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Tag: Annual report | Ferry Shipping News

Aug 31
2

Fjord Line 2023 Annual Report

By | 2024 Newsletter week 35 | No Comments

The 2023 financial report for Fjord Line AS, published on 19 August 2024, highlights a challenging year with financial losses primarily due to high fuel prices and a slow recovery in passenger numbers post-pandemic. Despite these challenges, the company implemented cost-saving measures and worked on optimizing operations. The report indicates an overall negative financial performance, but it also emphasizes efforts to strengthen the company’s long-term financial stability and improve efficiency. 

 Main figures Fjord Line AS Group 

Revenues: 1469 MNOK (1666)
Operating Expenses: 1938 MNOK (1892)
Operating Result: -468 MNOK (-226)
Result: -823 MNOK (-411)
Comprehensive income for the year, net of tax: 101 MNOK (122 MNOK) 

 

  • High Season Performance: After two years of pandemic-related travel restrictions, Fjord Line achieved its highest-ever revenue during the 2022 high season. 
  • Financial Challenges: Rising LNG fuel prices, partly due to geopolitical events like Russia’s invasion of Ukraine, created a non-sustainable financial situation for Fjord Line. 
  • Vessel Conversions: STAVANGERFJORD and BERGENSFJORD, from single-fuel LNG to dual-fuel MGO/LNG to improve financial sustainability. 
  • Operational Flexibility: 
  • The dual-fuel capability provides flexibility to operate the vessels efficiently, regardless of fluctuations in LNG or MGO prices. 
  • Despite the ability to use MGO, Fjord Line remains committed to environmental sustainability and primarily operates on LNG. 
  • Strategic Changes in 2023: 
  • Terminated the Sandefjord-Strömstad route. 
  • Changed the destination from Langesund to Kristiansand for the vessels STAVANGERFJORD and BERGENSFJORD. 
  • Closed offices in Sandefjord and Strömstad, relocating functions to Bergen and Hirtshals. 
  • Concluded the sale of the vessel OSLOFJORD. 
  • Progress on Strategic Plan: The above measures align Fjord Line with its 3-year strategic plan for 2023-2026, marking 2023 as a transitional year. 
  • Outlook for 2024: 
  • 2024 is the first normal operational year since 2019 and is progressing well, with no extraordinary events impacting operations. 
  • To support the strategic plan and ensure sufficient financial flexibility, Fjord Line, along with its board and shareholders, has initiated steps to improve working capital, such as refinancing or capital injection. This process is expected to conclude in the second half of 2024. 
May 05
0

Annual Report ANEK Lines S.A. 2022

By | 2023 Newsletter week 18 | No Comments
  • +24% pax 809,000
  • +2% cars 186,000
  • -14% cargo units 115,000
  • +20% in Group turnover: MEUR0 (MEUR 150.0)
  • +27% in Group cost of sales: MEUR5 (MEUR 133.0)
  • Sharp rise in fuel prices (average increase of more than 80% compared to 2021) burdened excessively operating results, absorbed the benefit from turnover increase and worsened the effort to preserve adequate working capital.
  • The increase in the expenses and the reduction in the Group’s gross profit resulted to the drop of EBITDA to MEUR 0.8 (MEUR 7.0 in 2021), while the Parent company showed losses of MEUR 0.8 versus profits of MEUR 4.1 in the previous year.
  • Net financial cost for the Group for 2022 amounted to MEUR 11.8 (MEUR 10.0), while the results from investing activities formed at profits of MEUR 0.5 against (losses of MEUR 25.7 in 2021). The significant losses from investing activities during 2021 were resulted mostly from impairment of the vessels’ value.
  • As a result of the above, the consolidated net results after taxes for 2022 amounted to losses of MEUR 20.4 (losses of MEUR 40.2 during the previous year), while the net results after taxes and minority interests amounted to losses of MEUR 21.4 (losses of MEUR 41.7). Respectively, net results after taxes for the Parent company for 2022 amounted to losses of MEUR 22.5 (losses of MEUR 43.9).
  • The losses recorded in 2022 continued to deteriorate the Group’s capital adequacy, which was also burdened in 2021 due to extraordinary non-recurring losses and provisions. As a result, the Group’s equity as at 31.12.2022 was negative by MEUR 61.4. Respectively, the capital adequacy as well as the liquidity of the Parent company has also deteriorated significantly, resulting in lack of fulfilling loan obligations as well as in difficulty to fulfil other current liabilities.
  • It is noted that following the agreement between Attica Holdings and the major creditors and shareholders of ANEK, representing 57.70% of the Company’s total capital, it is currently in progress the procedure of merger by absorption of the Company by Attica, according to the decision of ANEK’s Board of Directors dated 26 September 2022. The said agreement is deemed absolutely necessary due to the accumulated issues of the Company. The completion of the transaction is subject to the approval of the competent bodies according to the applicable legislative framework and currently lies at the stage of being examined by the Hellenic Competition Commission.
  • Source: ANEK Investors Centre
Apr 07
4

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

Apr 29
2

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.
Nov 07
0

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.

Source: Annual Report 2018-2019