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Tag: Fjord line | 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. 
Feb 02
1

Additional Fjord Line call

By | 2024 Newsletter week 05 | No Comments

Fjord Line has announced some additions to their route portfolio.

From 1 February to 7 May and 2 September to 30 December, the cruise ferries STAVANGERFJORD and BERGENSFJORD will offer;

  • An evening sailing from Hirtshals to Kristiansand, the shortest route between Denmark and Norway.
  • A nightly domestic route from Kristiansand to Stavanger and on to Bergen.

This adds a call to the current Hirtshals – Stavanger – Bergen route northbound.  Southbound, the route remains as it is today; Bergen-Stavanger-Hirtshals.

7 May to 2 September, Fjord Line continues to sail 3 – 4 departures daily between Hirtshals and Kristiansand with HSC FJORD FSTR, STAVANGERFJORD and BERGENSFJORD

Photo: Fjord Line

Sep 22
0

Fjord Line will no longer operate the ferry route between Sandefjord and Strömstad

By | 2023 Newsletter week 38 | No Comments

Stopping the shortsea route between Norway and Sweden on 29 October 2023 is a strategic move to concentrate operations around the sailing routes between Norway and Denmark.

Fjord Line wants:

  • To further develop the shipping company around tourism products.
  • To continue to be a central player for both passenger traffic and freight transport between Norway and the continent.

Ro-Pax OSLOFJORD is for sale.

The same route will still be operated by Color Line, with one vessel: COLOR HYBRID.

The other route vessel, COLOR VIKING, ceased operations on the Sandefjord – Strömstad route on 22 November 2022.

The route was very popular amongst Norwegians for shopping in Sweden.

Jan 06
0

Fjord Line: from LNG to Dual-Fuel

By | 2023 Newsletter week 1 | No Comments

Fjord Line has decided to rebuild the two LNG-ships STAVANGERFJORD and BERGENSFJORD from single-fuel LNG-engines to dual-fuel LNG/MGO-engines.

  • Rebuilding of STAVANGERFJORD will start in January 2023 and will be finalized by the end of May 2023.
  • BERGENSFJORD will be rebuilt during February to medio June 2023.
  • The routes affected by the rebuilding are Bergen – Stavanger – Hirtshals, and Hirtshals – Langesund.
  • The ships are being rebuilt at Fosen Yard and the engines will be delivered by Wärtsilä.
  • Fjord Line has concluded a refinancing as part of the rebuilding of the two ships and due to the current energy crisis.
Mar 04
11

New Refinancing Of Fjord Line

By | 2021 Newsletter week 9 | No Comments

Fjord Line has now secured a financial platform until May 2022 in a comprehensive refinancing where both owners and lenders have contributed.

This is the second of a total of two refinancing operations, due to the pandemic. The refinancing has a total liquidity effect for Fjord Line of a total of NOK 950 million (in the period May 2020 to April 2022).

Preliminary figures 2020:

-55% Turnover NOK 729 million,

-90% Turnover in some periods with very limited travel activity

-NOK 140 million Result before taxes

Fjord Line has received NOK 198 million in cash support from the Norwegian Authorities for the period March to October.

For November / December, Fjord Line expects NOK 70 million.

Without the cash subsidy, the deficit for Fjord Line would probably have been more than NOK 400 million in 2020.

Source: Fjord Line (in Norwegian)
Mar 04
11

Fjord1: Smooth Operations And Revenue Growth As Expected

By | 2021 Newsletter week 9 | No Comments

Fjord1: Smooth Operations And Revenue Growth As Expected

Q4

+20% Revenue NOK 826 million (driven by new contracts)

+67% EBITDA NOK 266 million

Investments NOK 103 million, net of NOK 31 million in vessel NOx compensation received in Q4

Full Year 2020

+14% Revenue NOK 3,118 million,

+27% EBITDA NOK 1,042 million

Total investments for the full year 2020 came to NOK 1,428 million

Revenue growth in line with expectations

New electric vessels are reducing operating costs and increasing EBITDA margins.

Electricity now accounting for approximately 40 per cent of the fuel mix.

Outlook

Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.

Strong contract portfolio has a value of NOK 24.1 billion through 2033.

The company expects more moderate revenue growth 2021, with cost improvements continuing to bolster operating margins.

Click on the picture to see the relevant file:

Mar 04
11

Fjord Line Welcomes New Catamaran

By | 2021 Newsletter week 9 | No Comments

Friday February 26 saw the delivery of Fjord Line’s new high-speed catamaran, “FJORD FSTR”.

The 110m-long 31m-wide vessel was built by Austal in the Philippines.

Speed: 37 knots

Capacity: 410 vehicles and 1200 passengers

Time for crossing: 2 hours and 15 minutes between Kristiansand and Hirtshals

She still has to make the long journey from the Philippines to Norway.

Press Release Austal
Jan 07
1

New CEO for Fjord Line

By | 2021 Newsletter week 1 | No Comments

The Board of Directors has appointed Brian Thorsted Hansen (53) as the new CEO of Fjord Line.

Thorsted Hansen has extensive business experience and has for the past 14 years worked at DFDS, formerly serving as Vice President and Head of Business Unit Group Passenger.

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.