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.

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:

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.

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.

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.

Fjord Line and Color Line Forced to Trim the Sails

By | 2020 Newsletter week 43 | No Comments

With the ongoing pandemic and restrictions on international travel from and to Norway, both Color Line and Fjord Line decided to reduce capacity.

Color Line: Oslo Kiel

  • As from 4 November, cruise ferry COLOR MAGIC will sail in a customized timetable with freight and Norwegian cruise-only passengers (without disembarking in Kiel).
  • Sister ship COLOR FANTASY will be laid up. This means that another 400 employees will be laid off.

Fjord Line: Bergen – Hirtshals and Hirtshals – Langesund

  • As from 27 October Fjord Line will temporarily stop servicing the routes between Hirtshals, Denmark and two ports in Norway: Bergen and Langesund. (until end of year)
  • Norway’s North Sea coast will still be operated by BERGENSFJORD between Stavanger and Hirtshals, in a freight-only mode.
  • Ropax STAVANGERFJORD to be laid up.

Perfect Debut for FRS’ High-Speed Craft SKÅNE JET

By | 2020 Newsletter week 39 | No Comments

FRS Baltic’s high-speed ferry SKÅNE JET made her commercial inaugural voyage on Thursday 17 September.

She sailed from the port of Sassnitz-Mukran to Ystad.

Initially the season will last until November 1. A restart is planned for April

Fjord Line’s former FJORD CAT was built by InCat in 1998. She offers the shortest (111km) and fastest (2h30m) crossing between Germany and Sweden.

Fjord Line is Preparing for Long-Time Effects of Corona

By | 2020 Newsletter week 38 | No Comments

“We are now preparing for the fact that it may take a long time before we return to normal operations,” says Rickard Ternblom, CEO of Fjord Line.

The effect of the measures that were taken before the summer with cash support, refinancing, internal restructuring and equity, is estimated at NOK 700 million in positive cash flow for 2020, and secures operations throughout this year. The company believes it shows that owners, banks, lenders and other suppliers and partners have great faith in the business model and the long-term goals.

Even with the authorities’ extended redundancy rules, compensation scheme and loan guarantee scheme, we will not escape the fact that employees will be affected. Up to 200 people will be laid off. Cost reductions are the only thing that helps when revenues fall as dramatically as what we have experienced in recent months, says Ternblom.

Border Restrictions Halve International Ferry Travel from Denmark

By | 2020 Newsletter week 37 | No Comments

Organisation Danish Shipping (Danske Rederier) has calculated that the total number of passengers for Scandlines, Fjord Line, ForSea and DFDS in June, July and August has largely been halved compared to the same period last year.

“The bad summer comes on top of a lost spring, and it would be naive to think that Danes, Germans, Swedes or Norwegians will start traveling as usual in the coming months. The situation at the borders is completely unpredictable, so the shipping companies are facing some challenging months, ”says Jacob K. Clasen, Deputy CEO.

At Scandlines, CEO Søren Poulsgaard Jensen believes that it is the border closure in particular that caused an impact.

Like other Danish ferry companies, Scandlines has used the government’s help packages to send employees home for salary compensation and help to cover fixed expenses. But the bad summer will still cost jobs in the shipping company, says Søren Poulsgaard Jensen to Søfart.