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Tag: Compagnia Italiana di Navigazione (CIN) | Ferry Shipping News

Feb 11
1

Latest News From Moby’s Debt Restructuring Plan

By | 2021 Newsletter week 6 | No Comments

News provider Reorg Research reported some details about Moby’s latest debt restructuring proposal: “Recovery for bank lenders will differ from that of bondholders, who will be able to choose between a 30% upfront payment or a smaller initial cash recovery that would also include future proceeds deriving from asset sales”.

The new restructuring proposal “targets the sale of about eight vessels of Moby and subsidiary Compagnia Italiana di Navigazione fleet in five years’ time.”

The proposal also includes the creation of a shipco which would buy the group’s fleet and lease it back to Moby. Investment fund Europa Investimenti would participate in the shipco”.

The Onorato-controlled company sent an updated restructuring proposal to its creditors earlier this month.

Jul 16
0

Ro-ro BENIAMINO CARNEVALE’s sale still pending

By | 2020 Newsletter week 29 | No Comments

Last October, Ferry Shipping News exclusively reported that Tirrenia – Compagnia Italiana di Navigazione sold for EUR 12 million, the 27-year old roro BENIAMINO CARNEVALE to a North European buyer.

German ferry company TT Line and Polish operator Unity Line were the two options considered most likely as counterpart from several sources.

As of today, the vessel is still operating for Tirrenia and the reasons why the deal is not completed yet are written in some of the documents presented by Moby to the court of Milan where filed for protection.

The Vincenzo Onorato-controlled company explains that the banks were late at releasing the needed green light and so the terms for the sale expired. Nonetheless Moby added that is still confident to hand over the 1992-built ship as soon as the approval from the court of Milan will arrive.

BENIAMINO CARNEVALE was built by Van Der Giessen-de Noord shipyard (formerly known as VIA ADRIATICO) and has a capacity for 99 passengers and 1,820 lane meters.

May 20
0

Grendi Ready To Take Tirrenia Cin’s Extended Subsidies To Court

By | 2020 Newsletter week 21 | No Comments

The decision by the Italian government to potentially extend the EUR 72 million of subsidies to Compagnia Italiana di Navigazione (part of Moby group) until 31 July 2021, but probably even beyond, was not appreciated by several ro-ro and ferry operators in Italy.

One of them Antonio Musso, CEO of Grendi Trasporti Marittimi, said to the local media Port News: “The 12-month extension of the subsidies to Tirrenia-Cin is nonsense and devastating for the economic equilibrium of the maritime transport market between Italy mainland and Sardinia”. He added: “Today the essential links to and from the major islands are guaranteed by several private operators on all the routes. I hope that the European Commission will intervene on the subject, otherwise we will do it: there are enough elements to oppose a contribution that clearly distorts competition”. Thus, Grendi seems to be ready to take the case to the Italian Antitrust Authority or to the Administrative Regional Court of Lazio.

Generally speaking, also Emanuele Grimaldi recently said he would react to any form of public support to unhealthy ferry companies, which may distort competition.

Nov 30
0

FERRY SHIPPING

By | 2018 Newsletter week 48 | No Comments

The already announced reverse merger of Moby into Compagnia Italiana di Navigazione (CIN) will be effective before the end of the year.

  • According to the related 2018/2023 business plan, the Onorato-controlled group will sell five unidentified ro-pax ships generating €305 million revenues and roughly € 145 million of capital gains.
  • Two smaller and older vessels are set for dismissal in 2019, further two modern units in 2019 and the last two ferries respectively in 2020 and 2021.
  • Some € 30 million will be also invested to install scrubbers on five ships before the end of 2019.
  • In the next few years the “new CIN” will charter-in some modern and higher capacity ro-pax units (most of them from Onorato Armatori) to be deployed on the routes linking Italy mainland to Sardinia and Sicily.

Onorato Armatori, company controlled by Vincenzo Onorato and his sons Achille and Alessandro, in few weeks’ time will take delivery of two ro-pax ships built from Flensburger shipyard, while further two ferries will be built in China by Guangzhou Shipyard International and set for delivery from 2021 onwards.