Moby’s RoRo Hartmuth Puschmann Ready For Delivery To Arab Bridge Maritime

By | 2019 Newsletter week 46 | No Comments

Moby’s HARTMUTH PUSCHMANN has been renamed AMAL, registered in Limassol and is now ready to leave Italy.

The 1993-built roro ship was sold earlier this year for €13 million but it has been operating on the maritime link between the ports of Livorno and Cagliari in bareboat charter for the last six months.

The name of the new owner remained undisclosed, but some sources told Ferry Shipping News that it might be the Middle Eastern company Arab Bridge Maritime, while the vessel is likely to be deployed in the Red Sea region.

TOP STORY

By | 2019 Newsletter week 44 | No Comments

DFDS – Moby Agreement On New Amsterdam-Newcastle Ferries Cancelled

Official statement from DFDS:

On 6 September 2019, DFDS entered into an agreement with Moby to acquire two ferries, MOBY WONDER and MOBY AKI, for deployment on the Amsterdam-Newcastle route.

Moby would in turn acquire the two passenger ferries currently operating on Amsterdam-Newcastle, KING SEAWAYS and PRINCESS SEAWAYS.

The agreement was expected to be completed in the second half of October 2019, but Moby has unfortunately not been able to meet the delivery terms of the agreement. The agreement has therefore been cancelled.

DFDS will continue to explore solutions for a renewal of the ferries on the Amsterdam-Newcastle route.

Official statement from Moby:

The reason for the cancellation is that Moby has been unable to deliver to DFDS the two vessels free of the mortgages that have been granted to Unicredit as Security Agent for Moby’s secured financings. Moby believes that Unicredit was contractually obliged to provide consent to the release of the vessel mortgages as security agent, and intends to raise this issue formally with Unicredit as Security Agent and with its lenders.

FERRY SHIPPING

By | 2019 Newsletter week 41 | No Comments

Good News For Moby: Court Rejects Insolvency Petition

The Court of Milan has completely rejected the insolvency petition presented by certain bondholders against Moby S.p.A.

By an order filed on Wednesday 9 October, the Court of Milan, composed of three judges and upholding the defence by Moby S.p.A., dismissed the insolvency petition presented by certain bondholders and awarded costs against them.

Under the order in question, not only did the Court of Milan find the allegations of a current state of insolvency groundless, in as much as the company is not burdened by any tax or social security liabilities, is not subject to any enforcement or provisional action and does not appear, in its current state, to be unable to pay its debts as they fall due, but the Court also held that there are no extraneous circumstances at present that show the subsistence of a prospective state of insolvency.

Moby is therefore evaluating the possibility of making a claim against speculative funds who filed the petition with a view to recovering damages for loss caused by their groundless action. (source: note on Luxemburg Stock Exchange)

This good news for Moby is also good news for DFDS. An insolvency could have jeopardised the agreement about the sale of the ferries to DFDS.

FINANCE

By | 2019 Newsletter week 37 | No Comments

Milan-based Moby has just published its H1-2019 financial report for the six months ended June 30, 2019.
Some highlights:

  • Total revenue amounted to EUR 253.6 million, an increase of 20.2 million, mainly due to the increase in freight transport, chartering and port operations.
  • Total revenues for the three months of Q2, amounted to EUR 151.4 million, an increase of EUR7.2 million driven by the ferries unit, mainly related to passenger and vehicle transport and chartering, and port operations.
  • Excluding the impact of the IFRS 16 application, the six months registered a loss of EUR 27.9 millions (the red was EUR 60.208 millio in the first half 2018) while the result for Q2 resulted in a loss of EUR 11.6 million.

As for the capital gains, Moby specified that they are attributable to:

  • The sale of AURELIA in February by CIN, obtaining a capital gain, net of the costs of sale, of EUR 4.7 million
  • The sale of PUSCHMANN in March by CIN, obtaining a capital gain, net of the costs to sale, of EUR 9.9 million
  • The sale of the San Cataldo tugboat BARLETTA in March, incurring a loss, net of costs of sale, of EUR 26,000
  • On July 16, 2019 the subsidiary CIN finalised the sale of the vessel BARBARA KRAHULIK for EUR 12,650.

Moby’s EBITDA Shows Encouraging Positive Trend in Q1

By | 2019 Newsletter week 25 | No Comments

Moby’s EBITDA Shows Encouraging Positive Trend in Q1

Moby Group has published an interesting Q1 report with some positive trends, which show the company is on the path of recovery.

Some figures in million €

  • Revenues 102.2 (89.2 in Q1, 2018)
  • EBITDA recurring 20.2 (-15.6 in Q1, 2018)
  • Operating Profit -2.3 (-30.1 in Q1, 2018)
  • Net Result -15.0 (-40.6 in Q1, 2018)

The positive EBITDA trend is influenced by an increase of Revenue due to a positive performance in freight transport (€8.5m) and due to the capital gain obtained by the subsidiary CIN, consequently the sales of the ferries PUSCHMANN and AURELIA (€15m).

Interesting is also to follow the issues with the Italian Antitrust Authority. The Regional Administrative court of Lazio has issued a final judgment on the appeal finding that a significant part of the conduct alleged by the Italian Antitrust Authority had not been correctly verified.

The company also mentions in the report the two new Chinese-built vessels, which are expected in 2020 and 2021.

TECHNOLOGY

By | 2019 Newsletter week 23 | No Comments

Moby And Tirrenia Tickets Can Be Purchased With Telepass Pay

As from Monday 3 June, it will be possible to buy tickets for the routes operated by the companies Moby, Tirrenia and Toremar through the Telepass App, in the new “Ships and Ferries” section.

The cost of the trip will be charged on the Telepass Pay account.

The start of the passenger service is the first step in a technological journey that will also be extended to the freight sector.

Moby Officially Confirmed The Sale Of AURELIA And HARTMUT PUSCHMANN

By | 2019 Newsletter week 11 | No Comments

The news reported last week in this newsletter has been officially confirmed by the Milan-based company controlled by Vincenzo Onorato and sons.

“Compagnia Italiana di Navigazione S.p.A., fully owned by Moby S.p.A., sold the vessel HARTMUT PUSCHMANN to a foreign purchaser, in compliance with the provisions of the Indenture and of the Intercreditor Agreement. The Net Available Cash (approx. €12.9m) from such disposal is applied to the extent to make capital expenditures, or invest in, or commit to invest in Additional Assets within 365 days from the receipt of such Net Available Cash” a statement reports.

As for the second deal closed, Moby also communicated that “Compagnia Italiana di Navigazione S.p.A. sold a minor vessel AURELIA to an Italian purchaser. In relation to the Net Available Cash (approx €6m) from the sale of the Aurelia Vessel, the same provisions as above are applied”. The ferry AURELIA was purchased by MSC’s Italy-based holding company Marinvest.

FERRY SHIPPING

By | 2019 Newsletter week 10 | No Comments

HARTMUT PUSCHMANN

Moby Fleet Changes: MARIA GRAZIA ONORATO In And HARTMUT PUSCHMANN Out

In the near future some further changes are expected to take place in Moby and Tirrenia’s ro-pax fleet.

The Milan-based group controlled by the Onorato family is rumoured to have just closed the sale of the aged ro-ro unit HARTMUT PUSCHMANN for a price of € 13 million. Some sources report the Cyprus-based Ntiolio Shipping Company Ltd as buyer while some others suggest it should be the Egyptian ferry company El Salam. Moby declined to comment on the deal, but broker sources reveal that the ship will be bare boat chartered back for six months.

MARIA GRAZIA ONORATO launching ceremony at Flensburg shipyard

The 1,820 lane metre HARTMUT PUSCHMANN was built in 1993 by Fincantieri in Palermo and has been recently deployed on the Livorno – Olbia route by Tirrenia.

For one vessel leaving the company’s fleet there will be soon another one replacing it. The cargo sales director, Pierre Canu, said in the occasion of the Transport Logistic exhibition just held in Verona that “a new 4,600 lane metres ro-ro ship is soon to be delivered by the shipyard and therefore will enter into service before next spring on the route covered by Moby Group to and from the port of Catania, in Sicily”. The vessel in question which just left Flensburger shipyard for the sea trials is the MARIA GRAZIA ONORATO, sister ship of the ALF POLLACK bare boat chartered by Onorato Armatori few months ago and then chartered-out to DFDS.

Moby And Tirrenia Merger Approved By Extraordinary Shareholders’ Meetings

By | 2018 Newsletter week 43 | No Comments

The announced merger of the two Italian ferry companies Moby and Tirrenia received the green light from the company’s shareholders.

A statement published on the Luxembourg stock exchange’s website, the group controlled by Vincenzo Onorato says:

“Extraordinary Shareholders’ meetings of Moby S.p.A. (Moby) and of its wholly-owned subsidiary Compagnia Italiana di Navigazione S.p.A. (CIN), both held on 17 October 2018, have passed resolutions approving the reverse-merger project which provides for the merger of Moby into CIN. The reverse merger will be effective as from the date in which the last filing pursuant to Article 2504 of the Italian Civil Code will be made or from any other date stated in the deed of merger.”

The headquarters of the group is expected to be moved back from Milan to Cagliari, in Sardinia.