FERRY FINANCE

By | 2019 Newsletter week 38 | No Comments

Moby Group In Legal Confrontation With The Bondholders

A legal conflict between Moby Group and the bondholders has just started.

A investors statement from the Milan-based ferry company says that “Moby S.p.A. has instructed legal counsel to defend it in insolvency proceedings brought before the Court of Milan by a number of claimants who have identified themselves as holders of an unspecified principal amount of Moby’s fixed rate senior secured notes originally issued in February 2016”.

The statement further adds: “Moby considers the allegations made by the claimants to be entirely groundless and, accordingly, intends to challenge the action taken by them by all appropriate means”.

Moby’s EUR 300 m bond is listed on the Luxembourg stock exchange.

Moby’s Challenging 2018 Is A Prelude To Better Performances In 2019

By | 2019 Newsletter week 18 | No Comments

The Moby Group closes 2018 with growth in combination with challenges.

  • The ferries transported half a million additional cargo, especially on the vessels of the CIN subsidiary.
  • Excellent performance in ‘Revenues from onboard services’, (+8.8%) mainly attributable to the cruise-ferry business in the Baltic, and on the Corsica and ‘Sardinia routes.
  • Revenue in line with previous year.
  • Increase in operational costs (bunker, new start-ups ).

Achille Onorato, CEO of the Group agrees that 2018 was not an easy year. However, entering new business areas and finalising investments will be beneficial as from Q1, 2019.

Revenues by region:

  • Sardinia down 3.3% (less pax, less freight)
  • Sicily up 14.7% (more pax, more freight, new Naples-Catania route)
  • Tuscan Archipelago down 1.2%
  • Corsica up 3.9% (more pax, more onboard sales)
  • Baltic up 12.9% (onboard revenue)

Figures (in € thousands)

  • Revenues 584,335 (586,164)
  • Operating profit -21,071 (68,414)
  • Profit before taxes -58,112 (26,840)
  • Profit for the year -62,683 (22,947)

Moby Ready To Pay EUR 50 Million To The Banks For The Loan Obtained In 2016

By | 2019 Newsletter week 7 | No Comments

On 11 February, Moby Group has paid the pool of banks led by Unicredit, EUR 50 million, as an instalment of the loan of EUR 200 million granted in 2016.

Upon a request for a comment on that, the Milan-based group controlled by the Onorato family said that “as for the loan, all the instalments in the past and in the future have been and will be paid, and the same is going to happen for the one expiring this month.”

Some concerns circulated among the financial stakeholders in the last few days on that matter.

The Italian ferry group also confirmed that three bank transfers for a total amount of EUR 85 million has been made from CIN Tirrenia to Moby at the end of 2018 but not specifying the reasons behind.