Tag

Tag: Tirrenia | Ferry Shipping News

Mar 31
4

How will MSC Group rescue Moby and Tirrenia?

By | 2022 Newsletter week 13 | No Comments

Following the breaking news announcement that MSC Group will enter the capital of Moby through a capital increase aimed at paying Tirrenia in Amministrazione Straordinaria (Tirrenia AS = bad company controlled by the Italian Ministry of Economic Development) to allow the immediate reorganization of the Moby group, some more details on the deal are emerging.

The news site Reorg Research revealed that the Geneva-based shipping group MSC will invest about EUR 80 million for a minority stake (25%) in the Italian ferry group and this money will be partly used to repay creditor Tirrenia AS, “which is going to be paid straight after the concordato homologation, and not in four years as previously envisaged.”

“Tirrenia AS will recover about 45%,” sources report.

The 45% recovery will consist of “a EUR 23 million first instalment after the concordato homologation, which will come from the EUR 63 million new money investment made by Moby’s secured creditors, while the rest will be provided via MSC’s money. The remaining cash out of MSC’s EUR 80 million investment will stay on the company’s balance sheet.”

All the ships in fleet will be transferred to a new vehicle company, named ShipCo.

Some ships are destined to be subsequently reassigned to Cin and Moby while others will be progressively sold. Everything that this ShipCo will generate from the rentals and sales of the assets will be used to partially repay the credits with banks and bondholders. Onorato Armatori will remain 75% of a company that owns the routes, the brands and the port terminals but which will be emptied of its fleet.

A green light to the ‘rescue plan’ is still needed from Tirrenia AS and from the Court of Milan.

Addendum 30 March: An agreement in the terms of the debt restructuring has just been reached between Moby and Tirrenia in Amministrazione Straordinaria

May 06
3

Tirrenia, Grimaldi And Grandi Navi Veloci Will Jointly Operate Civitavecchia – Olbia

By | 2021 Newsletter week 18 | No Comments

Three of the main players active on the local ferry market will cooperate to provide regular maritime links between Sardinia (Olbia) and mainland Italy (Civitavecchia) under the next maritime continuity scheme.

Following a dedicated tender launched earlier this year, the transport ministry accepted the proposal received by Tirrenia Cin, Grimaldi Group and Grandi Navi Veloci which decided to share the losses expected for the winter period (from October to May) but in change they will be the only three operators authorized to serve the same link during the summer season.

More specifically Compagnia Italiana di Navigazione (Moby group) will be the company which operates the route from October to May.

Apr 22
2

Positive Solution For Tirrenia Coming Closer

By | 2021 Newsletter week 16 | No Comments

Tirrenia in Amministrazione Straordinaria, the State-controlled ‘bad company’ creditor of EUR 180 million (the sale price partially unpaid), revealed that Moby has rejected the last proposal of debt restructuring put on the table.

However, both parties involved in the matter seem to come closer to a positive ending. They have already agreed some of the terms: only 80% of the EUR 180 million credit will be refunded, with a first payment (20% of this sum) this year and the remaining part in 2024.

It’s still missing an agreement on the loan guarantees.

Last week, Milan’s public prosecutors submitted a bankruptcy request for Moby’s subsidiary Compagnia Italiana di navigazione (CIN), the court will take a decision on May 6. When filing its ‘concordato’ proposal, Moby confirmed its intention to present an out-of-court restructuring plan for CIN and said that the CIN filing had been postponed by a few days to allow for conclusion of the negotiations with the administrators of Tirrenia AS (which is in extraordinary administration).

Jul 16
0

Ro-ro BENIAMINO CARNEVALE’s sale still pending

By | 2020 Newsletter week 29 | No Comments

Last October, Ferry Shipping News exclusively reported that Tirrenia – Compagnia Italiana di Navigazione sold for EUR 12 million, the 27-year old roro BENIAMINO CARNEVALE to a North European buyer.

German ferry company TT Line and Polish operator Unity Line were the two options considered most likely as counterpart from several sources.

As of today, the vessel is still operating for Tirrenia and the reasons why the deal is not completed yet are written in some of the documents presented by Moby to the court of Milan where filed for protection.

The Vincenzo Onorato-controlled company explains that the banks were late at releasing the needed green light and so the terms for the sale expired. Nonetheless Moby added that is still confident to hand over the 1992-built ship as soon as the approval from the court of Milan will arrive.

BENIAMINO CARNEVALE was built by Van Der Giessen-de Noord shipyard (formerly known as VIA ADRIATICO) and has a capacity for 99 passengers and 1,820 lane meters.

Mar 06
0

No State Aids for CIN but Moby Now Has to Pay 115 Million for Tirrenia

By | 2020 Newsletter week 10 | No Comments

A statement from Brussels informed that “the European Commission has concluded that the public service compensation granted since 2009 to Tirrenia di Navigazione and later to its acquirer Compagnia Italiana di Navigazione (CIN) for the operation of ferry services in Italy is in line with EU State aid rules”.

The Commission also concluded that “the public service compensation granted between 1992 and 2008 to companies of the former Tirrenia Group (the regional lines Adriatica, Caremar, Saremar, Siremar and Toremar) is in line with EU State aid rules, with the exception of aid for one specific route, which is incompatible”.

For this reason it found that there were “other measures in favour of Tirrenia incompatible with EU State aid rules” therefore Italy will have recover now €15 million of illegal aid but from Tirrenia in Amministrazione Straordinaria which is already in liquidation.

 

“The Commission has concluded that there is no economic continuity between Tirrenia and its acquirer CIN” and so the “recovery of the incompatible aid will be limited to Tirrenia (so from the State itself).

The decision coming from Bruxelles seems to be good news for the 100% Moby-controlled CIN but in real it makes undelayable for the group lead by Vincenzo Onorato to pay the remaining price of Tirrenia purchased in 2012. Apart from the € 200 million settled immediately, the first and the second deferred payments expired in 2017 (€ 55 million) and in 2019 (€ 60 million) were not paid waiting for the European Commission’s decision on the State aids case. A third € 65 million installment will expire in April 2021.

Moby, while announcing “its satisfaction regarding the positive outcome of the recent decision of the European Commission that the subsidy received by CIN in the 2012 Coastal Agreement and the tender procedure for the sale of the business unit of Tirrenia to CIN, also said: “Regarding the deferred payment with Tirrenia in Amministrazione Straordianria, Moby reaffirmed that, based on preliminary discussions already started, the group is fully available to find a solution in line with the ongoing restructuring plan”.

Oct 10
0

FERRY PORTS

By | 2019 Newsletter week 41 | No Comments

Grimaldi, GNV And Tirrenia Competing For The New Ropax Terminal In Civitavecchia

The president of the Civitavecchia port authority, Francesco Maria di Majo, recently confirmed that a public tender is expected to be launched soon, in order to put on the market the new Darsena Traghetti terminal. Three industry players expressed their interest.

Ferry Shipping News understood from sources familiar with the matter that the three companies soon to bid for the new infrastructure are Grimaldi Group, MSC-controlled Grandi Navi Veloci, and Tirrenia, part of Moby group.

The Darsena Traghetti is a new terminal, currently still under construction. Once completed, the terminal will offer six 240m berths for ropax vessels.

The preferred bidder, according to what di Majo explained, will have to maximise not only passengers but also roro and automotive traffic in the port.

Jun 06
0

TECHNOLOGY

By | 2019 Newsletter week 23 | No Comments

Moby And Tirrenia Tickets Can Be Purchased With Telepass Pay

As from Monday 3 June, it will be possible to buy tickets for the routes operated by the companies Moby, Tirrenia and Toremar through the Telepass App, in the new “Ships and Ferries” section.

The cost of the trip will be charged on the Telepass Pay account.

The start of the passenger service is the first step in a technological journey that will also be extended to the freight sector.

Feb 21
0

Ferry AURELIA En Route From Tirrenia To MSC Group

By | 2019 Newsletter week 8 | No Comments

Ferry AURELIA En Route From Tirrenia To MSC Group

The veteran ferry AURELIA seems to have found a new owner. Several local sources suggest that the vessel, built 38 years ago in Italy at the Castellammare di Stabia shipyard, has just been sold by Tirrenia to a company somehow linked to the Gianluigi Aponte-controlled Mediterranean Shipping Company group.

AURELIA has been deployed for the last few years in charter to SNAV (ferry company also owned by Aponte) on the Ancona – Split route in the Adriatic Sea and is likely to keep on serving the same link in the near future. The vessel has already been reflagged (from Italy to Cyprus) and also the technical management should have been passed on to MSC Shipmanagement Ltd Cyprus.

AURELIA was firstly circulated on the market, searching for a potential buyer from Unitramp Shipbrokers of Italy in November, and the price may stand around € 5 million according to some sources. This ro-pax ferry has: 148 meters length, 25,4 meters beam, 2,280 passenger capacity and some 1,000 lane meters of garage.

Oct 25
0

Moby And Tirrenia Merger Approved By Extraordinary Shareholders’ Meetings

By | 2018 Newsletter week 43 | No Comments

The announced merger of the two Italian ferry companies Moby and Tirrenia received the green light from the company’s shareholders.

A statement published on the Luxembourg stock exchange’s website, the group controlled by Vincenzo Onorato says:

“Extraordinary Shareholders’ meetings of Moby S.p.A. (Moby) and of its wholly-owned subsidiary Compagnia Italiana di Navigazione S.p.A. (CIN), both held on 17 October 2018, have passed resolutions approving the reverse-merger project which provides for the merger of Moby into CIN. The reverse merger will be effective as from the date in which the last filing pursuant to Article 2504 of the Italian Civil Code will be made or from any other date stated in the deed of merger.”

The headquarters of the group is expected to be moved back from Milan to Cagliari, in Sardinia.

Oct 04
1

Tirrenia Puts Up For Sale The Veteran Ferry AURELIA

By | 2018 Newsletter week 40 | No Comments

Few days after revealing the attempt to sell and charter back three modern ferries (SHARDEN, BITHIA and JANAS) with a Japanese financial partner, Mauro Pili, former president of the Sardinia region, informed the general public that Tirrenia decided to put up for sale the aged ferry AURELIA.

The vessel is currently chartered out to SNAV and deployed on the Ancona-Split.

Mauro Pili posted a copy of the email circulated on the market by the Naples-based shipbroker Unitramp in which all the technical details of the ship are reported.

Read more