Official signing of agreement for the sale of 67% of Heraklion Port Shares to Grimaldi Group

By | 2023 Newsletter week 51 | No Comments

On December 18, 2023, GRIMALDI EUROMED – MINOAN LINES officially signed the concession agreement with the Hellenic Republic Asset Development Fund (HRADF) for 67% of the Port of Heraklion’s shares. The Hellenic Parliament is expected to ratify the agreement in early January 2024, while the transfer of the shares is anticipated to occur at the end of January 2024 in Heraklion, Crete.

Grimaldi Euromed S.p.A. – Minoan Lines secured the international tender last June with a bid of EUR 80 million, and the total investment by the Italian consortium is projected to reach EUR 100 million.

This specific agreement focuses on the green transition of the Cretan port through the electrification from renewable energy sources and the installation of a system for electrifying docked ships (cold ironing), along with the modernization of infrastructure and mechanical equipment. Furthermore, it aims to develop the cruising sector and facilitate the offloading of electric vehicles from China.

The Agreement for the Sale of the 67% of the Igoumenitsa Port Authority Shares to Grimaldi Group was Officially Signed

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On October 20, 2023, Grimaldi EuroMed – Minoan Lines – EKEV (Investment Construction Commercial And Industrial S.A.) officially acquired the majority share of the Port of Igoumenitsa -during a ceremony in the port facilities- in the presence of Prime Minister Kyriakos Mitsotakis, Minister of National Economy and Finance Kostis Hatzidakis, Minister of Shipping and Insular Policy Christos Stylianides and CEO of the Hellenic Republic Asset Development Fund (HRADF) Dimitris Politis.

The specific agreement aims to upgrade the port of Igoumenitsa as well as the better exploitation of its potentials as a major gateway to the Adriatic and the Mediterranean Sea.

The State will maintain the ownership of all the ports’ infrastructure, in which the State remains a strategic partner of the private investor, maintaining a 33% stake through HRADF.

As part of the agreement, the Greek State will also receive an annual concession fee equal to 3.5% of the revenues of the Port of Igoumenitsa S.A. Fee that will mainly be attributed to the Municipalities of Igoumenitsa and Filiates as a tangible financial benefit to the local community.

2022 was a record year for Grimaldi Group

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Grimaldi Group 2022 in figures:

  • +41% turnover : 4.8 billion (3.4 billion in 2021).
  • +78.8% EBITDA: 1.7 billion
  • +140.8% EBIT: 1.2 billion

These results are the result of “higher volumes of passengers and new cars transported, as well as containers and general cargo” and “are by far the best achieved by the Grimaldi Group in its long history and confirm exponential and continuous growth, with the exception of 2020, which was affected by the effects of Covid.”

At the end of last year the managed fleet consisted of about 140 vessels, of which 130 owned, with an average age of about 14 years.

Outlook: “The management has not recorded any reductions in activities and/or volumes transported in the first months of the year 2023.”

 Also mentioned in the annual report:

The 1995-built EUROFERRY OLYMPIA owned by Grimaldi Group which caught fire in February last year while sailing off the Greek island Ereikoussa is bound for scrap soon.

She is to be sold to Dido Steel Corporation S.A. and will be dismantled and recycled.

CRUISE SMERALDA transferred to Finnlines

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Ro-pax CRUISE SMERALDA, owned by Grimaldi Group, has just been just chartered out by Grimaldi Euromed to sister company Finnlines.

From the Italian port of Gioia Tauro, and after a stop in Antwerp, the 1997-built CRUISE SMERALDA arrived this week in Vlissingen, the Netherlands, before continuing to Malmö, Sweden.

CRUISE SMERALDA has a max capacity of 1,528 passengers and 819 cars (or 90 cars plus 125 trucks/trailers) and in the recent past had been operating on the motorways of the seas in the West Mediterranean and to/from the North Africa.

The ferry will replace other ferries on the Malmö-Travemünde link during their refurbishments.

“As early as this summer, there will be a new line between Sweden and Poland,” said Tom Pippingsköld in Swedish newspaper “Dagens Industri”. To be followed…

Grimaldi Group strengthens Bari and Brindisi lines

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On 6-7 December 2022, Mr Guido Grimaldi, Grimaldi Group Corporate Short Sea Shipping Commercial Director & President of ALIS, announced the enhancing of both Bari and Brindisi lines with more vessels.

More specifically, at the port of Bari, he announced the introduction of a fourth Ro-Ro ship, from January 2023, on the Patras-Bari-Venice line and vice versa, which will contribute to the daily service.

The next day, in Brindisi, he announced the new operation on Patras-Igoumenitsa-Brindisi. RoPax EUROPA PALACE will join her fleet mate RoPax IGOUMENITSA, offering more daily departures, from 14 to 22 weekly.

Progress on the Privatization Process of the ports of Igoumenitsa and Heraklion

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Grimaldi Group and the Port Authority of Thessaloniki will finally compete for the Port of Igoumenitsa. According to the Hellenic Republic Asset Development Fund the offers submitted by the above two candidates have been eventually selected in the context of the tender for the concession of 67% of the Igoumenitsa Port Authority.

The two interested parties will be invited to submit new improvement offers at the beginning of October.

According to the same information, the Grimaldi Group and the Port Authority of Thessaloniki will compete – along with other “candidates” – for the port of Heraklion as well. The process will start at the beginning of the year and bids are expected to be submitted on January 18, 2023.

Photo: Port of Igoumenitsa, Spyridon Roussos

Grimaldi Group’s ECO MALTA christened in Valletta

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On 30 May 2022, the port of Valletta hosted the christening ceremony of the ECO MALTA, the latest ro-ro vessel delivered to the Grimaldi Group in March. This is the sixth of 12 hybrid ships belonging to the innovative GG5G (Grimaldi Green 5th Generation) class.

ECO MALTA has joined her sister vessel ECO CATANIA on the connections between Ravenna, Brindisi, Catania and between Genoa and Malta.

“Being here in Malta today for this special occasion, or to christen the largest and most sustainable ship in the world, is a source of great pride for us” said Eugenio Grimaldi, executive director of the Grimaldi Group. “We have been present in Malta for more than sixty years and this event marks an important milestone for the maritime and transport industry locally, as well as throughout the Mediterranean”.

Trasmed GLE protests

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Trasmed GLE, a ferry company part of Grimaldi Group, publicly protested against the Port Authority of the Balearic Islands for the alleged unfair competitive conditions in favour of the competitor Baleària.

The company headed by Ettore Morace complained about the fact that its vessel VOLCAN DEL TEIDE was obliged to wait for a berth off the port of Alicudi because of ferry NAPOLES.

As a consequence, Trasmed’s vessel had to berth one hour and a half later than scheduled. The case will be taken by Grimaldi Group’s subsidiary to the competent authorities for the antitrust in Spain.

Morace announce 30 million refitting plan for the Trasmed GLE’s fleet

By | 2021 Newsletter week 42 | No Comments

After the first summer season under control of the new owner, Grimaldi Group, Trasmed GLE’s fleet will undergo an important refitting program.

CEO Ettore Morace told Ferry Shipping News that all the ropax units controlled by Grimaldi (CIUDAD DE PALMA, VOLCÁN DEL TEIDE, VOLCÁN DE TIJARAFE and CIUDAD DE GRANADA (photo)) will be refurbished . The investment is worth EUR 30 million.

Ropax CIUDAD DE MAHÓN is to be put up for sale soon.

Roro EUROFERRY EGNAZIA has been chartered-in by Trasmed Gle, from Grimaldi Euromed.

The refitting program will take shape in the coming months in a shipyard located in the West Mediterranean Sea (Italy, Spain or Malta) and include mainly the restyling of internal spaces, installation of scrubbers and some investments in IT.