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.

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.


-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


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

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.

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.

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.


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.


  • 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


  • 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


  • 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

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)


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

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.

Color Line’s H1 Affected by Pandemic – Strong Customer Base Is Encouraging

By | 2020 Newsletter week 36 | No Comments

Traffic volumes in H1, 2020:

  • -62% passengers 621,781 (1,634,408)
  • -4.2% freight units 85,759 (89,503)

Financial figures H1, 2020:

  • Operating revenues NOK 1,116 million (2,278) from which:
    • Revenue Cargo NOK 248 million
    • Norwegian Government compensation scheme NOK 129 million.
  • Operating loss/profit NOK -189 million (290)
  • Operating loss (EBIT) NOK -490 million (-8)


  • Adverse effects in connection with the measures imposed by the authorities in response to the coronavirus.
  • Extensive cost-cutting measures, including temporarily laying off employees (approximately 2 200 personnel).
  • Color Line suspended all passenger traffic on all its services in mid-March, with the exception of two ships operating between Norway and Denmark and a ro-ro vessel operating between Norway and Germany.
  • In mid-June, the company resumed passenger-carrying services between Norway and Denmark. At the same time, services to Germany were again permitted, with passenger embarkation in Oslo only, combined with goods traffic.


  • Color Group is expecting to report earnings that are substantially lower than last year, and results will very much be dependent on the nature of the restrictions imposed by the authorities in the coming months.

+    Strong customer base, modern tonnage, excellent track record.

Norled H1: Increased EBITDA Profitability

By | 2020 Newsletter week 36 | No Comments

Norled operates ferries, fast ferries and tourist boats in Norway.

Especially the tourist boats and the onboard kiosks were affected by Covid-19.

Financial figures H1, 2020:

  • Revenue NOK 987 million (1,136)
  • Operation costs NOK 770 million (926)
  • EBITDA NOK 217 million (210)
  • EBIT NOK 100 million (114)
  • Net Income NOK 34 million (68)

Decrease in revenue is mainly due to changes in contract portfolio.

Norled ended 5 contracts at year end 2019, and started 4 new contracts 1. January 2020.

Increased EBITDA profitability is mainly due to changes in contract portfolio. EBITDA profitability in Q2 is affected by the COVID19 epidemic, mainly with reduced traffic revenue. Especially the expressboat segments related to tourist routes and charter activity have been negatively affected by the COVID-19.

As a result of COVID-19, there is a risk of delays in the construction and delivery of new vessels. The company is constantly working to optimize a plan with temporary vessels on the routes where there may be delays in delivery

Norled is owned by the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management.