FERRY FINANCE

By | 2018 Newsletter week 34 | No Comments

Fjord1: Smooth Operator

Some highlights of Fjord1 ASA Group’s H1

  • 1,219 employees, 65 ferries and 4 passenger boats on 30 June.
  • Start-up of the first fully electrical operation Anda – Lote.
  • Start-up of two new connections in “Hordaland Rutepakke 1”.
  • Fjord1 has signed several contracts for newbuildings: Cemre 2, Havyard 5, Tersan 1.
  • Three newbuildings have been delivered: MØKSTRAFJORD and HORGEFJORD, (Tersan) and HUSAVIK (Havyard)

Financial results H1

+ Revenue NOK 1,372.7 million (NOK 1,368.4 million)
+ EBITDA NOK 476.9 million (NOK 448.1 million)

Outlook

+ Despite investment in bridges and tunnels, Fjord1 believes that ferries will continue to be a vital part of the Norwegian road infrastructure for the foreseeable future.
+ The Group has stable contracts.
+ Fjord1 is scheduled to take delivery of 5 ferries in Q4

Hull Of Fjellstrand’s New Battery Ferry Has Arrived In Norway

By | 2018 Newsletter week 26 | No Comments

The aluminium hull for the newest zero-emission ferry for Fjord1 has arrived at the Halsnøy Dock in Norway, for painting and mounting of thrusters.
During summer the superstructure will be mounted and the remaining equipment installed alongside the quay at Omastrand.
The ferry is developed by Fjellstrand and will operate on the route Halhjem-Våge, not far from the yard.
This 100% electric car ferry is a further developed version of the AMPERE.
Delivery will happen in December 2018.

Corvus Energy Secures Contracts For Two More Battery-Powered Ferries

By | 2018 Newsletter week 21 | No Comments

Corvus Energy has been selected by Norwegian Electric System (NES) to supply lithium ion battery-based energy storage systems (ESS) for two new all-electric ferries being built by Havyard for Fjord1. The ferries will operate on the Magerholm-Sykkylven route.
This follows a previous order in November 2017 to supply the ESSs for three similar newbuilt Fjord1 ferries that will operate on the Hareid-Sulesund route.

A Bright And A Green Future For Fjord1

By | 2018 Newsletter Week 18 | No Comments

Fjord1 ASA can look back on a successful year 2017, and on an even more successful future. The company was able to sign several contracts for ferry routes. As a result several ferries are on order. The main focus is on environmental friendly solutions, with a mix of highly advanced zero- and low emission solutions.

On 15 August 2017, Fjord1 was listed on Oslo Stock Exchange’s main list, at a market capitalisation of NOK 3.4 billion.

Some consolidated key figures:

  • Total Income: NOK 2,794,136 (NOK 2,390,911)
  • EBITDA: NOK 985,255 (NOK 732,101)

Click on the cover to access a download link.

Seven Electric Ferries For Fjord1…

By | 2018 Newsletter week 10 | No Comments

Fjord1 has signed a contract for seven new ferries, on March 5. Five ferries will be built by Havyard Ship Technology, and two by the Cemre Shipyard in Turkey.
The Havyard site belongs to the Fjord1 group of companies, with the Sævik family as major shareholder in both companies. Havyard also delivers the design.
All ferries will be fully electric-powered.
The five Norwegian-built vessels will serve the “Nordmørspakken” (Kvanne-Rykkjem, and Edøya-Sandvika), and “Hordaland 1” (Fedje-Sevrøy, and Langevåg-Buavåg).
The two Turkish vessels will operate on Seivika-Tømmervåg.
The seven ferries will be delivered to Fjord1 in the autumn 2019, since the new concession for the different routes starts on 1 January 2020.

…And Four More Electric Ferries For Fjord1

By | 2018 Newsletter week 10 | No Comments

Fjord1 ASA ordered four Multi-Maritime designed battery ferries.
Three of the ferries will be of the new “MM82FE EL” design, which is approx. 85 m long. The ferries will operate all electric on challenging routes.
Two will operate at “Ranavik-Skjersholmane”, which is a 14.2 km long route and a service speed of approx. 13 knots. The expected charging power is up to 5000 kW. The third ferry will operate at Gjermundshamn-Årsnes.
The three ferries will be built at Sefine Shipyard in Turkey (new buildings 33, 34 & 35) and delivered in Q3 and Q4 2019.
The fourth ferry is 116m long and of “MM111FE EL” design. The vessel is planned to operate at Jondal-Tørvikbygd from 01.01.2020.
The ferry will be built by Tersan Shipyard in Turkey and scheduled delivery is Q2 2019.

Boreal Sjø ordered a Multi-Maritime-designed ferry too, of the “MM70FE EL” series. She will be built by Vard Brevik in Norway. The ferry will operate on the Kvanndal-Utne route.

Photo: MM82FE-EL by Multi-Maritime

Fjord1 Continues To Invest In Modern Tonnage

By | 2018 Newsletter week 09 | No Comments

In the full year 2017 Fjord1 ASA has transported 21.1 million passengers and 10.4 million vehicles on 63 ferries. The revenue was NOK 2.8 billion.

Highlights of Fjord1’s Q4 ferry division:

  • Revenue NOK 623m
  • EBITDA NOK 234m (154.3m)
  • Result NOK 133.3m (153.6m)

Two fully-battery-operated ferries were introduced, the GLOPPEFJORD and EIDSFJORD, both built by Tersan.
In Q4, three ships were ordered at the Sefine Shipyard.
The company will finalize the contracts for another seven new buildings during the first quarter of 2018.

SHORT NEWS

By | 2017 Newsletter week 50 | No Comments

First of three new Fjord1 ferries launched

On December 9, Cemre Shipyard launched Newbuilding 54 (HST132), to be named HUSAVIK. She is the first of three 66m ferries to be built in cooperation with Cemre Shipyard (Turkey) and Havyard (Norway).

Photo: Cemre Shipyard

 

  • Former FINNEAGLE has been renamed EUROFERRY CORFU and is now in service on Brindisi-Igoumenitsa, together with EUROFERRY OLYMPIA. Route vessel EUROFERRY EGNAZIA is in drydock in Turkey for a refit.
  • Former NordöLink ro-pax OLYMPUS (ex ROPAX 2, ex LÜBECK LINK, ex FINNROSE) has been sold to Indian breakers for scrap.
  • Adler has acquired a secondhand fast ferry, the ADLER CAT, for its Wadden Islands service. The capacity of the 1999-OMA-built craft will be expanded from 182 to 230 passengers. The company plans a service to Helgoland as well. ADLER CAT is the former RENØY, used by Boreal.

Fjord1: strong Norwegian ferry machine presents its Q3

By | 2017 Newsletter week 48 | No Comments

With 61 ferries in operation in Norway, Fjord1 has a market share of 49%. The company which is noted on the Oslo Stock Exchange since last August operates 7 of the 10 largest ferry services in Norway, and also a number of tourist boats in the fjords.
The company has 13 new ferries on order, and has more than 20 contracts with the Norwegian State, as far as in 2030.
Some key figures for Q3

  • Revenue: NOK 761.7m (+11%)
  • EBITDA: NOK 302m (+22%)
  • EBIT: NOK 235.6 (+13%)