DFDS’ 2021 Outlook Raised After Stronger Start Of The Year

By | 2021 Newsletter week 17 | No Comments
  • EBITDA outlook raised from DKK 3.0-3.5bn to DKK 3.2-3.6bn for 2021
  • Reason: stronger than expected freight results in most business units. There was as anticipated a considerable slowdown in volumes linked to the UK in January following the UK stockbuilding in Q4 2020. Since then, volumes have recovered faster than expected.
  • Uncertainty remains high and significant changes to outlook assumptions may still occur in the rest of the year.

FERRY SHIPPING

By | 2021 Newsletter week 2 | No Comments

Stena Line’s Newest Ship Debuts on Rosslare-Cherbourg instead of Belfast-Liverpool

Stena Line’s brand-new STENA EMBLA will make its Irish Sea debut on the Rosslare-Cherbourg service.  Originally scheduled for service on the Belfast-Liverpool route, due to the current Brexit related shift for direct routes and increasing customer demand, Stena Line has decided to temporarily deploy her on Rosslare-Cherbourg.

The first sailing will be from Rosslare on 14 January 2021.

STENA EMBLA will make three weekly return trips between Rosslare and Cherbourg, which alongside the STENA FORETELLER will see Stena Line operate 12 crossing per week between Ireland and the Continent.

Ferry Shipping News understands that route vessel STENA HORIZON needs maintenance. If she will return on the route is so far unclear.

FERRY SHIPPING

By | 2020 Newsletter week 46 | No Comments

DFDS: Increasing Freight Earnings 

  • Q3 freight earnings are above 2019 levels
  • Efficiency enhanced by adaptation of operations and business structure to market changes
  • Travel restrictions lowered passenger numbers significantly (-70%)
  • EBITDA 2020 outlook raised to DKK 2.5-2.7bn on 23 October

Q3, key figures (in DKK billion)

  • -19.6% Revenue (3,598)
  • -29.2% EBITDA before special items (846)
  • -46.0% EBIT before special items (388)
  • -49.9% Profit before tax and special items (324)
  • -59.4% Profit before tax (262)

EBITDA for freight ferry and logistics activities was DKK 126m above 2019 in Q3. The ongoing adaptation of operations and the business structure to market conditions post Covid-19 has been instrumental in achieving the increase. Besides higher margins, some activities also succeeded in raising volumes.

The continued tightening of travel restrictions during Q3 lowered, on the other hand, the passenger result below expectations. In Q3, EBITDA for passenger services was thus DKK 445m below 2019. This result includes passenger services in three business units that provide such services – Passenger, Channel and Baltic Sea.

Outlook 2020

On 23 October 2020, the outlook for 2020 was raised as freight volumes have developed more positively than expected during and after Q3.

EBITDA before special items is expected to be DKK 2.5-2.7bn in 2020 up from the previous outlook of DKK 2.2-2.5bn included in the Q2 2020 report.

FERRY SHIPPING

By | 2020 Newsletter week 40 | No Comments

Positive EBITDA Attica Group Powered by Monitoring and Timely Decisions

  • Revenue EUR 117.00 million (EUR 164.01 million)
  • EBITDA EUR 1.94 (EUR 15.50 million)
  • The decrease in revenue and EBITDA resulted from reduced traffic volumes(*) due to the pandemic and the imposed restrictive measures.
  • Losses after taxes amounting to EUR 40.96 million (EUR 11.05 million)
  • Financial results (include fuel hedging) loss of EUR 12.51 million (profit of EUR 1.3 million)

(*) Traffic figures:

-56.0% passengers

-46.3% private vehicles

-15.6% freight units

-33.0% sailings (4,446 compared to 6,683 sailings last year).

In the context of these extraordinary and constantly changing circumstances, management monitored daily the traffic volumes data, the pandemic evolution, as well as the measures imposed by the Authorities and assessed the traffic evolution by market, vessel and route.

Based on these assessments, the management made timely decisions achieving, among others, reduced operational and general costs and adjusted vessel itineraries. These measures contained significantly the Group operating costs and achieved the best possible balance between services provided and market demand, considering the necessity to maintain the service and the connectivity of the islands and utilizing to the maximum extent the support measures for the affected companies announced by the Hellenic State.

FERRY FINANCE

By | 2020 Newsletter week 33 | No Comments

DFDS Q2: Pickup in Demand Faster than Expected 

Q2 2020

  • Revenue down 34% to DKK 2.8bn
  • EBITDA down 49% to DKK 507m
  • Rebound in freight volumes at end of Q2 and in July, better than expected
  • Passenger activities cause most of profit decrease
  • Encouraging pickup in passenger demand for reopened routes
  • Outlook improved: EBITDA of DKK 2.2-2.5bn now expected for 2020 (previously: likely to be reduced towards DKK 2bn)

”Our outlook is improved. Freight volumes have picked up and the demand for ferry travel is encouraging on our reopened passenger routes. It is uncertain whether the pickup in demand is sustainable and we therefore remain alert,” says Torben Carlsen, CEO.

FERRY FINANCE

By | 2019 Newsletter week 48 | No Comments

Stena AB’s Ferry Division Is Strong Performer In the Group

Stena AB key figures for first nine months

Profit Before Tax = SEK 192 million (SEK 1,076 million)

Consolidated EBITDA, excluding net gain on sale of assets and change in fair value of investment Properties = SEK 5,938 million (SEK 3,856 million)

Consolidated EBITDA, including net gain on sale of assets and change in fair value of investment Properties = SEK 7,098 million (SEK 6,775 million)

Ferry Operation Stena Line (for the first nine months)

Improved and all-time high EBITDA compared to last year, mainly due to increased car volumes, passenger- and freight volumes.

EBITDA = SEK 2,958 million (SEK 2,490 million)

Shipping

Increased EBITDA mainly due to stronger rates in all tanker segments compared to last year together with more operational days and higher rates for the LNG vessels.

Strong contract coverage and utilisation rate across the roro fleet, offset by lower charter income as a result of vessels sold in 2018.

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FERRY FINANCE

By | 2019 Newsletter week 35 | No Comments

Stena AB Interim Report H1

Ferry & Ro-Ro highlights:

Ferry Operations

EBITDA increased compared to last year mainly due to continued positive volumes for cars (3%) and passengers (1%).

Shipping (Ro-Ro)

Strong contract coverage and utilization rate across the Ro-Ro fleet, offset by lower charter income as a result of vessels sold in 2018.

Irish Continental Group Reports H1

Key figures for the first 6 months (Group)

  • +6.1% Revenue
  • +14.9% EBITDA (pre non-trading items)
  • -12.0% EBIT (including non-trading items)

Key figures for the first 6 months (Ferries)

  • +1.5%  Revenue
  • +4.8%  EBITDA
  • -20.3% EBIT (including non-trading items)

Trends

  • -5.7% cars
  • +7.3% ro-ro freight

Moby’s EBITDA Shows Encouraging Positive Trend in Q1

By | 2019 Newsletter week 25 | No Comments

Moby’s EBITDA Shows Encouraging Positive Trend in Q1

Moby Group has published an interesting Q1 report with some positive trends, which show the company is on the path of recovery.

Some figures in million €

  • Revenues 102.2 (89.2 in Q1, 2018)
  • EBITDA recurring 20.2 (-15.6 in Q1, 2018)
  • Operating Profit -2.3 (-30.1 in Q1, 2018)
  • Net Result -15.0 (-40.6 in Q1, 2018)

The positive EBITDA trend is influenced by an increase of Revenue due to a positive performance in freight transport (€8.5m) and due to the capital gain obtained by the subsidiary CIN, consequently the sales of the ferries PUSCHMANN and AURELIA (€15m).

Interesting is also to follow the issues with the Italian Antitrust Authority. The Regional Administrative court of Lazio has issued a final judgment on the appeal finding that a significant part of the conduct alleged by the Italian Antitrust Authority had not been correctly verified.

The company also mentions in the report the two new Chinese-built vessels, which are expected in 2020 and 2021.

DFDS Q1 On Track Strong Performance in North Sea

By | 2019 newsletter week 19 | No Comments

In Q1, revenue increased 11% to DKK 3.9bn driven by the expansion in the Mediterranean and stockpiling in UK ahead of the initial Brexit-date end of March. The Easter timing difference vs 2018 lowered passenger revenue.

EBITDA before special items increased 13% to DKK 677m driven by the Mediterranean expansion and strong performance in North Sea.

Baltic Sea’s result was lowered by one-off additional operating costs as capacity was maintained during dockings, one of which was extended. In addition, the Easter timing difference reduced passenger earnings compared to Q1 2018, especially in the Passenger business unit.

Logistics continued to improve performance in UK & Ireland. In Sweden and Belgium earnings were lower as Q1 2018 included peak earnings from a large contract.

The first in a series of six new freight ferries was delivered in February and successfully deployed in March between Istanbul and Trieste.

2019 EBITDA outlook unchanged: DKK 3.8-4.0bn (2018: DKK 3.6bn, restated)

Key figures Q1 2019

  • +11% Revenue: DKK 3.9bn (3.5)
  • +13% EBITDA: DKK 677m (597)
  • -22.3% Profit before tax DKK 159m (204)

Outlook 2019 Unchanged

  • 10-12% revenue growth
  • EBITDA-range of DKK 3.8-4.0bn (2018: DKK 3.6bn)