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May 14
0

PHOTOS OF THE WEEK

By | 2020 Newsletter week 20 | No Comments

The scrubber conversions on Attica Group’s SUPERFAST XI and BLUE STAR PATMOS are moving on.

The “red” ship has been in Keratsini (DEH dock) since March 29, 2020, while the new front section for her new enlarged funnel has already been put in place.

Her “Blue” fleetmate on the other hand, has been in the Palumbo (Malta) shipyard since the beginning of March 2020 for scheduled repairs and dry docking, as well as to undergo a scrubber conversion too.

Unfortunately, the Covid-19 found the ship in the shipyard and kept her there. As a result, the work progress was relatively slow.

Both ships are expected to be ready by the end of May.

Apr 23
0

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)

Sep 20
2

INTERVIEW

By | 2019 Newsletter week 38 | No Comments

Evaluating The Greek Summer Season And Much More, With Spiros Paschalis, CEO Attica Group

Ferry Shipping News was in Athens this week, grabbing the golden opportunity to meet with Spiros Paschalis, CEO Attica Group.

How was the summer season? How is Hellenic Seaways’ integration doing? What are the plans for new tonnage? Etc…

Apr 25
0

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»).

Read the financial release
Nov 30
0

First The Integration Of HSW In Attica Group, Then More Negotiations About A Sale

By | 2018 Newsletter week 48 | No Comments

Unfortunately in Greek, this article gives some insight into the recent discussions about the possible sale from Attica to Fortress. Some highlights:

Any discussions about the future sale of Attica Group have been frozen for the time being and are expected to restart in the first quarter of 2019.

Now the priority is to finalize the absorption of Hellenic Seaways. In November all ferry companies are obliged by law to submit the ferry routes for next year.

A potential buyer needs to understand what he is buying, and that is only possible when the integration of HSW in the route network becomes clear.

According to the Competition Commission’s, the Attica Group needs to free up space for competition, if it is having a monopoly position on one of the routes.

For example, if a competitor declares to the Competition Commission that he wishes to launch a ship on the same route, then Attica will have to decommission one of the two ships operating there.

For the scenario involving the Grimaldi Group, financial analysts believe that Emanuele Grimaldi will not enter Attica. They believe he just wants Attica to “clean up” the coastal shipping market in order to have pure business logic schemes. For that reason, Emanuele Grimaldi has occasionally described the Attica Group as “one of the best companies in the industry, along with P & O and Stena.”

  • Piraeus Bank holds 31.2% of MIG, which is MIG’s parent of Attica Group, holding 89.38% of its shares. Attica Group owns Superfast Ferries, Blue Star Ferries and HSW. Also, part of the Attica Group’s lending belongs to the Fortress investment group, which has the right to convert Attica’s bond loans into shares.
  • Piraeus Bank holds 24.18% of ANEK, which is one of the three poles of Greek coastal shipping. It indirectly holds another similar percentage of ANEK together with other banks through pledge on pledge. Also, Piraeus Bank together with other banks converted ANEK’s borrowings into convertible bonds, so it potentially holds another percentage of the company.
  • ANEK cooperates with Superfast Ferries on the Adriatic and Crete routes through a consortium.
  • Piraeus Bank, like all Greek banks, has signed a three-year agreement with the European Commission’s Directorate-General for Competition to agree that within three years they must have sold all their shares in activities that are not related to banking, such as equity, real estate, insurance, hotels, etc. Sales must be completed by the end of 2018.
  • Based on this agreement, the Bank will also have to sell its holdings in the shipping companies. This process began with HSW and will reasonably be followed by Attica Group and ANEK.
  • The Grimaldi Group fully controls Minoan Lines.
Source: New Money (in Greek)(by Minas Tsamopoulos)
Jun 14
0

SPECIAL INTERVIEW

By | 2018 Newsletter Week 24 | No Comments

New Horizons For Attica Group, With The Acquisition Of Hellenic Seaways

Last week Ferry Shipping News paid a visit to Athens and despite being extremely busy, the CEO of Attica Group Mr Spiros Paschalis (photo) made time early in the morning to give us an update on the developments of Attica Group.

Read the report
May 03
0

FERRY FINANCE

By | 2018 Newsletter Week 18 | No Comments

Attica’s Annual Report Follows The Green Light For The HSW Take Over

Shortly after the authorisation to get full control over Hellenic Seaways (see below), Attica published its full year annual report.

In spite of increased traffic volumes the group result was affected by the increased bunker prices.

  • Consolidated revenue of EUR 271.54m (EUR 268.61m)
  • EBITDA EUR 50.36m (EUR 70.03m)
  • Profits after tax EUR 1.25m (EUR 20.25m)
  • Increased traffic volumes in all revenue categories: passengers +2.2%, cars +5.7% and freight units +3.5%
  • Number of sailings +3.3%
Press Release Attica Group