Fincantieri first quarter revenues, EBITDA rise, sees full year results in line with target

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Written by Kari Reinikainen Kari Reinikainen

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Published: 08 May 2018 08 May 2018

Fincantieri, the listed Italian shipbuilding company that is the world’s largest builder of cruise vessels, said it expects its full year results to meet objectives as both revenues and EBITDA increased in the first quarter of the year.

Revenues rose to €167 million in the first three months of the year from €97 million in the same period year on, while EBITDA increase to €15 million from €11 million.

“The year-on-year growth is mainly attributable to the increase in the volumes of the cruise ships business due to the larger size of the vessels under construction (with cruise ship revenues now accounting for approximately 47% of the Group's revenues before consolidation adjustments),” the company said in a statement.

Shipbuilding margins confirm the positive trend, reporting further improvements due to the construction of more profitable cruise ships and to the positive contribution of the advancement of the activities related to Italian Navy's fleet renewal program

“Full year 2018 results are expected to be consistent with the 2018-2022 Business Plan targets. For 2018, the Group confirms a growth in revenues of 3/6% and an EBITDA margin around 7.5%, mainly related to higher profitability in shipbuilding,” Fincantieri said.

 

TT-Line in Australia and Flensburger sign two ship LOI

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Written by Kari Reinikainen Kari Reinikainen

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Published: 04 May 2018 04 May 2018

TT-Line Company Pty Ltd in Australia and Flensburger Schiffbau-Gesellschaft GmbH & Co. KG (FSG) in Germany  have signed a letter of intent (LOI) for the construction of two ships to replace the current Spirit of Tasmania vessels, TT-Line said in a statement.

TT-Line chairman Mike Grainger said the companies would now commence contract negotiations and agree to final design specifications. “FSG was endorsed by the Board after the company short listed a number of international shipyards to build the new tailor-made vessels,” he said in the statement.

“As previously announced, we expect to place an order for the new vessels in the first half of the 2018 calendar year and for them to be delivered in time to commence operations on Bass Strait in 2021,” he added.

The two companies signed a preliminary agreement about the two ships in January. They will have a length of 212 metres, vehicle capacity of about 2,500 and they will be able to carry about 2,000 passengers. There will be about 280 cabins on board each vessel.

The ships will link the island of Tasmania to the Australian mainland. There is a ferry company called TT-Linie in Germany, but the two are not associated with each other in any way.

Lindblad net profit soars to $10.9 million in first quarter

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Written by Kari Reinikainen Kari Reinikainen

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Published: 04 May 2018 04 May 2018

Strong demand and a larger fleet helped Lindblad Expeditions Holdings, Inc., the US based and listed expedition cruise operator, to significantly increase its first quarter profit, while the outlook remains encouraging.

The company reported a sharp increase in the first quarter net profit, to $10.9 million compared to a mere $0.6 million in the same period last year. Operating profit (EBIT) rose to $14.4 million from $1.4 million and revenues to $82.4 million from $63.1 million.

The company forecasts full year revenues in the bracket of $308 million to $315 million, a year on increase of 16% to 18%, while adjusted EBITDA should grow even faster, between 24% and 31% to the region of $54 million to $57 million.

Sven-Olof Lindblad, President and Chief Executive Officer, said "The strong financial results delivered by Lindblad during the first quarter are a continuation of the momentum we generated during the back half of 2017 and highlights the opportunity in front of us as we continue to add vessels to our fleet.”

“ The addition of the National Geographic Quest in July of 2017 expanded our capacity by approximately 15% and as we have increased inventory we have grown our net yields and maintained high occupancy levels. This highlights the demand from both our loyal customer base and a growing audience seeking authentic expedition travel,” he said in a statement. 

“Bookings during 2018 remain very strong, up 20% versus the same period a year ago, and we are seeing broad based demand for travel on our existing fleet, as well as for the additional two ships we will be adding over the next couple of years. The National Geographic Venture and the recently named National Geographic Endurance will further increase our capacity in high demand geographies and will provide the opportunity to build additional shareholder value in the years ahead,” Lindblad concluded.

Fred. Olsen Cruise Lines cut first quarter loss on higher per diems

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Written by Kari Reinikainen Kari Reinikainen

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Published: 04 May 2018 04 May 2018

Higher per diems more than offset a slight fall in the number of passenger days at Fred.Olsen Cruise Line, the UK based destinational cruise shipping company, in the first quarter.

Net loss narrowed to NOK41 million in the latest quarter from NOK55 million year on, while operating loss (EBIT) was reduced to NOK22 million from NOK39 million. Revenues rose to NOK533 million from NOK480 million. The number of passenger days totaled 254,710 for the quarter (271,634), a decline of 6 %. Net ticket income per diem (GBP) was 6.5% higher compared to the corresponding quarter last year,” parent company Bonheur ASA said in a statement.

Capital expenditure rose to NOK108 million from a mere NOK8 million in the same period last year, while equity decreased to NOK1.07 billion from NOK1.11 billion. The company has no gross interest bearing debt.