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Tag: H1 | Ferry Shipping News

Aug 31
2

Irish Ferries profit saw an impressive growth of 80% in H1

By | 2024 Newsletter week 35 | No Comments

Here are the financial highlights from the Irish Continental Group’s H1 Financial Report for the half-year ended 30 June 2024: 

  • Revenue Growth: The Group’s revenue increased by 8.1% to €285.5 million, up from €264.0 million in the same period in 2023. 
  • EBITDA Stability: EBITDA slightly increased by 1.4% to €49.7 million, compared to €49.0 million in HY 2023, indicating stable operational efficiency. 
  • Operating Profit Improvement: Operating profit rose by 7.4% to €17.4 million from €16.2 million in HY 2023. 
  • Profit Before Tax: The Group reported a profit before tax of €14.6 million, an increase of 4.3% from €14.0 million in HY 2023. 
  • Earnings Per Share: Basic earnings per share grew by 10.7% to 8.30 cents from 7.50 cents in HY 2023, reflecting improved profitability per share. 
  • Interim Dividend: An interim dividend of 5.11 cents per share was declared, a 5.0% increase from the 4.87 cents per share in HY 2023. 
  • Net Debt: Net debt increased by 28.7% to €211.7 million, primarily due to the acquisition of the OSCAR WILDE ferry on a charter with a purchase obligation. 
  • Volume Growth: The Ferries Division saw significant growth in volumes, with car carryings up by 21.0% and RoRo freight units increasing by 10.5%. 
  • Container and Terminal Division: This division experienced an 8.7% increase in containers shipped and port lifts, though profitability was down due to lower rates and higher costs. 
  • Strategic Developments: The Group strengthened its position on the Dover-Calais route through a space charter agreement with P&O Ferries and the acquisition of the Oscar Wilde ferry. 
  • Cost Management: Operating costs increased by 7.8% to €188.1 million, with notable increases in fuel costs and expenses related to the EU Emission Trading System. 
  • Strong Liquidity Position: Despite the increase in net debt, the Group maintained a strong liquidity position with cash balances of €51.2 million.

Strong performance of Irish Ferries: 

  • Revenue Growth: The Ferry Division’s revenue increased by 9.9% to €197.6 million, up from €179.8 million in HY 2023. 
  • Operating Profit Surge: Operating profit nearly doubled, rising by 79.2% to €9.5 million from €5.3 million in the same period last year. 
  • Passenger Revenue Increase: Passenger revenues surged by 16.8%, driven by a 21.9% increase in passenger carryings, totaling over 1.33 million passengers. 
  • Car Volume Growth: Car volumes rose by 21.0% to 277,200 units, reflecting strong demand for travel. 
  • Freight Revenue and Volume Expansion: RoRo freight volumes grew by 10.5%, contributing to a 13.3% increase in freight revenues. 
  • Strategic Fleet Expansion: The introduction of the Oscar Wilde ferry on the Dover-Calais route enhanced capacity and service, contributing to overall growth. 
  • Market Share and Recovery: The division’s performance underscores its ability to capture market share in a recovering travel market post-pandemic. 
  • Strong Outlook: These results position Irish Ferries for continued growth and success in the second half of the year. 

Click on cover to view report

Aug 24
2

Rederi AB Eckerö H1: All-time high cargo and passenger volumes during the period March to June 

By | 2024 Newsletter week 34 | No Comments

Key points summarising the first six months of 2024: 

  • Passenger and Cargo Records: The period from March to June 2024 saw all-time high cargo and passenger volumes, with March and June setting new records for the Finland-Estonia route. 
  • Impact of Dockings: The docking of FINLANDIA and ECKERÖ at the beginning of the year led to a 6% reduction in departures, contributing to a 6% decrease in total passenger numbers compared to the first half of 2023. 
  • Cargo Growth: Despite fewer departures, cargo volumes grew by 3% compared to the first half of 2023, with a 9% increase in cargo units transported per departure. 
  • Revenue Decline: Sales for the first half of 2024 were 99.5 million EUR, a 3% decrease from the same period in 2023, mainly due to the reduced number of departures. However, sales per passenger increased by 4%. 
  • Profit Margins and Operating Result: The operating result was 2.7 million EUR, down from 6.5 million EUR in the previous year. Adjusted for vessel sales, the operating result was negative at -0.5 million EUR. 
  • Fleet Updates: The company sold SHIPPER in January 2024 for 4.5 million EUR, resulting in a pre-tax profit of 3.2 million EUR. 
  • Market Share: The company’s passenger market share on the Finland-Estonia route decreased slightly to 27%, while the cargo market share remained steady at 36%. The Åland-Sweden route maintained a dominant passenger market share of over 80%. 
  • Fuel Efficiency Gains: The docking and maintenance of FINLANDIA led to a significant improvement in fuel efficiency, with a 12% reduction in fuel consumption compared to the first half of 2023. 
  • Financial Position: Net debt was reduced to 5.5 million EUR by the end of June 2024, down from 10 million EUR at the end of June 2023, while the equity ratio improved to 50.1%. 
  • Outlook: The company reported a strong start to the third quarter, with record cargo and passenger volumes in July, but noted ongoing geopolitical instability as a potential risk factor for the remainder of the year. 

Source: Rederi AB Eckerö PDF 

Photo: Eckerö – Kaupokalda.com  

Jul 21
0

Bornholmslinjen sets a record in H1

By | 2023 Newsletter week 28 | No Comments

2023 has started well for the Bornholmslinjen route between Rønne and Ystad. Never before have there been so many people on the ferries as in the first six months of this year.

756,991 passengers have travelled with the ferries in the first six months (+4.5%)

The progress on Ystad – Bornholm was expected, as this season offers sailing with both the world’s largest fast ferry, EXPRESS 5, and with EXPRESS 1 – and the traffic has set several records during the first half of the year and especially during the spring mini-holidays.

Last year in 2022, a total of 1,721,949 travellers travelled back and forth between Rønne and Ystad.

Oct 06
0

ANEK, H1 Results

By | 2022 Newsletter week 40 | No Comments

+ The sharp recovery from the pandemic in conjunction with the considerably positive developments in tourist traffic and the relevant proceeds during the summer period, created optimism regarding the performance of the sector and the Greek economy in general.

– However, the deterioration of the international economic climate with the ongoing geopolitical instability and energy crisis, led to an increase in costs and prices in general, preserving a climate of uncertainty.

– Huge increase in the price of fuels that formed in unprecedented levels, burdened excessively the operating cost, absorbed the benefit from turnover increase, worsened significantly the operating results and prevented the effort to preserve adequate working capital.

Statistics

-15% itineraries / +61% pax / +28% vehicles / -11% freight units

Financial figures

+28% Group Turnover EUR 74.2 million

+13% Parent company turnover EUR 64.7 million

EBITDA

Group losses of EUR 12.0 million over EUR 0.7 million

Parent Company losses of EUR 11.7 million versus EUR 1.6 million.

Financial Results

The net financial cost of the Group and the Parent Company amounted to EUR 5.6 million versus EUR 5.4 million.

Net Results

Consolidated net results after taxes and minority interests for the first half of 2022 amounted to losses of EUR 22.6 million over EUR 12.1, while correspondingly, Parent Company’s net results after taxes formed at losses of EUR 20.7 million versus EUR 11.9 million.

ANEK > Attica

On 26 September 2022, the Company’s Board of Directors decided –following the agreement between Attica and the major creditors and shareholders of ANEK– the commencement of the procedure

ANEK PDF
Jul 14
0

DFDS monthly: Passengers and Mediterranean freight volumes up in June

By | 2022 Newsletter week 28 | No Comments

Ferry – freight:

  • Total volumes in June 2022 were 3.6% below 2021.
  • North Sea volumes were below 2021 on both UK routes and routes between Sweden and the Continent.
  • Volumes in the Mediterranean network continued to grow supported by higher capacity.
  • Channel’s volumes were below 2021 due to a decrease in the total market. Market share was upheld just below last year.
  • The war in Ukraine lowered Baltic Sea volumes between mainly Germany and Lithuania compared to 2021.
  • For the last twelve months 2022-21, the total transported freight lane metres increased 0.2% to 43.8m from 43.7m in 2021-20.

Ferry – passenger:

  • The number of passengers increased eightfold to 352k equal to 75% of volumes in June 2019, the latest comparable month pre-Covid-19.
  • Transport segments continued to recover faster than leisure segments as the number of cars equalled 89% of volumes in 2019.
  • For the last twelve months 2022-21, the total number of passengers was 1.9m compared to 1.0m in 2021-20 and 5.1m in 2019.
Jul 14
0

Scandlines H1: about challenges and ambitions

By | 2022 Newsletter week 28 | No Comments

Scandlines’ business during the first half of 2022 was affected by the corona pandemic and the economic consequences of Russia’s war.

Initially, the company focused on ensuring that the increasing volume of freight was handled smoothly. In the long term, Scandlines is pursuing its ambitious goal of emission-free ferry operations.

There are very positive developments for the first half of 2022:

  • Volumes are significantly higher than the figures from 2021 and have almost reached the level of 2019.
  • The booking situation for the main season creates confidence.
  • On the Rostock-Gedser route, the traffic volume for cars has increased significantly.
  • +11% freight compared to last year.

Scandlines continues to work at full speed on its ambitious goal of zero-emission ferry operations.

  • In March, the first steel plates for the new zero-emission ferry PR24 were cut at the Cemre shipyard.
  • PR24 is being built for freight transport on the Puttgarden-Rødby route and is scheduled to go into operation in 2024.
  • In May, a rotor sail was installed on ropax BERLIN.
  • Scandlines’ first major goal is that operations on the Puttgarden-Rødby route should be emission-free by 2030. There are 32,000 round-the-clock crossings a year on this route.
  • The second major goal is that ferry operations on both Scandlines routes, as well as the entire company, should be free of direct emissions by 2040.
  • With these two specific goals, Scandines commit themselves to go well beyond the requirements of the Paris climate agreement.
Aug 12
4

Finnlines Group Performs Well in H1

By | 2021 Newsletter week 32 | No Comments

The Finnlines Group’s key figures for January–June 2021 (compared with same period last year) were:

+14.6% Revenue = EUR 270.8 million

+14.4% Result = EUR 36.3 million

EBITDA = EUR 71.0 million

  • Improved financial performance regardless of the fact that passenger services remained subdued due to Finland’s tight Covid-19 related travel restrictions
  • Finnlines’ profitability has improved during Q2, mainly due to increased cargo volumes

+9.5% cargo units = 391,000

+50% cars = 90,000

+0.4% passengers = 228,000

Remark: The first new ultra green hybrid ro-ro vessel will be delivered this autumn and two others will follow in early 2022. In addition, two eco-efficient Superstar ro-pax vessels will be delivered in 2023 and the construction of the first Superstar ro-pax vessel started in June, while the construction of the second is scheduled to start in October. On the whole, the Programme comprises a total of five new vessels, which are all hybrid and state-of-the-art vessels from the environmental point of view.

Sep 03
0

FERRY SHIPPING

By | 2020 Newsletter week 36 | No Comments

A Terrible Summer Season Forces Brittany Ferries to Take Further Action

Brittany Ferries announced the closure of some easterly routes. Caen-Portsmouth however remains open.

Westerly routes will see the arrival of a new vessel in December.

Negative

  • Decision by the UK government to impose quarantine restrictions resulted in 65,000 pax cancellations and less bookings for autumn
  • BF was hoping for a summer season with 350,000 pax (instead of the normal 700,000+)
  • BF will only reach 200,000 passengers maximum
  • Passengers = 75% of BF’s income

Positive

  • BF has re-affirmed that its foundations are strong
  • Reservations for the 2021 season are strong (100,000 pax booked for 2021)
  • Newbuilding GALICIA enters service in December, on UK-Spain

Result

  • Five-year recovery plan
  • Closure of Cherbourg-Portsmouth, Le Havre-Portmouth, Saint-Malo-Portsmouth.
  • Cherbourg-Poole will also remain closed for the remainder of the year (closed since March)
  • CONNEMARA laid up as from 7 September
  • BRETAGNE laid up as from 7 September, no further service until 22nd March
  • BARFLEUR not in service for rest of 2020
  • ETRETAT laid up until further notice
  • KERRY no Roscoff-Rosslare service as from 7 September
  • CAP FINISTERE 3-month technical lay-over as from December
  • ARMORIQUE laid up Q1, 2021
Source: Brittany Ferries
Sep 03
0

Stena Group H1: Strong Tanker Operations versus Ferries and Offshore

By | 2020 Newsletter week 36 | No Comments

The Covid-19 outbreak is affecting Stena’s Business Areas in different ways and there has been a negative financial impact on the Stena AB Group as from mid-March.

EBITDA trends (+/-)

  • -Ferry operations
  • – Offshore drilling
  • +Tanker operations
  • +Property

Key H1 figures Stena AB

  • Total revenues SEK 16,632 million (SEK 16,973 million)
  • Direct operating expenses SEK 12,027 million (SEK 11,287 million)
  • EBITDA SEK 2,894 million (SEK 4,265 million)

Segment: Ferry Operations

  • EBITDA, excluding redundancy costs, SEK 514 million (SEK 1,369 million)
  • Redundancy costs for closing routes amounting to SEK 302 million.
  • Car volumes decreased 53%, passenger volumes decreased 52% and freight volumes decreased 11%.

Segment: RoRo Operations

  • EBITDA from chartering out Roll-on/Roll-off vessels SEK 114 million (SEK 151 million)
  • The decrease is mainly due to lower charter income due to the sale of the vessel KAIARAHI in Q4, 2019.

Change in vessel measurement policy

Stena has decided to change the measurement policy for vessels in the Ferries section and in the Offshore Drilling section as of January 1, 2020.

The remeasurement has:

  • increased the value of ferries with SEK 4.3 billion
  • decreased the value of drilling units in the segment with SEK 3.1 billion

Effect on H1: Depreciation, Amortisation and Impairment Depreciation and amortisation charges increased by SEK 142 million to SEK 3,668 million (SEK 3,526 million)

Outlook

“Given the uncertain situation, it is not currently possible to predict the full potential impact on the Stena AB Group.“

Stena AB Group Q2 and H1, 2020
Sep 03
0

Irish Continental Group H1: Freight is Stable – Strong Liquidity Position

By | 2020 Newsletter week 36 | No Comments

Traffic volumes in H1, 2020 (Ferries Division)

  • -63.9% Passengers 233.9k (648k)
  • -64.9% Cars 56.6k (161.2k)
  • -2.7% RoRo freight 149.4k (153.6k)

Financial figures H1, 2020 (ICG)

  • Revenue EUR 130.8 million (166.8)
  • EBITDA EUR 10 million (30)
  • EBIT EUR -9.5 million (11.6)

Gross cash balances EUR 132.5 million (31 December 2019: 110.9 million).

Net Debt at EUR 103.3 million is 25.7 million lower than at the beginning of the year.

Depressed economic activity and travel restrictions = significant reduction in passenger traffic while freight activity across the Group has been less affected.

The Group has continued to focus on its strategic development and has retained a strong liquidity position.

ICG H1 PPT Presentation
ICG H1 Final Report