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Nov 14
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FERRY FINANCE

By | 2019 Newsletter week 46 | No Comments

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).

Source: DFDS Q3
Nov 07
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FERRY FINANCE

By | 2019 Newsletter week 45 | No Comments

Finnlines Is On Track

The Finnlines Group’s results for January–September were:

  • +0.6% Revenue = EUR 450.8 (447.9) million
  • +6% EBITDA = EUR 136.8 (129.0) million
  • +8.6 Result = EUR 81.8 (75.3) million

In spite of the slowdown in the Finnish economic growth, Finnlines still is on track to achieve another excellent result.

Download the report
Nov 07
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Strong Financial Returns For Scotland’s Ferry Operator

By | 2019 Newsletter week 45 | No Comments

Transport and logistics operator, David MacBrayne Ltd, which operates CalMac Ferries has seen an increasing number of passengers visiting the iconic Scottish western isles.

For the first time, CalMac carried more than 5.6 million passengers and more than 1.4 million vehicles as part of yet another year on year increase.

  • +2.3% Revenue = GBP 215 million (210)
  • +69% Profit before tax GBP 7.1 million (4.2)
Annual Report
Aug 22
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FERRY FINANCE

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.

Source: Oslo Stock Exchange
Aug 16
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FERRY FINANCE

By | 2019 Newsletter week 33 | No Comments

BC Ferries released its Q1 results for the three months ended June 30.

Passenger and vehicle traffic levels are the highest the company has ever experienced in a Q1.

Net earnings for Q1, 2020 were CAD 12.2 million (6.0 million)

In this quarter, BC Ferries invested CAD 26 million as part of its 3.9 billion 12-Year Capital Plan that is focused on replacing ships and upgrading terminals. “We need to replace half of our fleet over the next 15 years as we incorporate clean technology and increase capacity,” said Mark Collins, BC Ferries’ President and CEO.

Aug 16
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DFDS: Growth Continues But Brexit Lowers Pace

By | 2019 Newsletter week 33 | No Comments

Key figures H1

  • Revenue up 10% and EBITDA up 8%
  • Exceptional uncertainty on Brexit is currently reducing UK trade and visibility

Key figures Q2

  • Revenue up 9% to DKK 4.2bn
  • EBITDA up 4% to DKK 989m

The growth in revenue and earnings in Q2 was mainly driven by the expansion in the Mediterranean and higher passenger revenue. A reversal of the UK stockpiling in Q1 lowered freight revenue and earnings in Q2 for most activities linked to UK trade. The latter was mitigated by income from an agreement with UK Department for Transport.

Outlook 2019:

  • 6-8% revenue growth (previously 10-12%)
  • EBITDA-range lowered 6% to DKK 3.5-3.8bn (previously DKK 3.8-4.0bn)

”Brexit is an exceptional situation currently lowering volumes in our ferry and logistics network. In spite of this headwind, we are still on track to continue our growth this year. The work to deliver on our new strategic and financial ambitions has started and progress is well under way,” says Torben Carlsen, CEO.

DFDS Q2 Report
Jun 27
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Attica Group Is in the Process of Concluding a 5-Year Bond Loan

By | 2019 Newsletter week 26 | No Comments

According to a Euro2day article (in Greek), the Attica Group is in the process of concluding a 5-year bond loan from the domestic market within July. The goal is to raise funds from EUR 100 to 170 million. The 100 million of that loan will be used to repay existing bank loans (pp. Fortress’s loans were repaid at the end of last year) and therefore high-value pre-payments will be removed. Another EUR 25 million will be made available for investments to ship scrubbers in order to meet the new EU stricter standards. If additional funds are raised (up to EUR 45 million), they will be used for general business purposes.

Jun 27
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Successful Fiscal Year for BC Ferries

By | 2019 Newsletter week 26 | No Comments

BC Ferries’ report of the fiscal year ending on 31 March 2019, sees the following highlights:

  • Consolidated net earnings of $52.2 million for fiscal 2019 ($59.9 million)
  • Highest vehicle traffic levels ever
  • Passenger traffic levels were the second highest in the company’s history.
  • Increase in operating because of higher bunker prices, wage rate increases and higher depreciation. As a result, total operating expenses increased $36.4 million from $784.3 million to $820.7 million.

BC Ferries invested:

  • $133.5 million in vessel upgrades and modifications
  • $49.0 million in new vessels
  • $28.2 million in information technology
  • $19.5 million in terminal building upgrades
  • $10.9 million in terminal marine structures

BC Ferries now has five vessels operating on LNG, and is looking at all possible “green” solutions. It currently has two Island Class electric battery hybrid ships under construction. When electric technology matures and electricity is available in the quantities required, BC Ferries plans to operate them as fully electric ferries.

BC Ferries also continues to focus on fare affordability.

Download the Management’s Discussion & Analysis of Financial Condition and Financial Performance
May 23
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FINANCE

By | 2019 Newsletter week 21 | No Comments

In its trading update (year to date, 11 May 2019), Irish Continental Group notes healthy figures for ro-ro freight, but a little dip in tourism transport.

ICG’s Ferries Division Irish Ferries (1 January – 11 May)
-8.5% Cars
+6.6% Ro-Ro Freight

ICG’s Ferries Division Irish Ferries (1 January – 30 April)
-1.1% Total revenues (including intra-division charter income). The decrease was principally due to lower tourism volumes resulting from the planned suspension of fastcraft services on the Dublin to Holyhead route in the period up to 14 March compared to the prior year, partially offset through increased freight volumes.

The planned suspension of fastcraft sailings in the off-peak season was the primary reason for reduced tourism carrying in the period. In addition, the proposed withdrawal of the United Kingdom from the European Union had some negative impact on UK passenger bookings in the lead up to the proposed exit date of 29 March 2019.
The recent agreement between the Irish and British government to continue and formalise the Common Travel Area whatever the outcome of the UK withdrawal negotiations is a positive development, says ICG.

Irish Continental Group Trading Update 17 May 2019