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Tag: XRTC report 2022 | Ferry Shipping News

Aug 29
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XRTC report 2022: Hellenic Coastal Shipping operational costs

By | 2022 Newsletter week 34 | No Comments

A few more interesting data concerning the operational costs of the three basic players of the Greek Ferry Scene according to the recent XRTC 21st annual ferry report 2022 (in Greek).

  • Fuel cost is the major operational expense of the ferry companies. In 2021, the fuel cost was the 42% of the ferry companies’ operation cost compared to 37% in 2020
  • Total Turnover of the three major ferry companies (Attica Group, Anek Lines, Minoan Lines) increased by 20% in 2021 (EUR 565.6 million from EUR 472.3 million in 2020)
  • The domestic market (Hellenic Coastal Shipping) turnover increased in 2021 (EUR 263.32 million) compared to 2020 (EUR 218.89 million)
  • The International lines turnover is also increased in 2021 (EUR 84.59 million) compared to 2020 (EUR 71.51 million)
  • ATTICA group’s turnover presents strengthened at EUR 347.91 million in 2021, compared to EUR 290.40 million in the 2020, despite being affected throughout the year by the pandemic
  • ANEK LINES’ s turnover increased by 21% in 2021 (EUR 150 million) compared to 2020 (EUR 124.5 million)
  • Minoan Lines’ turnover is also increased by EUR 10.2 million in 2021 (EUR 67.7 million) compared to 2019 (EUR 57.4 million)
  • The loss-making Net Results before taxes of the three major ferry companies remain – for a second year- at very high levels (EUR -78 million in 2020, EUR -72 million in 2021)
  • ATTICA GROUP losses before taxes are EUR 49.37 million in 2021 against profits after taxes EUR 49.37 million in 2020
  • For ANEK LINES, the net results after taxes and minority rights amounted to a loss of EUR 40.87 million in 2021 compared to a EUR 15.1 million loss in 2020
  • For Minoan Lines the net results after taxes amounted to a loss of EUR 18.7 million in 2021 compared to a EUR 15.4 million loss in the previous year
Aug 11
0

XRTC report 2022 for the Hellenic Coastal Shipping (summary)

By | 2022 Newsletter week 32 | No Comments

Optimistic is the outcome for the Hellenic Coastal Shipping according to the recent XRTC 21st annual ferry report 2022 which was published under the title: “Hellenic Coastal Shipping 2022: In a new Cycle of Development and Opportunities”.

The main points of the report are the following:

  • The Hellenic Coastal Shipping today faces a series of problems and challenges that have not been seen in recent decades (effects of the pandemic, catastrophic drop in transport demand in 2020 and 2021, extremely high fuel costs, difficulty of new investment schemes and financial organizations to enter the market).
  • The biggest weakness of the ferry market in the last 14 years, especially since the start of the Greek debt crisis, is the lack of business models that will bring new capital to a market that has to be profitable to justify new investments.
  • A positive mark in the market, is the introduction of the three newbuilding Aero high-speed crafts of the Attica Group (HSW), which may also can be seen as a signal of the start of a fleet renewal.
  • For the summer season 2022, 100 ferries are active and serve daily 115 islands
  • In total, the three largest ferry companies in Greece operate 43 ships and carry 5,776,000 passengers, 1,215,000 cars and 585,000 trucks.
  • Attica Group operates 30 ships, transports 4.4 million passengers, 870,000 cars and 370,000 trucks.
  • Minoan Lines operates 4 ships and transports 724,000 passengers, 162,000 cars and 82,000 trucks.
  • ANEK LINES operates 9 ships and transports 652,000 passengers, 183,000 cars and 133,000 trucks.
  • The medium size ferry operators are three. SEAJETS (20 high-speed crafts – 4 conventional ferries), FAST FERRIES (3 conventional ferries plus 1 high-speed craft) and LEVANTE FERRIES (4 conventional ferries plus 2 under conversion).
  • The small ferry operators are 22 and operate in total 21 ships.
  • The total debt obligations of the two larger ferry groups of the Hellenic Coastal Shipping (Attica Group and ANEK LINES) are increased by 9% (EUR 742 million in 2021 from EUR 683 million in 2020). The third major player, Minoan Lines (Grimaldi Group), has zero bank borrowing after paying off its bond in full.
  • The major challenge for the Hellenic Coastal Shipping is the fleet age. The Hellenic Coastal fleet operates 43 ships with an average age the 23 years, which steadily rises
  • Around 70% of the fleet is over 20 years old, which means that the needs of fleet renewal are imperative for all sizes of ships.
  • Passenger and vehicle traffic in 2021 was increased by 47% and 37% respectively compared to 2020.
  • Despite the large increase in the traffic in the years 2021 and 2022 compared to the disastrous 2020, the financial results of the companies were not and will not be satisfactory mainly due to the excessively increased fuel costs
  • The negative financial results of the sector question the viability of several ferry companies, but also create a negative environment for mergers and acquisitions without significant losses for shareholders and investors
  • The analysis of all the signs of the market, including the Strengths and Weaknesses but also the Opportunities and Threats, certify that the Greek Coastal Shipping is now at the beginning of a new cycle of development and opportunities within a transparent environment and with respect to the institutions and the international financial rules.
Source: XRTP Ferry Report 2022 (in Greek)
Aug 11
0

XRTC report 2022 for the Hellenic Coastal Shipping (ANEK)

By | 2022 Newsletter week 32 | No Comments

About ANEK LINES, the report says the following (p.28):

“ANEK LINES has been forced to reclassify its long-term liabilities into short-term liabilities as of 31.12.2018, since it failed to service its loan and based on the relevant contracts, the non-service of the loan obligations constitutes non-compliance with the terms, which entails the obligation of the company for full repayment of the loans.

As a result, short-term bank liabilities on 31.12.2021 amounted to 260.1 million euros compared to 252.9 million euros on 31.12.2020 and are increased by the outstanding interest of the financial year 2021.

In case of completion of the agreement between Piraeus and Alpha Bank and the creditors of ANEK on the extent of the impairment of its loan obligations, ANEK will be saved.

The plan includes the purchase of Alpha Bank’s loans to ANEK by Piraeus, which will then, together with other creditors, refinance the remaining impaired loans and transfer them to the newly enlarged Attica. The agreement under discussion provides for a significant reduction in bank lending, up to 150 million euros, and ensuring that suppliers are paid in full.”