and bans imposed on passenger transports from and to Italy and the islands, led to a vertical decline in traffic volumes both in Adriatic routes as well as in coastal shipping.

Main figures:

  • -3% itineraries
  • -53% passengers
  • -52% cars
  • -9% Freight

Consolidated gross profits

  • -82.9% MEUR 1.5 (8.8) Group
  • -97.1% MEUR 0.2 (7.0) Parent Company

The key financial figures of the period are as follows:

Turnover

  • -23.6% MEUR 55.4 (72.5) Group
  • -24.1% MEUR 50.2 (66.1) Parent company

EBITDA

  • Losses of MEUR 2.3 (profits of MEUR 3.2) Group
  • Losses of MEUR 2.4 (profits of MEUR 2.8) Parent Company

The net financial cost of the Group and the Parent Company amounted to MEUR 4.6 (MEUR 4.7)

Net Results after taxes

  • Losses of MEUR 13.2 (losses of MEUR 7.9) Group
  • Losses of MEUR 12.4 (losses of MEUR 7.0) Parent Company

Fleet Reshuffling on the Piraeus- Crete Service

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A fleet reshuffling is in progress on the Piraeus-Crete service due to scheduled ferry inspections and repairs.

ANEK Lines

  • KRITI II will replace the cruise ferry ELYROS on the Piraeus-Chania line
  • Her sister KRITI I (will be introduced on the Piraeus-Heraklion line on October 3

Hellenic Seaways/Blue Star Ferries

  • NISSOS RODOS replaced the Blue Star Ferries’ BLUE HORIZON on the Piraeus – Heraklion run on 24 September.

FINNLINES

By | 2020 Newsletter week 17 | No Comments

The Acquisition of ANEK Lines is Unlikely to Happen

The pandemic seems to affect the rescue plan for the acquisition of the ANEK LINES by the Attica Group. The consequences of the Covid-19 had an operational and financial impact on the ANEK Lines which viability is severely threatened.

The hope that the banks had a few weeks ago for the absorption of ANEK Lines by Attica Group is now disappearing. The Cretan Ferry Operator is burdened with high non-performing loans, despite capital increases through the conversion of loans into shares in recent years, which have led creditor banks to control about 40% of its share capital.

The last increase was in early February, when Piraeus Bank (24,18%), Alpha Bank, Cross Ocean (fund that purchased the claims of the National Bank) and Bank of Attica acquired 16,3% of its share capital and converted it into a bond loan of EUR 10,84 million. Even so, ANEK’s non-performing bank liabilities at the end of the first half of 2019 amounted to EUR 255 million. Fact that mostly concerns Piraeus Bank which is ANEK Line’s largest creditor.

All of ANEK’s obligations have been classified in the financial statements as short-term borrowing, which is estimated that exceeds EUR 240 million. The total liabilities reached -in the middle of 2019-  EUR 353 million. The 2019 balance sheet is expected to be published in the coming days, but after the latest developments related to the pandemic, its financial position is expected to deteriorate drastically during the current fiscal year. Banks initially examined a scenario of drastic restructuring through a change of administration, but such a move, in addition to its inherent difficulties, would also worsen the company’s liquidity problems.

The next option was to increase control of the share capital, in order to lead the company to acquisition by another shipping company. The obvious choice was Attica Group, with which ANEK operates jointly on the lines of Crete and the Adriatic Sea. However, the consequences of the pandemic severely affected the ferry market and ferry companies are expected to lose sales of EUR 300 million. Fact that will definitely not allow Attica Group to inject liquidity into a acquisition of that scale.

Source: KATHIMERINI NEWSPAPER (Financial Part)

Anek Lines’ Kriti I Back In Greece After GNV Charter

By | 2019 Newsletter week 45 | No Comments

Last week, Anek Line’s KRITI I left Civitavecchia and returned to Piraeus as her time charter to the Italian GNV expired. The ship had been chartered by the Italian ferry operator since March 2017 and operated on the Civitavecchia (Lazio) – Termine Immerse (North Sicily) line.

KRITI I may have been accused of being an old ship in previous years, but it turned out to be a very successful ship, due her low operational costs and large garage capacity. She will be replaced by the French ropax GIROLATA.

KRITI I will get a two-month refit in Perama repair. She is expected to serve the Piraeus-Crete run for the season of 2020.