Attica rides out the storm

Greek ferry operator, Attica, a subsidiary of the Marfin Investment Group (MIG), announced a drop of 28% in its 2020 consolidated revenue to €290.40 mill, compared to €405.40 mill recorded for fiscal 2019. As a result of the pandemic, the number of sailings were reduced [Read more...]

2021-04-13T20:57:45+00:00 April 13th, 2021|Finance|

Saga ready for the upturn

Saga plc reported a loss before tax of £61.2 mill for 2020, which reflected a £59.8 mill impairment charge of travel goodwill in the first half of last year. The group claimed a strong liquidity position, with total available cash of £75.4 mill and undrawn [Read more...]

2021-04-13T20:54:04+00:00 April 13th, 2021|Finance|

Carnival reduces cash burn

Carnival Corp has reported a US GAAP and an adjusted net loss of $2 bill each for the first quarter of this year. At the end of the quarter, Carnival said it had $11.5 bill in cash and short term investments. The cash burn rate [Read more...]

2021-04-13T20:47:17+00:00 April 13th, 2021|Finance|

ICG feels the heat – to open cross Channel service

Maritime transport group, Irish Continental Group (ICG) reported a revenue decrease of €80.3 mill (22.5%) to €277.1 mill for 2020. EBITDA decreased by €44.7 mill to €42.1 mill, principally due to Covid-19 travel restrictions on the passenger ferry business. Year end net debt after total capital expenditure [Read more...]

2021-03-26T23:28:36+00:00 March 26th, 2021|Finance|

Brittany Ferries prepares for the future

In a year dominated by the Covid crisis and amid on-going Brexit concerns, Brittany Ferries’ 2020 passenger numbers fell to less than a third of normal levels, the company said. Freight fared slightly better, with figures down by 20%. Company turnover halved, as lockdown measures [Read more...]

2021-03-26T23:26:55+00:00 March 26th, 2021|Finance|

NCLH raises $150 mill

In connection with its previously announced underwritten public offering in Norwegian Cruise Line Holdings (NCLH), the underwriter has fully exercised its option to purchase an additional 5 mill ordinary shares at $30 per share. The issuance and sale of the option shares has now closed. NCLH [Read more...]

2021-03-26T23:21:54+00:00 March 26th, 2021|Finance|

Lindblad takes steps to weather the storm

Lindblad Expeditions has reported a 2020 tour revenues decrease of $260.7 mill, or 76%, compared to 2019. This fall was driven by a $202.8 mill decrease at the Lindblad segment and a $57.9 mill decrease at Natural Habitat, due to rescheduling nearly all expeditions on [Read more...]

2021-03-12T16:29:35+00:00 March 12th, 2021|Finance|

KfW IPEX-Bank finances two Stena E-Flexers

German KfW IPEX-Bank is to provide a $180 mill loan to finance two new Stena Line E-Flexer ropaxes. The ships are among nine new vessels ordered by Stena from China Merchants Jinling Shipyard (Weihai). Chinese export credit agency Sinosure covered the loan. A significant part [Read more...]

2021-03-12T16:09:33+00:00 March 12th, 2021|Finance|

Hurtigruten shores up liquidity

Norwegian Group Hurtigruten reported a significant fall in its 2020 revenues to €269 mill, compared to €609 mill for the previous year. Fourth quarter 2020 revenues were €38.4 mill, against €128 mill in 4Q19. EBITDA was a negative €18 mill for 2020, compared with a [Read more...]

2021-03-12T15:57:44+00:00 March 12th, 2021|Finance|