DFDS: Q2 performance better than expected

By | 2023 Newsletter week 33 | No Comments

Read the Q2 2023 interim click on cover

“We have raised our outlook as we continued to deliver strong operational performance in Q2, and despite headwind in some regions, we achieved a result that was better than expected.”

Torben Carlsen, CEO DFDS

  • Q2 revenue decreased 3.2% to DKK 6.9bn but increased 2.5% adjusted for bunker surcharges, driven by higher passenger and logistics revenue.
  • Freight ferry revenue was below last year as lower volumes were partly offset by higher rates.
  • Q2 EBITDA decreased 5% to DKK 1,404m.
  • The freight ferry EBITDA of DKK 754m was 20% lower than last year as Q2 2022 earnings were boosted by elevated Channel earnings and exceptionally high levels of oil price spreads, that have now normalised. Moreover, Q2 2023 volumes were lower than last year.
  • The Q2 passenger EBITDA increased 28% to DKK 350m as results were improved across the route network.
  • Logistics Division’s EBITDA increased 26% to DKK 345m driven by acquisitions.

For the first half-year (H1), revenue increased 2% to DKK 13.3bn compared to the same period last year and H1 EBITDA increased 5% to DKK 2,413m. EBITDA was DKK 5,090m for the last twelve months (LTM, 2022-23).

 Outlook 2023
The EBITDA outlook is raised to DKK 4.8-5.2bn (previously DKK 4.5-5.0bn) following better than expected H1 financial performance. Revenue is overall still expected to remain at the same level as 2022.

The outlook is detailed on page 9 in the full report.

Tallink Grupp swings back into profit in Q2, 2023

By | 2023 Newsletter week 29 | No Comments

Tallink Grupp’s Q2 (April- June) financial results are revealing a swing back into profit following the minor loss in Q1.


  • -0.7% passengers 1,541,081 (1,552,174 in Q2 2022)
  • -22% cargo units 85,359 (109,380 in Q2 2022).
  • The reason for the decline: less vessels, operating 18% less trips across the routes, thus reducing the overall route capacity.
  • +11.5% revenue EUR 229.7 million (EUR 206.0 million in Q2 2022).
  • +138.7% EBITDA EUR 68.5 million (EUR 28.7 million in Q2 2022).
  • The strong effort and positive results in many areas have resulted in a net profit of EUR 33.4 million (net loss of EUR 0.7 million in Q2 2022).


The strong results of Q2 mean that the company has delivered a profitable first half year for the first time since 2015.

  • +14% pax 2,590,858 (2,272,435 in H1 2022).
  • -18.8% cargo units 172,091 (211,318 in H1 2022).
  • In addition to fewer vessels in regular traffic in 2023 due to charters, there is one cargo vessel less operating on the company’s routes as the vessel SEA WIND was sold in spring 2022.
  • +28.4% Revenue EUR 400.9 million (EUR 312.2 million in H1 2022).
  • +439% EBITDA EUR 95.6 million (EUR 17.7 million in H1 2022).
  • Net profit at the end of H1 2023 was EUR 28.0 million (EUR 40.7 million net loss at the end of H1 2022).

Commenting on the results of the first half year of 2023, Tallink Grupp’s CEO Paavo Nõgene said:

“The results of the first half of 2023 are proof that the decisions we have made over the last few years to speed up our recovery following the Covid crisis with vessel charters, were the right ones. The positive impact of the vessel charters is undeniable, especially at this time when the increased cost of living is still putting pressure on people’s travelling choices. Our current strategy to operate our regular routes with the most optimal number of vessels and charter out other vessels, is helping us on our road to recovery.”

“Our focus now is on maintaining profitability into the next two quarters of 2023 while continuing to reduce our debts accumulated over the crisis periods. The vessels we currently have operating on our four core routes are performing well with some room for growth should passenger numbers from further afield than our home markets see some increases in the year or so ahead. The short-term plan is to continue operating with the same business model of the last few years, with a mix of regular traffic and charter contracts, until such time when demand on our current key routes or elsewhere increases and warrants additional capacity.”

DFDS Q2: Solid Growth in Freight Volumes – Strong Performance Mediterranean

By | 2021 Newsletter week 33 | No Comments

Key figures:

  • Revenue 4,213 DKK m (2,798 in Q2, 2020 and 4,241 in Q2, 2019)
  • EBITDA before special items 897 DKK m (507 in Q2, 2020 and 989 in Q2, 2019)
  • Profit before tax 328 DKK m (11 in Q2, 2020 and 456 in Q2, 2019)


  • The growth was driven almost entirely by the freight activities, i.e. freight ferry and logistics.
  • Mediterranean continued its strong performance, delivering app. 50% of the Group’s total profit increase.
  • Passenger volumes remain impacted by travel restrictions.

Outlook 2021 unchanged

  • EBITDA of DKK 3.2-3.6bn
  • Revenue growth of 20-25%
  • Passenger travel is picking up slower than expected

Market Overview

The European freight market stabilised and growth picked up during Q2 following the Brexit transition that impacted Q1 2021.

The current growth in the freight market, however, exceeds capacity due to shortages of truck drivers and equipment, particularly in the UK. This has led to a rise in haulage costs, longer lead times and less reliable supply chains as well as congestion in some ports. The market imbalance is expected to continue in Q3.

The UK will phase in full import border controls by 1 January 2022, including pre-notification requirements for products of animal origin by 1 October 2021.

Trade between the EU and Turkey continued to grow as the depreciation of the Turkish Lira, continued to benefit Turkish exports. The Turkish economy is expected to continue to grow, primarily driven by the export sector.


The Dover-Calais space charter agreement with P&O Ferries is expected to become operational around 1 October 2021. It will result in shorter waiting times for truck drivers.

To access the full report, click on the image below:


By | 2020 Newsletter week 36 | No Comments

A Terrible Summer Season Forces Brittany Ferries to Take Further Action

Brittany Ferries announced the closure of some easterly routes. Caen-Portsmouth however remains open.

Westerly routes will see the arrival of a new vessel in December.


  • Decision by the UK government to impose quarantine restrictions resulted in 65,000 pax cancellations and less bookings for autumn
  • BF was hoping for a summer season with 350,000 pax (instead of the normal 700,000+)
  • BF will only reach 200,000 passengers maximum
  • Passengers = 75% of BF’s income


  • BF has re-affirmed that its foundations are strong
  • Reservations for the 2021 season are strong (100,000 pax booked for 2021)
  • Newbuilding GALICIA enters service in December, on UK-Spain


  • Five-year recovery plan
  • Closure of Cherbourg-Portsmouth, Le Havre-Portmouth, Saint-Malo-Portsmouth.
  • Cherbourg-Poole will also remain closed for the remainder of the year (closed since March)
  • CONNEMARA laid up as from 7 September
  • BRETAGNE laid up as from 7 September, no further service until 22nd March
  • BARFLEUR not in service for rest of 2020
  • ETRETAT laid up until further notice
  • KERRY no Roscoff-Rosslare service as from 7 September
  • CAP FINISTERE 3-month technical lay-over as from December
  • ARMORIQUE laid up Q1, 2021

Stena Group H1: Strong Tanker Operations versus Ferries and Offshore

By | 2020 Newsletter week 36 | No Comments

The Covid-19 outbreak is affecting Stena’s Business Areas in different ways and there has been a negative financial impact on the Stena AB Group as from mid-March.

EBITDA trends (+/-)

  • -Ferry operations
  • – Offshore drilling
  • +Tanker operations
  • +Property

Key H1 figures Stena AB

  • Total revenues SEK 16,632 million (SEK 16,973 million)
  • Direct operating expenses SEK 12,027 million (SEK 11,287 million)
  • EBITDA SEK 2,894 million (SEK 4,265 million)

Segment: Ferry Operations

  • EBITDA, excluding redundancy costs, SEK 514 million (SEK 1,369 million)
  • Redundancy costs for closing routes amounting to SEK 302 million.
  • Car volumes decreased 53%, passenger volumes decreased 52% and freight volumes decreased 11%.

Segment: RoRo Operations

  • EBITDA from chartering out Roll-on/Roll-off vessels SEK 114 million (SEK 151 million)
  • The decrease is mainly due to lower charter income due to the sale of the vessel KAIARAHI in Q4, 2019.

Change in vessel measurement policy

Stena has decided to change the measurement policy for vessels in the Ferries section and in the Offshore Drilling section as of January 1, 2020.

The remeasurement has:

  • increased the value of ferries with SEK 4.3 billion
  • decreased the value of drilling units in the segment with SEK 3.1 billion

Effect on H1: Depreciation, Amortisation and Impairment Depreciation and amortisation charges increased by SEK 142 million to SEK 3,668 million (SEK 3,526 million)


“Given the uncertain situation, it is not currently possible to predict the full potential impact on the Stena AB Group.“

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.

Fjord1 Q2: Ferries Up, Tourism Down

By | 2020 Newsletter week 34 | No Comments

With more new vessels added, and new route contracts, the ferry division of Fjord1 has done a good job with a revenue increase of 14%.

The tourism division (fjord sightseeing etc) was of course affected by the absence of foreign travellers.


  • New ferry contracts secured revenue growth of 9% and EBITDA-margin of 33%
  • Ferry and Passenger Boats are shielded by contract structures based on capacity and sailing frequency, not traffic volumes.
  • Continued operating profit for Catering despite revenue reduction
  • Negative results from joint ventures and associates in Tourism due to strict Covid-19 travel restrictions. There was rise in domestic tourism in July.

Ferry Division Q2

+14% Revenue NOK 698 million (612)

+17% EBITDA NOK 227 million (194)

+15% EBIT NOK 112 million (97)

Fjord1 now has 5 “electric” routes

  • Anda-Lote on E39 outside Sandane (GLOPPEFJORD and EIDSFJORD)
  • Krokeide-Hufthammar outside Bergen (MØKSTRAFJORD and HORGEFJORD)
  • Husavik – Sandvikvåg outside Bergen (HUSAVIK)
  • Brekstad-Valset in Trøndelag (VESTRÅTT and AUSTRÅTT)
  • Hareid-Sulesund on Sunnmøre (HADARØY, GISKØY and SULØY)

Renewal programme comprising 25 vessels coming to an end

  • Delivered in June: MØRING
  • The last vessel in the current programme was delivered in August


By | 2020 Newsletter week 33 | No Comments

DFDS Q2: Pickup in Demand Faster than Expected 

Q2 2020

  • Revenue down 34% to DKK 2.8bn
  • EBITDA down 49% to DKK 507m
  • Rebound in freight volumes at end of Q2 and in July, better than expected
  • Passenger activities cause most of profit decrease
  • Encouraging pickup in passenger demand for reopened routes
  • Outlook improved: EBITDA of DKK 2.2-2.5bn now expected for 2020 (previously: likely to be reduced towards DKK 2bn)

”Our outlook is improved. Freight volumes have picked up and the demand for ferry travel is encouraging on our reopened passenger routes. It is uncertain whether the pickup in demand is sustainable and we therefore remain alert,” says Torben Carlsen, CEO.


By | 2020 Newsletter week 32 | No Comments

Finnlines: Essential Lifeline for Finland – Challenging Q2

 H1 2020

  • -20% Revenue EUR 236.4 million (295.5)
  • -20% EBITDA EUR 66.4 million (83.5)
  • -32% Result EUR 31.7 million (46.7)

Q2 2020

  • -33% Revenue EUR 105.8 million (157.9)
  • -43% EBITDA EUR 28.2 million (49.4)
  • -64% Result EUR million 11.0 (30.4)

Especially Q2 was extremely challenging, with almost no passenger traffic and the slowdown in global trade caused by the global pandemic.

Finnline is essential for the supply of island-like Finland. The company says that it transports more than one third of the roughly one million trucks moving over the three main sea bridges, Finland–Estonia, Finland–Sweden and Finland–Germany, which are connecting Finland to the rest of Europe.

During H1, Finnlines operated on average 19 vessels in its own traffic. The cargo volumes totalled approximately 357k (386k) cargo units, 60k (88k) cars (not including passengers’ cars) and 522k (581k) tons of freight not possible to measure in units.

In addition, some 227k (310k) private and commercial passengers were transported.

Finnlines has been following closely all the emergency measures to shipping companies, and aims for fair conditions of competition.


By | 2019 Newsletter week 34 | No Comments

Fjord1 Q2/H1: Lower Volumes And High Investments In A Transition Year

Q2, 2019

Fjord1 reports revenue of NOK 689 million, EBITDA of NOK 225 million and net profit after tax of NOK 104 million in the second quarter.

Financial result impacted by temporary revenue decline mainly explained by transitional changes in the ferry portfolio

Overall stable operations in a period with high overall activity due to preparations of new contracts starting up in 2020 and seasonal variations

High investments in newbuilds, rebuilds, quays and infrastructure to allow for zero- and low emission fuel and strengthen competitiveness in future tenders

Temporary increase in net interest bearing debt (NIBD) to 3.7 billion – remaining in compliance with loan covenants

Current year is a transitional year for Fjord1 with significant investments in vessels and infrastructure combined with preparations for start-up of new contracts next year. This led to a decline in revenue and EBITDA and an increase in the NIBD level in Q2 compared to last year.

In addition, the loss of the high traffic route Halhjem-Sandvikvåg in Bjørnefjorden, with effect from 1 January 2019, explains lower volumes and revenues in Q2.

“Despite that we are in a transitional year with lower volumes and large investments, we have positive results in all four segments and EBITDA-margin of 33% which is at the same level as second quarter last year.”, says Dagfinn Neteland, CEO

“We are satisfied with the operational progress in the second quarter. Following quarter end, we are pleased to have signed the contract for the Halsa-Kanestraum connection for the period 2021-2030. The signing on 16 August, marks our position as a leading player in the Norwegian ferry market”, says Neteland

H1, 2019

Revenue of NOK 1.329 million, EBITDA of NOK 383 million and net profit after tax of NOK 118 million

The revenue was down by 12% compared to first half 2018, mainly explained by the ongoing transitional changes in the ferry portfolio and loss of high traffic route Halhjem-Sandvikvåg. The revenue is temporarily down in 2019 but set to grow with new contracts starting up 1 January 2020.