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Tag: Moby | Page 3 | Ferry Shipping News

Dec 10
1

Moby Going On Serving Routes Until End of February

By | 2020 Newsletter week 50 | No Comments

After some alarms raised over the maritime continuity in Italy during the last weeks, eventually Tirrenia Cin will go on serving the subsidised routes with the Tremoli, Sicily and Sardinia islands until the end of February.

The decision came after a meeting where the Italian transport ministry made sure that the condition and the financial resources for Moby group will be granted in change for the service offered.

The public contract for the subsidized maritime links between Italy mainland and the islands expired last July but was postponed until 28 February 2021.

The Italian financial newspaper IlSole24Ore also revealed that Moby selected the investment funds Arrow Capital and Europa Investimenti as preferred financial partner for setting up a debt restructuring and turnaround plan to be submitted to bondholders and banks before 28 December 2020, which is the expiring date decided by the Court of Milan.

Dec 03
1

Moby Approached Its Ad Hoc Bondholder Group with a Draft Restructuring Proposal

By | 2020 Newsletter week 49 | No Comments

Moby has approached its ad hoc bondholder group with a draft restructuring proposal consisting of new money from a third-party fund and two alternative forms of recovery.

That’s what the news provider Reorg revealed, mentioning sources familiar with the matter.

“Under the draft plan, the creditors may be able to choose between a 30% recovery, and a smaller cash recovery which would, however, also consist in the future proceeds deriving from potential asset sales” the sources said. The proposal is not official yet and may still change.

The size and type of the new money remains unclear.

Funds Clessidra and Europa Investimenti have submitted two non-binding proposals to the Italian shipping group, but Moby seems to be more inclined to select the proposal by Europa Investimenti.

Creditors are discussing the draft proposal and have not told Moby whether they would like to continue negotiations on these grounds, sources said.

The deadline for the Onorato-controlled group to present its restructuring plan is 28 December 2020.

Oct 15
0

French Regions Help Brittany Ferries to Get through these Difficult Times

By | 2020 Newsletter week 42 | No Comments

Brittany Ferries’ newest vessel GALICIA made her maiden test call in the ports of Cherbourg and Portsmouth this week.

More relatively good news comes from the financial side of the business.

Normandie Region decided on Monday 12 October:

  • Extended depreciation of vessels from 30 to 35 years
  • This will reduce the charter rates by €2m/y = €10m over 5y.
  • SOMANOR (*) will pay the important maintenance works of owned ships, at a ratio of €7m/y = €35m over 5y.

Conseil Régional de Bretagne will decide on Thursday 15 October:

  • €30 million of financial assistance, of which €15 million will be made available immediately.
  • This aid is about deferring charter fees on the ships owned by the regions.
  • The money is not a subsidy.

A big issue in France is the fear to lose the French Flag. Brittany Ferries is one of the biggest employers of French crews.

(*) SOMANOR

  • Brittany Ferries …………………………………….. 24,65 %
  • Senacal…………………………………………………. 48,55 %
  • Senamanche………………………………………….. 26,80 %
Oct 15
0

Moby in Talks with Investment Funds for its Rescue Plan

By | 2020 Newsletter week 42 | No Comments

The financial news provider Reorg Research revealed that “Fortress Investment Group, Clessidra Sgr and Europa Investimenti are amongst the funds discussing with Moby about a possible new money provision amid the group’s restructuring”, according to some sources. The process is in progress, but nothing has been decided yet.

Moby has been in talks with some investment funds for a deal designed to potentially unlock a standstill with creditors, as reported. The funds would be willing to provide new money to the group or, alternatively, buy its bonds and subsequently close a restructuring agreement with the company and its banks, according to sources.

The Onorato family-controlled company has to present a restructuring proposal by October 28 but it is expected to request a 60 days extension to the Court of Milan, where it filed for creditor protection under the concordato preventive procedure at the end of June.

Moby closed the first half of 2020 in red for EUR 50 million and the overall financial exposure increased to EUR 643 million, of which 160 million with banks, 295 million with bond holders and 140 million with subsidiaries.

Jul 03
0

FERRY FINANCE

By | 2020 Newsletter week 27 | No Comments

Moby Filed For Protection From Its Creditors Under Italian Insolvency Law

Milan, June 29, 2020 – “The boards of directors of Moby SpA and CIN SpA have resolved to present a request for a reservation pursuant to art. 161 sixth paragraph l.f. for both companies,” a statement from the company said.

“This choice has the aim of allowing the companies to continue negotiations with their creditors for the achievement of a restructuring agreement under the supervision and protection of the Milan court, protect business continuity and ensure the normal operation of routes for customers, employees and allied industries” the Onorato-controlled company added.

Moby Group hopes to reach, within the terms established by law, an agreement with its own creditors “which is fair, of common satisfaction and capable of guaranteeing that the companies can overcome their current difficulties and continue the relaunch of the Group in the interest of all stakeholders”.

The Milan-based ferry company said it is “in the best position to seize the opportunities that are emerging with the resumption of travel, and has already put in place all the necessary actions to continue to grow. The opportunities include, the strengthening of all connections – and in particular to and from Sardinia – reaching a total of 166 departures, the early reopening of the Corsica season, and the new partnership agreements to expand the offering to Sicily”.

Jun 04
0

Passenger Transport Between Sardinia And Italy Reopens – Excluded Ferry Companies Protest

By | 2020 Newsletter week 23 | No Comments

Italy’s transport minister announced on June 2nd that passenger transport to and from Sardinia island could re-open.

In a first phase only the ferry company operating the territorial continuity (i.e. Tirrenia – Compagnia Italiana di Navigazione) is allowed to start.

For all the other players operating on the same routes (Corsica Sardinia ferries, Grimaldi, Grandi Navi Veloci and Moby) the restart-date is June 13th.

The same rule applied for air transportation. Only public airline firm Alitalia was allowed to start.

This decision has been fiercely opposed by the shipowners and logistics associations Confitarma and Federlogistica supporting respectively Grimaldi and Grandi Navi Veloci’s interests. They ask the minister to rethink the act, also recalling antitrust issues as the measure would distort competition among ferry operators.

Apr 30
0

Moby’s Seasoned Ferry GIRAGLIA up for Sale and Likely to be Scrapped

By | 2020 Newsletter week 18 | No Comments

The 1981-built ferry Giraglia owned by Moby Group is being circulated by several ship brokers as the Onorato-controlled company put the asset up for sale.

One of the messages circulated on the market reports that, following the grounding which took place recently in front of the port of Santa Teresa di Gallura, ship’s bottom and its relevant structures found are damaged with hull longitudinal breach. The vessel, which was deployed on the route between the north of Sardinia (Santa Teresa di Gallura) to the south of Corsica (Bonifacio) is indeed defined as “to be repaired”. Given its age (almost 40 years) the GIRAGLIA may be sold for scrap.

Regarding the ongoing negotiation with the creditors, the Italian financial newspaper IlSole24Ore reported this week that Moby is in advanced talks with the banks and the bondholders to restructure the company’s debt under the 182-bis procedure insolvency law.

Apr 09
0

FERRY SHIPPING

By | 2020 Newsletter week 15 | No Comments

Moby in Talks with Rimorchiatori Riuniti Panfido for Selling Tugboat Division

Moby said in a statement to be in talks “with an experienced third-party operator for a potential divestment regarding the tugboat business unit within the approval of the Group’s restructuring plan”.

Ferry Shipping News can exclusively reveal that the third party involved in the negotiation is the Rimorchiatori Riuniti Panfido group which is also involved in the tug business in the ports of Venice, Chioggia and, in joint venture with Smit, in assistance to the Rovigo offshore regasification plant.

The statement from Moby added that “the company has been monitoring the situation closely for potential opportunities in respect of its own tugboat division since there has been a market wide consolidation for tugboat services in the Mediterranean Sea. In case of a potential deal the Company will primarily use the proceeds of any divestment to repay its existing creditors”.

Moby’s tugs are active in all the major ports in Sardinia and the related concession, due to expire in 2024, generates EUR 20 million annual revenues.

Nov 14
0

Moby’s RoRo Hartmuth Puschmann Ready For Delivery To Arab Bridge Maritime

By | 2019 Newsletter week 46 | No Comments

Moby’s HARTMUTH PUSCHMANN has been renamed AMAL, registered in Limassol and is now ready to leave Italy.

The 1993-built roro ship was sold earlier this year for €13 million but it has been operating on the maritime link between the ports of Livorno and Cagliari in bareboat charter for the last six months.

The name of the new owner remained undisclosed, but some sources told Ferry Shipping News that it might be the Middle Eastern company Arab Bridge Maritime, while the vessel is likely to be deployed in the Red Sea region.