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Apr 16
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FERRY SHIPPING

By | 2020 Newsletter week 16 | No Comments

Mr Grimaldi Opposing Unfair State Aid to Troubled Ferry Companies

Emanuele Grimaldi, CEO of Grimaldi Group, said in an interview published by Lloyd’s List that he is not opposed to state intervention in such difficult times, but stresses that any financial aid has to be provided in accordance with existing rules, and that individual companies should not be singled out for support at the expense of more robust rivals.

The Italian shipowner is afraid that public funding of ferry companies may distort competition by “bailing out weak shipping lines at the expense of those operating in the same trades that are well capitalized” is written in the article. Otherwise, he may consider lodging antitrust complaints on behalf of operators that are not included in any financial support packages.

 

Grimaldi also stated that his group of companies (Finnlines, Minoan Lines, Malta Motorways of the Sea, Atlantic Container Line, Grimaldi Euromed and Grimaldi Deep Sea) did not ask for assistance from any national government.

He estimates that Grimaldi Group revenue could be down by as much as 15%, equivalent to some EUR 500 million in the coming months, but notes that this downturn will be offset by much cheaper fuel costs. With no debt on 57 of its 120 ships, very low financing costs, and healthy profit margins for many years of between 5% and 10%, “we have never been in such a strong position to weather this storm” he concluded.

Feb 27
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FERRY PORTS

By | 2020 Newsletter week 9 | No Comments

Some Troubles for Grimaldi and Tirrenia RoRo Ships in Malta 

Earlier this week Maltese chandlers and port workers stopped their operations over coronavirus fears, refusing to board vessels coming from Italy to unload cargo, Malta Today reported.

The local media was informed that port workers were complaining for a lack of medical staff in the area as they handle cargo that was coming from Italian ports. Port workers said they would not handle cargo unless in supervision and after clearance of medical doctors. “The cargo in question concerns retail food and other supplies. Maltese port workers claim they are not convinced with documents showing that the vessels have been given the all-clear” Malta Today reported.

The two vessels in question were the Grimaldi Group-controlled EUROCARGO MALTA and the Tirrenia-operated MARIA GRAZIA ONORATO. Some hours later both vesseld were regularly discharged. They could sail back to the Italian ports of Catania and Genoa.

Dec 20
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TOP STORY

By | 2019 Newsletter week 51 | No Comments

Grimaldi Chose Avic Weihai for Two New Ferries for Finnlines

Grimaldi Group has chosen the Chinese shipyard Avic Weihai for the construction a pair of Superstar Class ferries due to be operated by Finnlines.

  • Contract price roughly USD 135 million each.
  • Delivery is scheduled as from 2023.
  • These new ice-class ferries are an evolution of the Fincantieri-built Star-class vessels.
  • Capacity 5,000 lane metres and 350 cabins.
  • They will have the biggest battery pack ever mounted on a ship.

This is the first time the Grimaldi Group will build ropax ferries in Asia. The other shortlisted yards were Hyundai Mipo, Jinling and Guangzhou Shipyard International in China.

All the European shipyards has been left out since the price were in some cases twice as high.

Dec 12
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Italian Fleet Movements

By | 2019 Newsletter week 50 | No Comments

Grimaldi Group of Italy took delivery of the former Ciudad De Cadiz, the ropax just bought from Trasmediterranea (Naviera Armas group) and renamed Venezia. The price paid by the Naples-based group for this vessel is around €35 million.

The same Italian ferry company has also chartered in the roro Super-Fast Baleares from Trasmediterranea in order to replace the Eurocargo Trieste which caught fire three weeks ago off the port of Leghorn and is still under repair.

According to what Ship2Shore reported, also the ferry GNV Azzurra was chartered as accommodation vessel by Virgin Voyages for the crew which will be employed on the new cruise ship Lady Scarlett, soon to be delivered by Fincantieri’s Sestri Ponente shipyard.

Nov 21
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Grimaldi’s CRUISE OLBIA Gets Scrubbers in Messina

By | 2019 Newsletter week 47 | No Comments

Grimaldi Group’s l RoPax CRUISE OLBIA arrived at the Palumbo Shipyard in Messina on 15 November 2019 in order to undergo her annual scheduled repairs as well as to have scrubber units installed.

CRUISE OLBIA is the third ship of the Grimaldi’s Mediterranean fleet to undergo the specific conversion, after CRUISE BONARIA and CRUISE OLYMPIA which are currently in Malta for the same reason.

The other three vessels of the Italian Group are Minoan Lines’ large cruise ferries MYKONOS PALACE, KNOSSOS PALACE and FESTOS PALACE which underwent the same conversion a few months ago in Malta.

Oct 17
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INTERESTING

By | 2019 Newsletter week 42 | No Comments

According to the current timetable, the UK is due to leave the EU on 31 October. But what does withdrawal mean for those who ship freight between Sweden and the UK via the Port of Gothenburg? And will it affect those handling non-UK bound freight at the port?

Oct 17
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IN THE MEDIA

By | 2019 Newsletter week 42 | No Comments

Does Grimaldi Intend To Take Over ANEK LINES?

According to an article in the Greek news website newmoney.gr, there has been an exploratory discussion between a representative of the Italian Group and the management of Piraeus Bank, on whether there are conditions for Grimaldi Group to acquire ANEK LINES. A development that became serious when Piraeus Bank opened the discussion about the future of the MIG’s Attica Group (Superfast-Blue Star Ferries-Hellenic Seaways), as well as the future of ANEK LINES.

A few days ago, a senior executive of the Grimaldi Group said that Emanuele Grimaldi is interested in making serious investments in Crete. Within that framework there was a meeting held with the management of Piraeus Bank about ANEK LINES. However, the price was initially considered high and the conversation stopped there. Of course, that is not meaning that there will not be any surprises in the future.

Italian Group’s “circles” add that: “Crete must have one company resulting from the Minoan-ANEK merger and the Attica Group as a competitor”. Also they claimed that: “Minoan Lines have repaid all their bank loans while the company’s overall financial condition can possibly absorb the financial shocks from a possible purchase of the ANEK LINES “.

Moreover, senior executives of the Italian Group made a few points about the future of Hellenic Coastal Lines:

  • Things will become very serious at the end of 2019 early 2020.
  • Next year will be crucial for the Greek Ferry Operators. The comparative advantage in Hellenic Coastal Lines will be for those who do not have debts as well as for those that have also foreseen installing scrubbers on their ships.
  • Those operators that failed to install scrubbers to their fleets will be forced to use the other type of fuel that costs much more.
  • The increase in fuel prices will result in the financial burden on ferry companies in 2019.

Also, they stressed that the Italian Group is always considering plans to expand its routes, but everything will depend on the conditions of the ferry market.

Oct 17
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PHOTOS OF THE WEEK

By | 2019 Newsletter week 42 | No Comments

Grimaldi Group’s Ferries Undergoing Scrubber Conversion

Grimaldi Group’s ferries have already been in line in order to undergo their scheduled scrubber conversion. First to have arrived at Dock n°4 of Palumbo shipyards (Malta) was the cruise ferry CRUISE BONARIA. The Italian-built ship is also having her shafts repaired.

A few days later she was followed by the larger CRUISE OLYMPIA which is currently at Dock n°6 undergoing her scrubber conversion.

Oct 03
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Grimaldi Group Asks EIB Some €50m For Supporting Fleet Retrofitting With Scrubbers

By | 2019 Newsletter week 40 | No Comments

Grimaldi Group returned to the European Investment Bank, asking for €70m, on a total cost of €150m, for a project involving “the retrofitting of SOx exhaust gas cleaning systems (scrubbers) to 10 ro-pax ferries, 17 conro vessels, 11 ro-ro vessels and 6 vehicle carriers” for a ‘total of 44 vessels’, the Luxembourg-lender reports. The request is ‘under appraisal’.

As for the objectives of Grimaldi’s plan, EIB explains that “the aim is to ensure that the promoter’s vessels comply with IMO, International Labour Organisation (ILO) and EU regulations governing the cleaning of exhaust gas emissions. The vessels concerned by this project will be outfitted with wet exhaust gas cleaning systems designed to remove harmful sulphur and exhaust particulates from the vessels engine emissions. The resulting emissions will meet future, more stringent international regulations and as such the project will contribute to a significant improvement of the environmental performance of the fleet”.

Grimaldi Group controlled Finnlines also received €50m from the EIB for installing 22 scrubbers on its fleet of ferries.

Aug 30
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The Grimaldi Group Adheres To The ‘SAILS’ Charter

By | 2019 Newsletter week 35 | No Comments

The Grimaldi Group has decided to adhere to the “SAILS” (Sustainable Actions for Innovative and Low-impact Shipping) charter. This declaration allows companies operating in the sea transport sector to formalize and pursue their pioneering commitments to protect our planet and its people.

The initiative was launched last July by the French Ministry for Ecological and Inclusive Transition, with the support of ‘Armateurs de France‘ (France’s Shipping Association), 10 members of which have already signed the document (Brittany Ferries, CMA CGM, Corsica Ferries, Corsica Linea, La Méridionale, Louis Dreyfus Armateurs, L’Express des îles, Orange Marine, Ponant)

The Grimaldi Group is the first Italian shipping company to have signed the charter, thus undertaking, in addition to its regulatory obligations, to implement specific actions such as the decrease of atmospheric pollutant and greenhouse gas emissions, the reduction of the underwater noise impact of ships, the optimization of ships energy performance, the fight against invasive species, the protection of cetaceans.

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