Tag: Vision Ridge Partners | Ferry Shipping News

Q3, 2023

• 1,067,212 passengers = +16%
• 44,795 cargo units = +16%
• Sales EUR 69.4 million = +17%
• Operating result (EBIT) totalled 14.0 million EUR (9.5 million EUR), maintaining levels consistent with the best third-quarter operating results ever achieved.
• Result was 9.9 million EUR (5.2 million EUR), a historically favourable outcome for Q3.

First 9 months, 2023

• 2,483,599 passengers = +24%
• 131,558 cargo units = +10%
• Sales EUR 171.5 million = +23%
• Operating result totalled EUR 25.5 million EUR (5.0 million EUR), representing the best performance for January-September ever recorded.
• Result was 11.2 million EUR (1.0 million EUR), which is among the best result for January-September ever.

Some key elements

• Record-breaking volumes on all routes
• Robust performance across all serviced routes
• Escalating bunker prices
• A weakening Swedish Krona

Outlook

The fourth quarter commenced with volumes surpassing pre-pandemic levels. The continued high bunker prices, relatively elevated inflation, and the volatile Swedish krona continue to create uncertainty. Nevertheless, despite these factors of uncertainty, the company anticipates delivering a full-year result that is in line with its best years prior to the pandemic.

Photo: Ilves Valta

DIF Capital Partners (via its DIF Infrastructure VII fund), and EDF Invest (the investment arm of the EDF Group in real assets) have entered into a definitive agreement to acquire Fjord1 AS, the largest owner and operator of ferries in Norway.

The company will be acquired from Vision Ridge Partners, a global sustainable real assets investor, and Havila Holding, an investment company owned by the Sævik family in Norway.

Vision Ridge and Havila Holding have been investors in Fjord1 since 2019 and 2011, respectively. Terms of the transaction were not disclosed.

Following the close of the transaction, which is expected in early 2024, Fjord1 will continue to be led by CEO Dagfinn Neteland, supported by his current team of over 1,000 employees.

Under Vision Ridge’s and Havila Holding’s ownership, the proportion of vessels within Fjord1’s fleet that operate on electricity has increased by over 50%. As a result, Fjord1’s operating fleet today is approximately 60% electric – the highest proportion in Norway –  and comprises approximately half of all electric ferries currently operating in Norway, serving 44 routes across 16 contracts in the Norwegian market.

Photo: FRAM