Enova Gives NOK 38 Million to Hydrogen Projects

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Enova provides NOK 38 million for a hydrogen ferry and hydrogen production in Rogaland, Norway. This is Enova’s third award for hydrogen projects on ships in one month.

Norled’s ferry HIDLE is under construction. Next year it will sail on the Finnøy connection.

It will initially run on biodiesel, but Norled is considering rebuilding it to run on hydrogen.

Enova announced that they will support the ferry project with NOK 14.6 million, and the production and bunkering facility with NOK 24.2 million.

Rendering: Nordwest 3D and LMG Marin

Source: E24.no (in Norwegian)

https://e24.no/naeringsliv/i/39qWqM/enova-gir-38-millioner-til-hydrogenprosjekter-kan-bli-et-veiskille

Norled Q3 Report: All Agreed Operations Have Been Carried Out Despite the Corona Challenges

By | 2020 Newsletter week 50 | No Comments

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

Revenue: -17% (Q3) and -14.6% (YTD)

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

  • Indre Sogn (ferries)
  • Sunnmøre (ferries)
  • Rutepakke3 Hordaland (ferries)
  • Troms (expressboats)

Increased EBITDA profitability is mainly due to changes in contract portfolio and net gain on sale of fixed assets. EBITDA: 12% (Q3) and 7.2% (YTD).

EBITDA profitability is affected by the Corona epidemic, mainly with reduced tourist related revenue in the expressboat segment.

Start of contracts on 1 January 2021:

  • Ryfylkeferjenin, Rogaland county (until 31 Dec 32)
  • Lyngensambandet, with the routes Lyngseidet-Olderdalenand Svendsby-Breivikeidetin Troms and Finnmarkcounty (until 30 April 31)

Click image for report

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.

SHORT NEWS

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Flagships Ferry Taking Shape in Turkey

The zero-emission hydrogen ferry bound for Stavanger will sail under the name HIDLE (Norled). The LMG-designed ferry is currently under construction at Ada Yard in Istanbul, Turkey.

She will operate on the route Judaberg-Helgøy on the west coast of Norway, with six stops.

Daily operation will see her sailing a distance of 140 nm during 19 hours of operation (6 a.m. – 1 a.m.).

The H2 fuel consumption is estimated to be 460 kg/day, which is comparable to ca. 1900 litres / day of (bio)diesel

VIDEO

By | 2020 Newsletter week 31 | No Comments

First Norled Hydrogen Ferry Launched

Norse Shipyard (Turkey) launched NESVIK. Designed by LMG Marin, she is the first of two hydrogen ferries for Norled. The hull will be towed to the Westcon Shipyard for the finalisation of the building.

VIDEO

By | 2020 Newsletter week 23 | No Comments

Sea Trials Of Electric Ferry FESTØYA For Norled

The first of four hybrid electric-powered LMG-designed car ferries under construction at Remontowa Shipbuilding SA went to sea for the first time.

FERRY SHIPPING

By | 2020 Newsletter week 10 | No Comments

Heidi Wolden Becomes New CEO of Norled

The board of Norled has appointed Heidi Wolden (50) as the new CEO of Norled (as from 1 May)

Norled is one of Norway’s largest ferry companies. With more than 1,000 employees, the company operates over 80 vessels.

Heidi Wolden was CEO of the construction and housing group Kruse Smith, a position she has held since June 2017. Before that, Wolden had more than 20 years of experience in Equinor.

The move comes after the company was sold last summer from DSD (det Stavangerske Dampskibsselskab) to the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management. Norled’s former CEO Ingvald Løyning is also CEO of DSD, and until recently he held both positions in parallel.

CapMan is an investment and asset management company that seeks active value creation in the portfolio companies as well as real estate and infrastructure investments. In 2019, CapMan had over € 3 billion under management.

CBRE Caledon Capital Management Inc., is a provider of infrastructure and private equity solutions and represents over $ 9 billion on behalf of institutional investors globally.

FERRY SHIPPING

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LMG Marin Designs Two Hydrogen-Prepared Ferries for Norled

Norled has signed an agreement with LMG Marin to deliver the design for two double-ended ferries that Norled will operate on the Finnøysambandet route in Ryfylke, as from 2022.

The ferries, which will have a capacity of 199 persons and 60 cars, will be built by the Ada shipyard in Turkey.

The ferries are initially designed for biodiesel operation, but the ambition is to upgrade one of the ferries through the construction phase to hydrogen power.

Earlier this year, Ada signed a contract for the construction of these two ferries for Norled, based on LMG Marine’s design LMG 60-DE (H2). Construction is now underway, and the first steel cutting took place a few weeks ago.

With the assistance of Maritime Cleantech and in collaboration with LMG Marin and others, Norled has received EU funding of up to NOK 20 million to realize this hydrogen solution.

FERRY SHIPPING

By | 2019 Newsletter week 45 | No Comments

Ferry Transaction Between Boreal And Norled

Boreal is buying the three ferries HARDANGER, RYFYLKE and BJØRNEFJORD from Norled.

Boreal needs these ferries because the Stavanger-based company won several public contracts.

HARDANGER and RYFYLKE are currently in service on the Stavanger-Tau route, which will be closed when the Ryfast tunnel opens at the end of this year.

Boreal wants to convert the ferries into battery operation after acquisition.

BJØRNEFJORD is a smaller commuter ferry built in 1990.

In addition to the purchase of the three ferries from Norled, Boreal has five electric vessels under construction.