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Sep 03
0

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)

Facts

  • 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.

Outlook

  • 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.

Download the H1 Report 2020
Sep 03
0

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.

Norled Report H1/Q2 Report
Aug 06
0

Port of Zeebrugge: Good Result in H1, Despite Pandemic

By | 2020 Newsletter week 32 | No Comments

H1, 2020, the total traffic in Zeebrugge grows with 14.5% compared to the same period last year. In total, 25.1 million tonnes of cargo was handled. The sectors that show the most growth are liquid bulk (LNG: +148%), container traffics (+14%) and the solid bulk (+32%).

Although the port of Zeebrugge stayed 100% operational during the COVID-19 crisis, roro (-23%) and passengers experienced a decrease during this semester.

The decrease in roro is mainly due to the dramatic drop in the handling of new cars.

The COVID-19 crisis has a significant impact on the passenger movements in the port of Zeebrugge. Last cruise ship was on March 11.  On P&O Ferries’ Zeebrugge – Hull route, the transport of passengers halted almost completely.

Jul 30
0

FERRY FINANCE

By | 2020 Newsletter week 31 | No Comments

Irish Continental Group H1: Strong Freight Performance Despite Pandemic

It is no surprise to see that the transportation of goods has kept ICG busy, while the passenger figures dropped considerably.

Volumes (Half Year 30 June 2020)

  • -65.0% Cars
  • -2.7% RoRo Freight
  • -11.7% Container Freight (teu)
  • -13.5% Terminal Lifts

H1 Finance (unaudited)

  • -21.6% Consolidated Group revenue €130.8 million
  • -33.3% Total revenues €61.6 million

The decrease was principally due to lower passenger volumes resulting from the travel restrictions introduced across the EU due to the Covid19 pandemic.

ICG Release
Oct 03
0

FERRY FINANCE

By | 2019 Newsletter week 40 | No Comments

Attica Group H1 (Including Hellenic Seaways)

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.

Source: Attica Group
Aug 30
0

First Half Year Results For Eckerö

By | 2019 Newsletter week 35 | No Comments

Some key data:

  • Same amount of passengers as last year: 1.5 million
  • Turnover of EUR 102.0 million (EUR 105.2 million)
  • Operating profit EUR -7.6 million (EUR 2.4 million)
  • Net debt EUR 65.8 million (EUR 43.6 million)

Outlook

  • The Swedish krona is expected to be weak during H2. The bunker price is expected to remain volatile. The profit for the year is expected to be significantly lower than in 2018, largely due to docking, ship investment and growing costs.
Source: H1 Report (in Swedish)
Aug 22
0

FERRY FINANCE

By | 2019 Newsletter week 34 | No Comments

Fjord1 Q2/H1: Lower Volumes And High Investments In A Transition Year

Q2, 2019

Fjord1 reports revenue of NOK 689 million, EBITDA of NOK 225 million and net profit after tax of NOK 104 million in the second quarter.

Financial result impacted by temporary revenue decline mainly explained by transitional changes in the ferry portfolio

Overall stable operations in a period with high overall activity due to preparations of new contracts starting up in 2020 and seasonal variations

High investments in newbuilds, rebuilds, quays and infrastructure to allow for zero- and low emission fuel and strengthen competitiveness in future tenders

Temporary increase in net interest bearing debt (NIBD) to 3.7 billion – remaining in compliance with loan covenants

Current year is a transitional year for Fjord1 with significant investments in vessels and infrastructure combined with preparations for start-up of new contracts next year. This led to a decline in revenue and EBITDA and an increase in the NIBD level in Q2 compared to last year.

In addition, the loss of the high traffic route Halhjem-Sandvikvåg in Bjørnefjorden, with effect from 1 January 2019, explains lower volumes and revenues in Q2.

“Despite that we are in a transitional year with lower volumes and large investments, we have positive results in all four segments and EBITDA-margin of 33% which is at the same level as second quarter last year.”, says Dagfinn Neteland, CEO

“We are satisfied with the operational progress in the second quarter. Following quarter end, we are pleased to have signed the contract for the Halsa-Kanestraum connection for the period 2021-2030. The signing on 16 August, marks our position as a leading player in the Norwegian ferry market”, says Neteland

H1, 2019

Revenue of NOK 1.329 million, EBITDA of NOK 383 million and net profit after tax of NOK 118 million

The revenue was down by 12% compared to first half 2018, mainly explained by the ongoing transitional changes in the ferry portfolio and loss of high traffic route Halhjem-Sandvikvåg. The revenue is temporarily down in 2019 but set to grow with new contracts starting up 1 January 2020.

Source: Oslo Stock Exchange
Oct 05
0

Minoan Lines H1 results affected by higher bunker prices

By | 2017 Newsletter week 40 | No Comments

During H1, Minoan Lines S.A. continues to improve its financial performance. Its turnover at the consolidated level was shaped at € 36.1 million (€ 72.4), while operating profits (EBITDA) stood at € 9.6 million (€ 20.8). Moreover, Net profits after taxes shaped at € 1.6 million (€ 12.2).
The financial results of the period have been aggravated by the significant increase of fuel prices and contributed to the increase of operating expenses.
Minoan retains its leading position on the domestic Heraklion-Piraeus line:
Passengers 272,000 / Cars 33,000 / Freight units 29,000.
Market shares: 66.3% (passengers), 62.9% (cars), and 46.3% (freight).

Photo © Mike Louagie

Financial statement
Oct 05
0

Increased traffic volumes in all revenue categories for Attica Group

By | 2017 Newsletter week 40 | No Comments

On Friday September 29, Attica Group (Blue Star Ferries, Superfast Ferries) published its half-year results.

  • • During H1, Attica Group saw an increase in traffic volumes in all categories: Passengers +5.4% / Cars +9.9% / Freight +2.3% / Sailings +4.3%
  • Adriatic routes (Patras-Igoumenitsa-Ancona and Patras-Igoumenitsa-Bari (in joint service with ANEK): Passengers +16.8% / Cars +14.2% / Freight +3.5% / Sailings + 2.1%
  • Greek domestic routes (Piraeus-Cyclades, Piraeus-Dodekanese, Piraeus-  Crete (with ANEK), and Piraeus-Chios-Mytilene): Passengers +4.3% / Cars +9.2% / Freight +1.7% / Sailings +4.8%
  • Consolidated Revenue: EUR 112.04m (EUR 109.63m)
  • EBITDA: EUR 7.07m (EUR 21.66m)
  •  Consolidated losses after tax: EUR 22.26m (EUR 2.20m)
  •  Increase of bunker prices influenced Group’s results by over EUR 15m.

Other highlights:

  • On August 11, Attica acquired 50.30% of the share capital of Hellenic Seaways Maritime S.A.
  • On August 30, BLUE STAR PATMOS suffered grounding on shallow waters while approaching Ios. The impact is estimated to be limited due to the upcoming low season. The incident is fully covered by the existing insurance, and the vessel is actually being repaired at Elefsina shipyard.

Photo © Mike Louagie

Link to article
Sep 01
0

New record for Port of Ystad

By | 2017 Newsletter week 35 | No Comments

During H1, Ystad Hamn AB once again achieved new record levels, with a marked increase in freight, passenger cars and passengers.

The large increase in passenger numbers is derived from both Poland and Bornholm traffic, while the increase of goods mainly relates to the Polish traffic.

If the volume increases continue in the same way during the rest of 2017, port operations will once again hit year-on-year records.

The port is preparing to receive another vessel in Polish traffic this autumn, when Polferries’ will add a third vessel, the CRACOVIA.

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