FERRY FINANCE

By | 2019 Newsletter week 33 | No Comments

BC Ferries released its Q1 results for the three months ended June 30.

Passenger and vehicle traffic levels are the highest the company has ever experienced in a Q1.

Net earnings for Q1, 2020 were CAD 12.2 million (6.0 million)

In this quarter, BC Ferries invested CAD 26 million as part of its 3.9 billion 12-Year Capital Plan that is focused on replacing ships and upgrading terminals. “We need to replace half of our fleet over the next 15 years as we incorporate clean technology and increase capacity,” said Mark Collins, BC Ferries’ President and CEO.

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.

INTERESTING READS

By | 2019 Newsletter week 25 | No Comments

NGO ‘Robin Des Bois’ Sees a Drop in Ship Recycling in Q1

In its quarterly report, the NGO analyses the ship recycling.

This year is special, because of the European Regulation No 1257/2013 on ship recycling, which entered into force on 1 January 2019. It applies to ships flying the flag of a Member State which must now be scrapped in an approved yard. The number of approved yards increased from 26 to 34. Two Danish, five Norwegian and one Turkish yards have been added.

Following ferries have been scrapped (Hyperlink connects with Fakta Om Fartyg)

  • ALKYON (ex MAMBRO, SKOPELOS, GOTLANDIA, VIKING 2, GOTLANDIA)
  • EUROPEAN EXPRESS (ex MILLENIUM EXPRESS, HO MARU, TAKASHIHO MARU)
  • HORIZON (ex IONIS, IGNIS, DIGNITY, VIGNESSWARA, FERRY NANIWA).
  • MAWADDAH (ex KING MINOS, ERIMO MARU).
  • UTOPIA IV (ex AKATSUKI, NEW AKATSUKI)

FINANCE

By | 2019 newsletter week 19 | No Comments

Tallink Grupp: Cargo Revenues Continued to Increase, But Overall Revenue for Q1 Was Down

The group reports an unaudited net loss of EUR 25.3 million (net loss of EUR 19.6 million in Q1 2018) and an unaudited total revenue for the quarter of EUR 178.9 million, which is a 2.9% decrease compared to the same period last year.

At the same time, the group’s cargo business continued to increase both in volume and revenue in the first quarter of 2019. The transported cargo volumes increased in total by 2.7%, the cargo revenues increased by 1.5% or EUR 0.4 million and amounted to EUR 29.6 million in the first quarter.

In the Q1 the group made significant investments into the upgrade of its existing fleet with EUR 25.3 million invested mainly into the technical dockings of seven vessels.

Paavo Nõgene, CEO of AS Tallink Grupp said: “The challenging period of dockings is now behind us. Our vessels are fresh, modern and ready to offer our customers new and memorable experiences. We are ready and prepared for the next two quarters of our annual high season and our whole team here at Tallink Grupp will work extremely hard to improve the results of the next months and quarters of 2019.”

DFDS Q1 On Track Strong Performance in North Sea

By | 2019 newsletter week 19 | No Comments

In Q1, revenue increased 11% to DKK 3.9bn driven by the expansion in the Mediterranean and stockpiling in UK ahead of the initial Brexit-date end of March. The Easter timing difference vs 2018 lowered passenger revenue.

EBITDA before special items increased 13% to DKK 677m driven by the Mediterranean expansion and strong performance in North Sea.

Baltic Sea’s result was lowered by one-off additional operating costs as capacity was maintained during dockings, one of which was extended. In addition, the Easter timing difference reduced passenger earnings compared to Q1 2018, especially in the Passenger business unit.

Logistics continued to improve performance in UK & Ireland. In Sweden and Belgium earnings were lower as Q1 2018 included peak earnings from a large contract.

The first in a series of six new freight ferries was delivered in February and successfully deployed in March between Istanbul and Trieste.

2019 EBITDA outlook unchanged: DKK 3.8-4.0bn (2018: DKK 3.6bn, restated)

Key figures Q1 2019

  • +11% Revenue: DKK 3.9bn (3.5)
  • +13% EBITDA: DKK 677m (597)
  • -22.3% Profit before tax DKK 159m (204)

Outlook 2019 Unchanged

  • 10-12% revenue growth
  • EBITDA-range of DKK 3.8-4.0bn (2018: DKK 3.6bn)

First Quarter For Viking Line Unchanged

By | 2019 Newsletter week 18 | No Comments

Key figures Q1

  • -4.5% Sales EUR 95.8 million (100.3)
  • +5.8% Operating income EUR -14.2 million (-13.5)
  • -4.3% Income before taxes EUR -15.4 million (-16.1).
  • -4.7% Income after taxes EUR -12.3 million (-12.9).

Future prospects unchanged: Operating income for 2019 will remain on a par with 2018 or improve.

Traffic figures Q1

Remark: this year, the busy Easter period is not in Q1 but in April, Q2.

  • -7,8% passengers
  • -4.0% cars
  • +8.8% cargo

ForSea Sees Significant Environmental Progress

By | 2019 Newsletter week 16 | No Comments

Throughout Q1, ForSea has operated the world’s largest battery-powered passenger ferries, AURORA and TYCHO BRAHE, on the Helsingborg-Helsingør route. The environmental benefits have been significant: The ferry operator’s total emissions of CO2 and harmful particles have been halved compared to the prior year.

Q1 results:

  • -4% Passengers 1.24 million (due to the fact that this year Easter is in Q2)
  • -5% Cars 227,000
  • +4% Buses 2,600
  • +0% Freight units 111,000
  • +1.7% Departures 12,100

FINANCE

By | 2019 Newsletter week 14 | No Comments

Tallink Grupp Publishes 2019 Q1 Passenger And Cargo Statistics

According to the figures published, the group transported

-3.9% passengers (1,855,772)

-3.7% cars (214,087)

+2.7% freight units (93,114)

Reason:

-2.8% less trips (2,234 trips against 2,299 in Q1 last year)

Six vessels have been going through various renewals and upgrades during planned dockings at shipyards in Poland, Lithuania and Finland.

FERRY FINANCE

By | 2018 Newsletter week 23 | No Comments

In Q1, Attica Group Posts A 10% Increase In Revenue

Key figures:

  • Consolidated Revenue EUR 49.43 million (EUR 44.83 million).
  • EBITDA EUR -1.33 million (EUR -4 million)

The improvement in EBITDA is mainly attributed to the increased Revenue of the Group, despite rising fuel oil prices.

  • Q1 Passengers 603,000 (535,000)
  • Q1 Cars 92,000 (79,000)
  • Q1 Freight Units 73,000 (68,000)
  • Note: less number of sailings (-1.1%)