A lot is being written about Naviera Armas and Trasmediterranea lately.
Naviera Armas is negotiating credits with banks and bondholders.
The latest news is that the Boluda Corporation is showing interest to acquire Trasmediterranea.
Spanish media reports that Naviera Armas has just received financial oxygen from two private equity funds, Apollo and HPS. They injected some USD 75 million in order to keep the ferry company alive in the rough seas of the coronavirus emergency.
Since the news went public both the EUR 280 and 300 million bonds issued respectively in 2016 and 2017 and due to expire in 2023 and 2024 decreased their values and are now negotiated in the range between 40 and 50% of the original value.
This new debt received from the funds comes after EUR 50 million provided by some Spanish banks earlier this year.
Last week Grandi Navi Veloci officially announced to have sub-chartered from Naviera Armas-controlled Trasmediterranea both ropaxes TENACIA and FORZA owned by Grimaldi Holding and deployed up to now on the Spain – Balearic Islands routes.
Eckerö Reopens Buffet
Until 25 June Eckerö serves a summer menu and breakfast that have been modified for safety and hygienic reasons.
As of 26 June, the company returns to normal buffet dining, with a reduced number of customer seats.
Naviera Armas Trasmediterránea will reactivate the Ceuta – Algeciras – Ceuta line starting June 22
After the virus-forced suspension, Naviera Armas Trasmediterránea will restart the route to the Spanish Autonomous City of Ceuta with high-speed ropax catamaran CIUDAD DE CEUTA.
Godby Shipping: Newbuilding Project Delayed
In a message on its social media, Godby Shipping says that, “global lockdown has made the demand for roro vessels almost disappear.”
“At present only MIMER and LINK STAR are trading and it remains uncertain when and how all vessels will be back in traffic.”
“Before the downturn the office was manned to handle at least seven vessels and the first stage of a newbuilding project. The newbuilding project is now at least 2-3 years into the future and the focus is to survive.”
As from July 10, several of the office staff will leave the company.
Naviera Armas has published a long list of restrictions.
For Canary Island travel it is mandatory to present a sworn statement, justifying the reason for the trip. This will apply for the inter-island routes to the Canary Islands, and to the Peninsula.
Morocco and Algeria only accessible for freight.
Balearic Islands: severe restrictions for passengers. Freight drivers allowed.
In May, Naviera Armas will take delivery of the 111m Incat 091, VOLCAN DE TAGORO. She will be named after a submarine volcano, which erupted off the island of El Hierro, the smallest of the Canary Islands.
She will have a capacity for almost 1,200 passengers, 215 cars and 595 lane metre of ro-ro cargo.
- Contractual speed: 35 knots.
- Contract price: EUR 74 million.
- Engines: 4 MAN 28 / 33D STC 20V engines, (4X 9,100 kW)
- Waterjets: Wärtsilä
As expected Naviera Armas signed a contract with the Vigo-based Barreras shipyard. It will be the ninth ferry built by this yard for Armas.
The ro-pax ferry will have a capacity of 1,800 passengers, and will be 190m long.
She will be LNG-powered.
The delay in signing has to do with the acquisition of Trasmediterranea, which had to be approved by the authorities.
In fact, this ferry had been initially assigned to Armón Gijón, but the contract was cancelled due to the insufficient draft of this shipyard.
The Naviera Armas order seems to be imminent. It will require the Barreras shipyard to maximise the suitable space, and eventually expand. The Armas ferry would be 190m long.
The yard is already building ships for Havila Kystlink and Ritz-Carlton.
FRS Will Add More Routes To Its Spanish Portfolio
FRS increases its Spanish routes with the operation of the Motril-Melilla and Huelva-Canary Islands lines. This will start in July.
Until now these ferry lines have been operated by Naviera ARMAS. As already announced in last week’s newsletter the change was a condition from the anti monopoly commission. Armas had to give up some routes to be allowed to acquire Trasmediterranea.
FRS will charter the Armas-owned ro-pax ferries VOLCAN DE TAUCE for Motril – Melilla. © Naviera Armas
VOLCAN DE TEIDE will be used by FRS for the link between Huelva and the Canary Islands. © Naviera Armas
Naviera Armas are to operate the Canary Islands – Madeira route using the VOLCAN DE TIJARAFE. Service starts on 2 July 2018 and ends in September.
The operations will be managed by the insular public company ENM (Empresa de Navegação Madeirense)
Photo: VOLCAN DE TIJARAFE © Naviera Armas
Naviera Armas Can Go Ahead With The Acquisition Of Trasmediterranea
The National Commission of Markets and Competition (CNMC) has authorized the acquisition of Trasmediterranea by Armas, although the latter will have to comply with a series of commitments.
According to the CNMC, the sale posed risks for monopoly. Therefore, Naviera Armas will have to accept the entry of the German company FRS on the Motril – Melilla route, and on the connection between Huelva and the Canary Islands (including the inter island services). These routes are now operated by Armas.
In October the Acciona group reached an agreement for the sale of its 92.7% stake in Trasmediterránea to Naviera Armas for €260.4 million.