Roro market to remain firm, says BRS

By | 2022 Newsletter week 14 | No Comments

The brokers of BRS Group published their very comprehensive annual report.

Some highlights for the roro section, starting on page 136.

  • Dramatic improvement in the roro market, caused by surging volumes, to keep up with the increased demand from consumers, and amid the need for inventory replenishment which were languishing at low levels.
  • Chartering activity followed the upward trend which began in 4Q20. The periods fixed became longer, and rates continued to rise significantly throughout the year.
  • In 2Q and 3Q, as cargo volumes continued to increase, the periods became longer as charterers became confident in the market and realized the importance of securing tonnage to cover the increased cargo volumes. Rates increased.
  • The outlook for 2022 is also optimistic based on the continued scarcity of tonnage.
  • Sale and purchase activity were higher: 21 units sold (8 in 2020, 18 in 2019)
  • Average age 27.5 years
  • Average size 1,590 lane metre. (boosted by several transactions including the ACACIA SEAWAYS (4,076 lane metre ) and POL STELLA (3,663 lane metre) etc…
  • BRS expect the second-hand market of roros to remain firm.
  • 10 roro ships delivered in 2021 amounting to roughly 50,500 lane meters.
  • 10 new orders were placed in 2021, up from only 2 in 2020.
  • The order book is down to a level BRS have not seen in several years.
  • Forecast: tonnage to remain tight in 2022, particularly in the 1,000-2,000 lane metre and 2,000-3,000 lane metre segments. BRS expect a strong market, but not necessarily with as high a volume of transactions as in 2021.

Click on the cover below to access the full BRS annual review

FERRY NEWS

By | 2021 Newsletter week 17 | No Comments

Scandlines: A Positive Result In A Challenging Year

Annual Report Scandlines: a summary

  • Scandlines maintained operations during the pandemic and delivered satisfactory profitability despite a dramatic decline in traffic volumes and revenue following travel restrictions and border closures.
  • The status of the two ferry routes as critical infrastructure was underlined.
  • -43% total revenue (from EUR 475m to 273m).
  • -39% revenue from the 2 ferry routes because of travel restrictions and border closures.
  • -50% car and passenger traffic volumes.
  • -6% freight.
  • Scandlines maintained operations and continued to provide frequent departures, a high reliability level and flexibility to meet customer demand and keep the vital supply of medicine, food and other necessities flowing.
  • -54% revenue BorderShop.
  • EBITDA 84m (188m)
  • EBITDA margin 31% (40%)
  • Despite the turbulence in 2020, Scandlines generated a positive result and decided to return the Danish compensation of EUR 9 million allocated to cover fixed costs.

FERRY PORTS

By | 2019 Newsletter week 45 | No Comments

Annual Report 2018-2019 TT-Line Company Pty Ltd

Key figures (in $ AUD)

  • +6.4% Revenue = $260.3 million ($244.6 million)
  • +11.2% EBITDA = $63.4 million ($57.0 million)
  • -0,6% Profit after tax = $44.1 million ($44.4 million)
  • -0,4% Passengers = 446,869 (448,764)

Freight = record numbers, ships sail at full capacity.

At the time of writing, the Company was in close discussions with Flensburger Schiffbau-Gesellschaft (FSG) regarding contracts for the construction of two new roro ships. While FSG’s financial difficulties were widely reported during the year, the Company has solid contracts in place with the shipbuilder to build the new Spirit of Tasmania vessels.

FERRY FINANCE

By | 2019 Newsletter week 26 | No Comments

Flensburg Shipyard Awaits Finance To Finish Three Ro-Pax Ferries

Siem Industries published its annual report, which included a chapter about the shipyard in Flensburg.

Some highlights:

  • For the fiscal year 2018, Flensburger Schiffbau-GmbH & Co KG had revenues of EUR 213 million, an EBITDA of EUR -102 million, and a net loss of EUR -111 million.
  • B YEATS was delivered substantially late at the end of 2018 at a material loss caused mainly by the lack of performance by subcontractors.
  • FSG contracted for four additional vessels during 2018 including two passenger ferries and two ro-ro carriers.
  • The current backlog is approximately EUR 860 million consisting of four Ro-Pax vessels and two Ro-Ro vessels.
  • One Ro-Pax vessel (HONFLEUR) is in the advanced construction stage and should be delivered by early 2020.
  • The remaining three Ro-Pax vessels are delayed and awaiting construction finance.
  • Siem’s ownership of FSG is considered as non-core and new equity in FSG was raised in Q1 by a private placement which diluted the Company’s holding in FSG to 24%.
  • Changes in the yard’s management were implemented in early 2019.

First Annual Report For Attica Group Since Integration Of Hellenic Seaways

By | 2019 newsletter week 17 | No Comments

Attica Group consolidates for the first time Hellenic Seaways in the financial statements for the period 1.6.2018-31.12.2018.

Key figures in million €

+34,56% Revenue consolidated 365.4 (271.54)

-4.28% EBITDA 57 (59.55)

++ Income after tax and minority interests 17.11 (1.25)

· The total debt of the Group stood, as at 31st December 2018, at € 346.08mln (€ 238.73mln as at 31st December, 2017) of which long-term borrowings are € 274.50mln (€ 214.43mln) while short-term borrowings stood at € 71.58mln (€ 24.30mln).

· The Group’s total equity as at 31st December, 2018 stood at € 409.18mln, corresponding to € 1.90 per share.

· Completion of refinancing of large part of the group’s debt with significantly lower cost financial results.

· The lower EBITDA margin in 2018 is attributed mainly to the significant increase in fuel price and to the integration cost of Hellenic Seaways Maritime S.A. («HSW»).

Clipper Group Annual Report: Seatruck Ferries and ro-ro chartering activities

By | 2018 Newsletter week 23 | No Comments

The net result for 2017 is satisfactory despite EBIT going down compared to 2016. The reason for a lower EBIT relates to impairment loss, lower operating profit in the chartering activity from a reduction of two vessels and operational issues related to the lock in Liverpool.

  • Seatruck Ferries total freight volumes growing 6%
  • Seatruck Ferries now holds 19.6% (17.9%) of the ro-ro market on the Irish Sea.
  • Especially the routes out of Dublin have proven to be successful.
  • Operating result is expected to decrease slightly compared to 2017 because of a lower chartering result.