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Tag: Onorato | Ferry Shipping News

Feb 10
4

Onorato and Ars Altmann’s new concession in Piombino put on hold

By | 2022 Newsletter week 6 | No Comments

Moby ARS New Terminal Auto Logistics (Manta Logistics), joint venture between Onorato Armatori and the German shipping and logistics operator ARS Altmann built for handling roro and new vehicles, was ranked respectively first and second in two new areas set to be granted in the port of Piombino but the procedure has been put now on hold by the local port authority.

The project presented by Manta logistics was to create a new hub for the shipment of new vehicles and to build up a 300,000 m² terminal for storing cars on the north dock of the port.

For this purpose Onorato signed an agreement with Germany’s ARS Altmann AG, one of the leading service providers of automotive logistics in Europe, and the investment in Piombino should be around €17 million.

The reason behind the decision to stop the procedure is linked to the surrender from Liberty Magona, which was ranked first to obtain some of the areas in concession.

Jul 16
0

FERRY SHIPPING

By | 2020 Newsletter week 29 | No Comments

The Two Options Considered By Onorato To Save Moby And Tirrenia Cin

Some of the documents presented by Moby to the court of Milan –where the ferry company filed for bankruptcy protection—reveal that the Vincenzo Onorato-controlled group is considering two solutions for the debt restructuring with lenders.

In both the cases big creditors will be asked to renounce large part of the sums asked, and to receive the remaining amount with a specific payment agreement scheduled in the coming (probably five) years.

The first option is based on the sale of the harbour tug division (bound for Rimorchiatori Riuniti Panfido for EUR 73 million) and consequently using the amount received to launch a public offer to purchase all the EUR 300 million Senior Secured Notes due 2023.

Until June 8, Moby’s bonds value was 15% of the original value of emission at the Luxembourg stock exchange. To the banks and to the bond holders non interested in this offer, the ferry company intends to propose a rescheduling and postponement of the payments.

The second option foresees a restructuring procedure under art.160  of the Italian insolvency law based on the business continuity and with a partial payment for those creditors with mortgages on the ships and for no less than the fleet value.

Privileged creditors would be totally refunded instead, while unsecured creditors might receive part of their credits with a five years’ time plan.

Few years ago Unitramp Shipbrokers valued Moby group’s fleet (including Tirrenia Cin’s ferries) roughly EUR 1 billion, but updated estimations just delivered by three other shipbrokers (Enrico Scolaro, Brax and Simsonship) say that all the assets may be worth between EUR 449 million and 249 million depending on the sales condition (normal, forced, at auction, etc.).

Jun 11
0

FERRY PORTS

By | 2020 Newsletter week 24 | No Comments

Onorato And ARS Altmann Ranked First For New Areas In The Port Of Piombino

Moby ARS New Terminal Auto Logistics (Manta Logistics), newly built joint venture between Onorato Armatori and the German shipping and logistics operator ARS Altmann, was ranked respectively first and second in two new areas set to be granted in the port of Piombino.

The project presented by Manta logistics last year was to create a new hub for the shipment of new vehicles and to build up a 300,000 m² terminal for storing cars on the north dock of the port.

Form this purpose Onorato had signed an agreement with Germany’s ARS Altmann AG, one of the leading service providers of automotive logistics in Europe, and the investment in Piombino will be around €17 million. Following the public tender, the deal between Manta Logistics and the local port authority will be formalized in the near future.