Tag

Tag: Color Line | Ferry Shipping News

Dec 06
2

Color Line’s Compensation Claim Against Sandefjord Municipality

By | 2024 Newsletter week 49 | No Comments
  • In June 2024, Sandefjord’s harbour was closed due to a failure to renew its authorization for international ship traffic, disrupting COLOR HYBRID ferry operations.
  • Color Line submitted a compensation claim of 4 million NOK in November 2024 for financial losses.
  • The municipality is reviewing the claim and blames a consultancy firm’s lack of expertise for the approval delay.
  • Sandefjord disputes the consultant’s invoice and is considering further claims for its losses.
  • Decisions on compensation and next steps are pending further review.

Source: Sandefjord Kommune

Aug 31
2

Color Line Interim Report H1, 2024

By | 2024 Newsletter week 35 | No Comments

Here are the financial highlights of the Color Group AS Interim Report for the first six months ending 30 June 2024: 

  • Operating Revenues: NOK 2,919 million (2023: NOK 2,733 million) 
  • Operating Expenses: NOK -2,530 million (2023: NOK -2,266 million), including NOK -60 million for environmental allowances 
  • Earnings Before Interest and Taxes (EBIT): NOK 96 million (2023: NOK 175 million) 
  • Profit Before Tax: NOK 88 million (2023: NOK 24 million 
  • Net Financial Items: NOK -8 million (2023: NOK -151 million), including gains from foreign exchange and derivatives 
  • Total Comprehensive Income: NOK 141 million (2023: NOK 44 million 
  • Net Cash Flow from Operating Activities: NOK 426 million (2023: NOK 421 million) 
  • Net Cash Flow from Investing Activities: NOK -12 million (including NOK 139 million from the ONS Ship Finance transaction) 
  • Net Cash Flow from Financing Activities: NOK 408 million (2023: NOK 3 million), with new unsecured bond loan of NOK 900 million issued 
  • Net Interest-Bearing Debt: NOK 3,889 million (2023: NOK 4,153 million 
  • Equity Capital: NOK 1,786 million (2023: NOK 1,548 million) 
  • Total Balance Sheet Value: NOK 9,297 million (2023: NOK 9,649 million) 

   Outlook 

  • Market Position: The company is well-positioned in the market with attractive commercial and operational concepts, a modern fleet, and a stable customer base. Despite economic uncertainties, demand for Color Line’s services has traditionally remained stable. 
  • Future Expectations: The market is currently perceived as strong, and the company expects positive results for the remainder of 2024. 
  • Financial Strategy: The company continues to focus on maintaining a diversified, long-term financing strategy. A new unsecured bond loan of NOK 900 million (maturing in April 2029) was issued in April 2024, and part of an existing bond loan (COLG16) was repurchased. 
  • Investments and Sustainability: Color Group remains committed to sustainability, with continued investments in innovative environmental technologies and energy efficiency measures. The company has also increased its hedging of bunker fuel consumption and environmental allowances for the coming years. 

Overall, Color Group is optimistic about its market position and financial performance for 2024, maintaining a focus on sustainable growth and operational efficiency. 

 Click on the cover to access the interim report 

Feb 17
0

Digitalisation of Color Line’s operations supported by Telenor Maritime’s Unified Hosting Service™

By | 2023 Newsletter week 7 | No Comments

Sustainability through digitalisation: Telenor Maritime has installed its Unified Hosting Service™ (UHS®) on board Color Line’s fleet of five ferries, supporting the process of digitalising its operations and sustainability strategy.

From January 2023, the open and vendor-neutral data hosting platform enables Color Line to collect, monitor and transmit crew input data and sensor data from the on-board navigation and engine control systems, delivered by different OEMs (Original Equipment Manufacturers). The UHS® digitalises two major operational activities that were previously handled manually: operational checklists for the crew and the collection of data for the regulatory Monitoring, Reporting and Verification (MRV) reports.

The MRV regulation stipulates that data must be logged for each leg of the journey and added to a report for the authorities (EU, IMO) to analyse and monitor the fleet’s pollutant emissions data. With the UHS® installed, this normally tedious, manual task is now automated. Data is collected from the operational technology on board and is seamlessly shared between the ship and the shore. The MRV data is sent directly to the DNV class society for compliance approval. Moving from manual to digital checklists improves the crew’s daily operations, allowing faster and easier communication and information sharing, and access to higher quality data.

Telenor Maritime is proud to partner with Color Line, supporting its vision to become Europe’s leading shipping company within sustainable passenger and goods transportation. The UHS® provides access to all on-board data on one platform, giving the crew and the land-based management organisation the opportunity to create a common set of master data that can be trusted and reused. Having the ability to access data insights on board will empower the crew to make better decisions in their daily operations, making real-time performance optimisation attainable.

Photo: Anders Martinsen

Unified Hosting Service™ Onboard data-sharing platform
Feb 10
0

Revenue record for Color Line in 2022

By | 2023 Newsletter week 6 | No Comments
  • Revenue NOK 5.8 billion (2.6 billion)
  • EBITDA NOK 1.2 billion (211 million)
  • EBIT NOK 598 million (-386 million)
  • 6 million passengers
  • 190,000 freight units (12-m equivalents)

“It is very gratifying to note that strong demand and high customer values ​​on all our routes have resulted in record sales and a historically good operating result. Despite geopolitical unrest and high energy prices, we experienced a large influx of foreign guests in the winter months, a new record in the important high season and a solid pre-Christmas period,” says CEO Trond Kleivdal.

In 2022, Color Line sold its two oldest ships, COLOR VIKING and COLOR CARRIER.

Operating costs increased because of the energy crisis and the sharp rise in wages and prices in 2022. The shipping company therefore carried out risk-reducing measures in the form of securing fuel and currency, and for 2023 has already secured around 80% of the total fuel requirement.

During 2022, net interest-bearing debt was reduced by NOK 966 million to NOK 4,405 million, while available liquidity at the end of the year was NOK 760 million.

Based on good underlying demand, Color Line expects a result for 2023 in line with 2022.

Photo: Octocopterfilm/Glenn Walmann

Sep 15
0

Color Line improves the energy efficiency of its vessels with Elogrid

By | 2022 Newsletter week 37 | No Comments

Color Line has ordered the Elogrid solution from Elomatic for two of its passenger car ferries to improve their energy efficiency. The Elogrid grid design for thruster openings reduces the additional resistance of vessels. This reduces fuel consumption and carbon dioxide emissions. Elogrid also enhances the performance of thruster tunnels, which leads to better maneuverability.

Read more
Apr 29
4

Color Line 2021: on the way out of the pandemic

By | 2022 Newsletter week 17 | No Comments

2021, another demanding year for Color Line, primarily due to major operational challenges as a result of government-imposed restrictions in connection with the pandemic.

Operating revenues were NOK 2.6 billion in 2021, which was in line with 2020 and significantly below NOK 5.3 billion in the last normal year 2019.

Operating profit increased to NOK 211 million in 2021 from NOK -47 million in 2020.

Profit before tax was NOK -591 million in 2021 (NOK -1.2 billion)

Passengers 1,143,480 (1,255,046)

Freight units 180,850 (174,068)

Color Line’s demand quickly rose to the levels ahead of the pandemic as soon as the community reopened in early 2022. The booking rate is now in line with 2019, and the outlook for the current year is therefore very positive.

Color Line expects a result for 2022 that is significantly better than last year, almost in line with a normal year. The company capitalizes on its very loyal customer base, attractive products and a renewed interest in the local markets within tourism, in combination with a more cost-effective operation and positive development in customer values after the pandemic.

Dec 16
4

COLOR VIKING laid up because of new corona measures

By | 2021 Newsletter week 50 | No Comments

Color Line has decided to take COLOR VIKING temporarily out of operation on the Sandefjord-Strømstad route on Monday 13 December. This is due to a significant decrease in the number of passengers after the government introduced new national corona measures and requested limited social contact.

The decision entails, in this round, notification of redundancy to just under 100 employees.

Nov 12
0

Mink Virus Forces Denmark to Shut Down Passenger Traffic to and from North Jutland

By | 2020 Newsletter week 46 | No Comments

On 9 November, the Danish authorities introduced restrictions in the Northern part of Jutland, to reduce the spreading and development of a mink virus variant.

It has been decided that all mink herds in Denmark must be slaughtered.

Stena Line has decided to temporarily stop the passenger operation between Frederikshavn and Gothenburg between 9 November and 3 December.

The freight operation on the route will continue to keep the vital supply lines open between Denmark and Sweden.

Passengers are during this period referred to the route between Halmstad and Grenaa, which are not affected by the new restrictions and will continue to operate with both passengers and freight.

Color Line operates its SUPERSPEED 1 and 2 in a freight-only mode.

Fjord Line does not take passengers on its already reduced number of crossings.