Piraeus Port Authority Q3 2020 Key Financial Figures

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January – September

  • -10.79% turnover 99,380,554
  • -20.6% gross profit
  • -13.47 EBITDA
  • -31.37% EBIT
  • -19.16% Consolidated Profit before taxes
  • -19.16% Consolidated Profit after taxes

Q3

  • -19.47% turnover 32.878.031
  • -33.2% gross profit
  • -30.04% EBITDA
  • -37.66% EBIT
  • -39.51% Consolidated Profit before taxes
  • -39.51% Consolidated Profit after taxes

PPA’s investment activity continues based on its business plan and within the third quarter of 2020 investments that were made amounted to 4.1 million euros

PPA’s overall traffic figures in 2020 (5,436,797 TEU), despite the pandemic, presented a reduction of 3.7% compared to 2019 (5,648,054 TEU), which is an excellent performance compared to other European ports with higher losses.

FERRY SHIPPING

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ANEK LINES Q3 2020 Key Financial Figures

During the first nine months (2020), traffic volumes of the ANEK Group vessels dropped by 50% for passengers, by 44% for private cars and by 8% for freight units.

Respectively, in Q3 (2020) traffic volumes decreased by 48% in passengers, by 38% in private cars and by 6% in freight units.

First 9 months of 2020 in EUR ,000 (same period in 2019)

  • Turnover: 97,004 (138,076)
  • Gross Profit:  13,893 (36,491)
  • EBITDA: 7,705 (26,582)
  • EBIT: -718 (18,080)

Consolidated profit before taxes: -7,685 (11,039)

Consolidated profit after taxes: -8,216 (10,120)

  • Q3 of 2020 in EUR ,000 (same period in 2019)
  • Turnover: 41,627 (65,573)
  • Gross Profit: 12,429 (27,711)
  • EBITDA: 10,004 (23,408)
  • EBIT: 7,155 (20,582)

Consolidated profit before taxes: 4,916 (18,069)

Consolidated profit after taxes: 4,642 (17,540)

The second wave of the pandemic and the new restrictive measures in the movement of passengers are expected to lead to a decrease in traffic and revenue during the winter period 2020-2021 compared to the same period last year, while a gradual recovery of sizes is expected after Q1, 2021.

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

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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

FERRY SHIPPING

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DFDS: Increasing Freight Earnings 

  • Q3 freight earnings are above 2019 levels
  • Efficiency enhanced by adaptation of operations and business structure to market changes
  • Travel restrictions lowered passenger numbers significantly (-70%)
  • EBITDA 2020 outlook raised to DKK 2.5-2.7bn on 23 October

Q3, key figures (in DKK billion)

  • -19.6% Revenue (3,598)
  • -29.2% EBITDA before special items (846)
  • -46.0% EBIT before special items (388)
  • -49.9% Profit before tax and special items (324)
  • -59.4% Profit before tax (262)

EBITDA for freight ferry and logistics activities was DKK 126m above 2019 in Q3. The ongoing adaptation of operations and the business structure to market conditions post Covid-19 has been instrumental in achieving the increase. Besides higher margins, some activities also succeeded in raising volumes.

The continued tightening of travel restrictions during Q3 lowered, on the other hand, the passenger result below expectations. In Q3, EBITDA for passenger services was thus DKK 445m below 2019. This result includes passenger services in three business units that provide such services – Passenger, Channel and Baltic Sea.

Outlook 2020

On 23 October 2020, the outlook for 2020 was raised as freight volumes have developed more positively than expected during and after Q3.

EBITDA before special items is expected to be DKK 2.5-2.7bn in 2020 up from the previous outlook of DKK 2.2-2.5bn included in the Q2 2020 report.

Covid-19 Hits Tallink Grupp’s Employees and Q3 Results

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“Having started the year with over 7,200 dedicated employees in the group this year, we are faced with the reality of this number of good employees, dedicated and passionate tourism sector people in our company falling below the 5,000 mark by the end of this year.”

Tallink Grupp’s CEO Paavo Nõgene

Q3 is normally the high season for Tallink Grupp. This year it has been heavily affected by the pandemic and its travel restrictions.

  • -7% Trips
  • -55.8% Passengers
  • -1.9% Cargo units
  • -50.0% Consolidated revenue

EBITDA was EUR 5.7 million (EUR 83.2 million in Q3 2019)

Net loss was EUR 23.9 million (EUR 54.6 million in Q3 2019).

Q3 financial result was impacted by the following factors:

  • Significant decrease in operating expenses
  • Negative impact from one-off costs related to redundancies process in the amount of EUR 3.1 million
  • Positive impact from support measures, including the temporary salary compensation measure in Sweden and exemption from ships’ fairway dues in Estonia.

Outlook: “Due to the ongoing Covid-19 situation the earnings outlook has become uncertain and continues to be largely subject to external factors such as the states’ decisions regarding the timing of lifting of the travel restrictions, allowing passenger traffic as well as the duration of the recovery period.”

Getlink’s Shuttle Profits Temporarily from Lifting of Quarantine

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Q3, 2020 results for Channel Tunnel

Traffic statistics

  • -3% Trucks on Truck Shuttles
  • -30% Cars, Motorhomes, Motorcycles… on Passenger Shuttles
  • -74% Coaches on Passenger Shuttles
  • -89% Passengers on Eurostar trains
  • -23% Rail Freight Trains

 

Finance data

  • -17% Revenue (for the Group)
  • -19% Revenue (for Eurotunnel)

Only -2% Revenue (Eurotunnel Shuttle) “as a result of the bounce back observed following the temporary lifting of UK quarantine measures during Le Shuttle’s peak summer season, the resilience of the Truck Shuttle’s traffic and the positive effects of the Group’s yield management strategy.”

FERRY SHIPPING

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Tallink: Freight Status Quo, Passengers Dropped Sharply

September

  • -1% Cargo Units 32,672 units (32,843 in September 2019)
  • -66% Passengers 243,215 passengers (718,354)
  • -25% Cars 62,138 vehicles (83,089)

Q3

  • -2% Cargo Units 91,578 (93,329)
  • -56% Passengers 1,314,301 (2,974,790)
  • -22% Cars 275,735 (353,725)

Paavo Nõgene, CEO of Tallink Grupp said that Tallinks business model needs cargo AND passengers. “Putting travel restrictions in place for passengers strongly affects the operators’ income base. This is why it is important that support mechanisms are put in place by the Finnish government, who has introduced the new restrictions, for all passenger ferry operators to ensure that cargo transportation can continue smoothly and without incurring losses.”

BC Ferries Q3 Results for the Fiscal Year Ending 31 March 2020

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  • Number of sailings: 44,000
  • Passengers: 4.8 million (+0.7%)
  • Cars: 2.0 million (+1.6%)
  • Total revenue for Q3 increased by $3.2 million to $210.9 million (+1.5%)
  • Total revenue for Q1+Q2+Q3 increased by $33.4 million to $786.7 million  (+4.4%)
  • The increase in revenue is mainly a result of increased vehicle traffic, retail revenue and the provincial contribution for its portion of the fare initiatives.
  • Operating expenses for Q3 increased by $7.4 million to $205.7 million (+3.7%)
  • Operating expenses for Q1+Q2+Q3 increased by $27.4 million to $646.8 million (+4.4%).

The increase in operating expenses is mainly due to higher labour costs and staffing level changes.

Fjord1 Is Ready For A New Year With New Contracts

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Q3 key figures

-14% Turnover NOK 705 million

+28% EBITDA NOK 278 million

+68% Net profit after tax NOK 115 million

  • The profit contribution has been positive from all segments (ferry, passenger boat, catering and tourist). 
  • Sales will grow next year when new contracts start on 1 January 2020.
  • 2019 is a transitional year with changes in the contract portfolio and major investments in zero- and low-emission vessels and the development of charging infrastructure. 
  • Fjord1 currently has 17 hybrid electric vessels in the ferry fleet and by the second half of 2020 the company will have an additional 13 hybrid electric vessels in operation. On January 1st, Fjord1 will start operating nine new connections in Hordaland, all with new environmentally friendly technology. A large part of the ferry fleet in Fjord1 will be zero emissions and contribute to a positive effect on the environmental footprint through significantly reduced CO2 emissions.
  • During the second half of 2020, the company will operate 30 electric ferries and 19 connections will be electrified. The Anda-Lote connection has been running electric for 1.5 years, and experience after passing 50,000 charges shows that the technology works as expected.

FERRY FINANCE

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Q3 in brief:

  • Q3 EBITDA on level with 2018 despite UK slowdown. This slowdown in trade between UK and continental Europe continued through Q3 and lowered freight volumes on the North Sea ferry routes and passenger volumes on the Channel.
  • Logistics Division increased EBITDA 15% in Q3 as contract logistics in UK & Ireland and other activities across the division performed well despite of the UK slowdown.
  • The Channel freight market share was increased in Q3.
  • Mediterranean’s revenue growth continued but earnings were held back by a rise in costs due to operational challenges. A simplified route and port terminal structure was introduced in Mediterranean at the start of Q4.

+2.0% Revenue DKK 4.5bn

-0.2%  EBITDA DKK 1.2bn

+4.0% Profit before tax DKK 647m

Outlook 2019

Due to the ongoing European slowdown, expected revenue growth is now around 6% (previously: 6-8%). To reflect a reduced risk of a no-deal Brexit occurring in 2019, the outlook range for EBITDA before special items is narrowed to DKK 3.55-3.75bn (previously: DKK 3.5-3.8bn).