BC Ferries Q2 shows another record level of vehicle traffic

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BC Ferries released its Q2 results for the three and six months ending September 30, 2022. Vehicle and passenger traffic, revenue and net earnings are all higher compared to the same periods in the prior year.

In Q2, the quarter ending September 30, 2022, BC Ferries carried 7.5 million passengers and 3.0 million vehicles.

Year-to-date, the company carried 12.9 million passengers  (+28%) and 5.4 million vehicles (+15%) respectively, compared to the same period in the prior year, primarily as a result of travel restrictions being in place through most of Q1 in the prior year.

BC Ferries’ net earnings for Q2 were $80.4 million, consistent with the same quarter the previous year.

Year-to-date since April 1, 2022, net earnings were $88.3 million compared to net earnings of $84.6 million in the prior year.

Revenue for the three months ending September 30, 2022, at $343.1 million, was up $26.3 million over the same period in the prior year primarily as a result of higher passenger traffic volumes, net retail sales, ferry transportation fees and fuel surcharges.

Year-to-date, revenue was $608.0 million, up $62.0 million over the same period in the prior year primarily as a result of higher traffic volumes, net retail sales and fuel surcharges partially offset by lower Safe Restart Funding.

Decisive step in the design of the world longest-range, zero-emission ferries

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Lloyd’s Register has granted Approval in Principle for the hydrogen-fuelled ferries for Torghatten Nord AS.

This is an important step towards starting the construction of the two ferries. The ferries shall enter operation in October 2025.

Powered by green hydrogen, the two revolutionary ferries will have zero emissions during the 3.5 hours journey between Bodø and Lofoten.

DFDS Q2: Strong growth

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  • Q2 EBITDA up 63% to DKK 1.46bn
  • Higher earnings across all business units
  • Passengers coming back faster than expected
  • Extraordinary dividend of DKK 4.00 per share confirmed
  • Full-year EBITDA outlook raised to DKK 4.4-4.8bn on 18 July 2022

Group revenue increased 67% to DKK 7.0bn driven by the ongoing recovery in the number of ferry passengers and yields as well as price increases of freight ferry services and logistics solutions to cover rising energy and other costs. In addition, revenue was increased by the acquisitions of HSF Logistics Group in September 2021 and ICT Logistics in January 2022.

EBITDA increased 63% to DKK 1,459m. The total freight EBITDA for ferry and logistics activities before special items increased 25% to DKK 1,204m driven by higher earnings in all business units.

The total Q2 EBITDA for passenger activities in the Channel, Baltic Sea, and Passenger business units increased to DKK 255m from DKK -70m in 2021 as earnings improved in all three business units on the back of the ongoing recovery in passenger travel. The Q2 passenger EBITDA was 15% below 2019, the latest pre-Covid-19 year.

Outlook 2022

On 18 July 2022, the outlook for EBITDA before special items was raised to DKK 4.4-4.8bn following a stronger than expected recovery in passenger earnings as well as higher freight ferry volumes and earnings (previously DKK 3.9-4.4bn, 2021: DKK 3.4bn). The revenue growth outlook has been updated to around 40% (previously around 35%) due to higher revenue from both passenger and freight activities. The outlook is detailed on page 10 in the full report.

Tallink Grupp: profitable June leads to near break-even Q2

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  • Strong recovery of passenger numbers after end of COVID related travel restrictions and a profit in the last month of the quarter.
  • Recovery and results impacted by continuing geopolitical and economic turbulence.
  • +263% passengers (total 1 552 174)
  • +19% cargo units (total 109 380)
  • +139% unaudited consolidated revenue (total EUR 206.0 million)
  • Unaudited EBITDA EUR 28.7 million (EUR 4.4 million in Q2 2021)
  • Although the group reached a net profit in June this year, the unaudited net loss for the quarter as a whole was EUR 0.7 million (net loss of EUR 24.3 million in Q2 2021).
  • The group’s pre-fuel cost EBITDA in Q2 2022 was almost comparable to 2019 Q2 levels, being only EUR 2.0 million lower than in 2019 and thus clearly demonstrating the group’s increased operational efficiencies.
  • The company has taken a number of steps to mitigate the risks related to the rising fuel costs, e.g. the introduction of a temporary fuel surcharge across its routes and the temporary suspension of the use of LNG due to significantly higher costs and supply issues.


  • +227% passengers (total 2.3 million)
  • +123% unaudited revenue (total EUR 312.2 million)
  • Unaudited EBITDA for H1 2022 was EUR 17.7 million (EUR -1.9 million in H1 2021)
  • Unaudited net loss was EUR 40.7 million (EUR 58.8 million in H1 2021)
  • At the end of Q2 2022, the group’s net debt had decreased by EUR 32.6 million compared to the end of Q1 2022 and amounted to EUR 655.9 million.
  • The company’s liquidity remained strong at the end of Q2 2022 with the group’s cash and cash equivalents amounting to EUR 90.6 million as at 30 June (EUR 37.8 million on 30 June 2021) and the group had EUR 116.7 million in unused credit lines (EUR 78.9 million on 30 June 2021). The total liquidity buffer (cash, cash equivalents and unused credit facilities) at the end of Q2 2022 amounted to EUR 207.3 million (EUR 116.7 million on 30 June 2021).


Historically always best quarter of the financial year due to the travel high season.