Cargotec‘s Macgregor Completes The Acquisition Of The Marine And Offshore Businesses Of TTS Group ASA
Cargotec’s MacGregor business area has completed the acquisition of the marine and offshore businesses of TTS Group ASA. Cargotec announced in February 2018 an agreement to acquire the businesses for an enterprise value of approximately EUR 87 million.
ANEK Lines: Towards A Challenging September
According to a recent article in the Greek press (*), next September might be extra challenging for Crete-based ANEK Lines.
After restructuring its lending in 2017, ANEK Lines showed -at the end of 2018- negative private capital as well as overdue liabilities to banks. That means that it is required to proceed into a share capital increase in order to restore the equity between its private capital and its shareholders capital.
Last March, its Board of Directors decided to propose to the General Assembly to increase the company’s share capital up to €20 million by issuing new bonds. But it was finally decided that the General Assembly concerning that issue should be held on September 9, 2019.
However, ANEK Lines is running out of time. With the fuel costs increasing fast (+ 25% compared to 2017), the cash flow reducing in the second half of 2018 and the new stricter rules of the International Maritime Organization pushing, ANEK Lines’ current use is ready to encounter a very difficult period.
On the other hand, according to reports, ANEK LINE’s main creditors are possibly considering exercising their rights in relation to the loans they have issued. Piraeus Bank, which is the second largest shareholder of the Cretan ferry operator, holding 24,18% will play a key role to that development.
We will have to wait for the developments to come….
(*) Source: Capital.gr (6 August 2019)
Post-Brexit Plans Unveiled For 10 Free Ports
The government is planning to create up to 10 free ports across the UK after Brexit. They allow firms to import goods and then re-export them outside normal tax and customs rules.
Seaports and airports will be able to apply for free port status, to be set up after the UK is due to leave the EU on 31 October.
The Tough Part Of Brexit Is Now
This French article is about Brittany Ferries, looking at a 4% drop of passengers.
Brittany Ferries’ President Jean-Marc Roué told Loïg Chesnais-Girard, the President of the Regional Council of Brittany, that “Brittany Ferries is now in the tough part of the Brexit”.
Not only Brittany but also Spain has seen a reduction in pax.
Jean-Mac Roué remains positive. “We took the right decisions and have done the necessary investments. Four new ships will be in service by 2023.”
He also confirmed that BF made an offer to acquire Condor Ferries (operating on nearby Guernsy and Jersey). “But we won’t be the only ones.”