In short, the deal for Moby AKI and Wonder were to be sold to DFDS and in turn King Seaways and Princess Seaways is off, due to the bad financial situation at Moby, its bank Uni Credit has blocked the release of the mortgage, preventing the sale. Moby say they will seek compensation, but maybe too late as only a few weeks ago they avoided bankruptcy only because of this deal.
DFDS say the King and princess will stay on the route, but only until a solution is found, which could be the Moby AKI and wonder at the bankruptcy auction of Moby if they cant sort their bad situation out.

On 6 September 2019, DFDS entered into an agreement with the Italian ferry company 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 in line with the fourth pillar of the WIN23 strategy: Creating more value for passengers.
https://www.dfds-news.com/featured/agreement-with-moby-cancelled/?fbclid=IwAR3RAPNTM7e9B4ea2PxEaYBMCGCi2GwcdtZZ1nA5uLeteMHJsZmH43-KcHw

Rome, Oct. 29 (askanews) – The sale of some ships of the Moby shipping company to the Danes of Dfds was blocked by Unicredit, with “very serious” damages for the Italian group. The president of Moby, Vincenzo Onorato, said after receiving “communication from the Danish company Dfds of the termination of the purchase contracts of the ships Moby Wonder and Moby Aki, as well as of the sale of the ships King Seaways and Princess Seaways. The contracts should have been executed with the delivery of the ships by the second half of October 2019 “.

The resolution “is attributable to the responsibility of Unicredit which, as a security agent, has not given its consent to the release of the mortgages that burden, in favor of all the guaranteed debt, on the ships Moby Aki and Moby Wonder, although it was contractually held to do this “.

“The story is unbelievable and unjustifiable – claims the shipowner – because Moby has requested, as usual, the assent to the cancellation of mortgages since September 20, 2019 and today Unicredit has not even bothered to answer officially, limiting itself guilty to wait the deadline for delivery “.

“Moby – adds Onorato – will act in a court of law against Unicredit to obtain compensation for the very serious damages caused by the latter”

https://it.finance.yahoo.com/…/moby-unicredit-impedito…

The 1975 built Theofilos, known in Tasmania as Abel Tasman is bound for scrap according to reports from Greece, where she has been laid up for some years now.

The following is a report from https://www.limnosfm100.gr/limnos/item/42475-telos-epoxis-gia-to-theofilos.html

End of Season for “Theophilos”

Author: Panagiotis Skapetis Category: Lemnos

Conversely, time is running out for the ship Theofilos of the old Lesvos-based NEL, until it is divested.

The “ship” of the Lesvos Shipping Company, built in 1975, was in the new Molos Drapetsona for about 4 years and then for two years, it was transferred to a “shipyard” in the bay of Elefsina where it was just waiting for the bureaucratic procedures to be completed. pending for its completion.

The new leadership of the Ministry of Maritime and Island Policy is hastening the process of “clearing” the port of Eleusis from the debris of old ships that have been unsafe for years and are also a danger, as they are half submerged and can cause marine pollution.

Eleusis has been proclaimed European Capital of Culture for 2021, so the “graveyard” of ships along the city’s coastal front is one of the issues that must be addressed.

Source: nealesvou.gr

The delivery of two new Spirit of Tasmania vessels could extend beyond the 2021 deadline due to issues at the shipyard responsible for their construction.

Murchison independent MLC Ruth Forrest at a budget estimates hearing on Monday said through her reading of the 2019-20 budget papers, it seemed that the vessels were anticipated to be delivered later than previously thought.

Treasurer Peter Gutwein said TT-Line was working through the prospect of a later delivery though money to fund the new vessels would be made available regardless of the project time frame.

There had been $81 million taken from the vessel replacement fund by TT-Line to pay a deposit with the shipbuilder though it had not yet been paid, he said.

Mr Gutwein said there was still $40 million resting in the fund.

He said all TT-Line dividends over the budget’s forward estimates would be transferred to the replacement fund.

Flensburger Schiffbau-Gesellschaf secured a $700 million build contract with the government in May 2018 to build the new vessels.

The shipbuilder was reported earlier this year to be experiencing financial difficulties.

https://www.examiner.com.au/story/6196340/new-spirits-could-be-delayed/

Deck crowded for naming ceremony of Toll Group’s Tasmanian Achiever II freight vessel

• Lachlan Bennett,Article and photos from Advocate Newspaper

A new era of Tasmanian shipping was ushered in on Sunday 17/2/19 with the official naming of Toll Group’s new freighter, the Tasmanian Achiever II.

Around a thousand people packed the decks of the 210-metre-long vessel to witness the champagne smashing ceremony, tour the quarters and try a shipping simulator.

Toll spent $311 million on the Tasmanian Achiever II, its sister ship the Victorian Reliance II and port upgrades in what has been dubbed the largest private investment in Australian coastal trading in 25 years.R

Chairman John Mullens said it was “a pretty special day” for the Burnie community, Tasmania, the Australian shipping industry and shareholder Japan Post.

“In life today we hear so much about cutbacks and downsizing and economising that it’s great when an opportunity comes along to do the opposite,” he said.

“An opportunity to expand the business undertaking to build new assets, to create new employment and to invest in the future and that is what Toll is doing here today.”

The two new ships will boost Toll’s Bass Strait cargo capacity by 40 per cent and quicken the crossing by two hours.
Mr Mullens said the ships provided a “glimpse into the future” as they were greener, safer, more efficient and fitted with the latest maritime technology.

Prime Minister Scott Morrison attended the naming ceremony and said Toll’s investment in the ships reflected their confidence in Tasmania, “the turnaround state”.

“They believe in what’s happening here in the Tasmanian economy and they’re investing back in that success…” he said.

Premier Will Hodgman said Toll’s investment was “a truly stunning symbol of Tasmania steaming ahead”.

“It’s a powerful show of confidence in Tasmania’s strong economy and our prospects by one of the world’s great companies,” he said.

Japan Post bought Toll in 2015 and first executive officer Taneki Ono hoped the naming ceremony would ignite a strong bond between the two companies and the Burnie community.

“Our confidence in the Australian market and your future is very strong, having invested more than $600 million into capital expenditure projects across the fleet, vessels infrastructure and technology,” he said.

Flensburg Shipyard has been financially rescued by a German investor, Lars Windhorst’s company Sapinda Holdings B.V, taking over 76% of the yards ownership from the Norwegian SIEM group, who will remain an active investor and will still hold the majority of the Supervisory Board in FSG . This agreement will bring a € 33 million Euros cash injection into FSG, € 10 million Euros of that coming from SIEM.

Work can now resume back to normal with the building of the Honfleur for Brittany Ferries, as all contractors had left the site a few weeks ago when the financial trouble first surfaced at the yard, after paying the penalties on W.B Yeats for delivering her six months late to Irish ferries.
This deal will guarantee the building of the new Tasmanian ferries, although the meeting of the delivery deadline is sill in question.

FSG’s order books are full, with Brittany Ferries Honfleur expected to be delivered late, toward the end of this year. 2 Ro/Ro ferries for SIEM, (First on is in build now) and a second Ro/Pax ferry to Irish ferries, before commencing construction on the new Tasmanian ferries.

With the latest developments, its possible the second Ro/Ro for SIEM maybe postponed so the sister of W.B Yeats and Tasmanian ferries can be delivered on time. It has also been rumored that Irish ferries may cancel the second order. But purely speculation at this point in time.

Translation from German “Maneger Magazin”

” Financial investor Lars Windhorst took over the majority stake in Flensburger Schiffbau-Gesellschaft (FSG) on Monday, ending a liquidity squeeze at the shipyard. According to information from manager-magazin.de, Windhorst’s Sapinda Holding, owned by the Norwegian owner Siem Europe, took over 76 percent of the company’s shares.

In addition, the investor working in London and Berlin provided the shipyard with a capital increase of 33 million euros. The previous owner participated in the rescue by issuing 10 million euros of debt, which were converted into new shares.

Flensburg Shipbuilding has been part of the Siem Industries Group since 2014, which is active in the oil and gas industry. In January, the shipyard had been unable to pay its 1,800 employees salaries until the parent company stepped in. Reason are delays in the construction of a ferry and resulting contractual penalties. Other bills remained open, a guarantee of Schleswig-Holstein had burst.

With the fresh money, the FSG has good prospects again. The order books are full. By 2021, four large passenger ferries and three cargo ferries are to be built in Flensburg. Total order volume: 1 billion euros.”

Source:
Manager Magazin, In german

Press Release from SIEM

Press Release from FSG

Tasmanian media have picked up on the delay and financial troubles of FSG.

• Emily Jarvie, The Advocate Newspaper.

 IN DOUBT: Financially troubled German shipbuilder Flensburger Schiffbau-Gesellschaf is due to deliver two new Spirit of Tasmania vessels to replace the current fleet in 2021.

The state government has been called upon to deliver as promised the two new Spirit of Tasmania vessels due to replace the current fleet in 2021. 

The on-time delivery of the two new Spirit of Tasmania vessels is in doubt, with state-owned TT-Line Company in discussions with the German shipyard contracted to build the new Spirits due to industry reports saying the shipyard is in a “difficult financial situation”. 

Flensburger Schiffbau-Gesellschaf shipyard secured the $700 million build contract last May after being endorsed by the TT-Line board over other shortlisted international shipyards. 

Shadow Minister for Infrastructure David O’Byrne said reports the German shipbuilder was in financial trouble are a serious concern and called on the government to commit to delivering the new vessels without delay. 

“These vessels represent the single largest purchase in the state’s history,” Mr O’Byrne said.

“Tasmania is in high demand for international and interstate tourists and many Tasmanian families depend on the Spirits for interstate travel.

“The increased capacity of these vessels is vital to ensure the tourism industry can continue to grow.”

“The government committed to deliver the vessels in 2021 and the clock is ticking.”

A government spokesperson said the contract remains in place with FSG as do all the conditions. 

“Contingencies are of course being looked by TT-Line if FSG indicate they are unable to fulfill the contract, but to be clear there has been no such advice so it is premature to speculate,” the spokesperson said. 

“No money will change hands unless a refund guarantee is in place to protect taxpayer funds.”

TT-Line is in discussion with the two other shipyards that were shortlisted in case of the event FSG can not fulfill the contract, however indicated they wanted to remain working with FSG on the new ferries due to their reputation as one of the best shipbuilders in the world. 

Premier Will Hodgman said the government is waiting further advice regarding the long term viability of FSG. 

“Contingencies are in place and if required, once this situation is clearer, then we can look for alternate builders,” Mr Hodgman said. 

“The appropriate due diligence was undertaken, contracts have been exchanged but not a dollar has been exchanged.

“There will be no disadvantage to the Tasmanian taxpayer.”

TT-Line chairman Michael Grainger said the current fleet of Spirit of Tasmania ferries was going very well and are at full capacity. 

“They will comply with the new emission regulations which come into force on the first of January next year.

“The biggest problem that TT-Line has got is with capacity right now.”

“We’ve brought forward the planned build of new ships to accommodate additional passenger carrying capacity,” Mr Hodgman said. 

“We’ve got two ships that are currently on Bass Strait that have got at least a decade or so yet, should that be required.” 

“Greek shipping magnate Pericles Panagopoulos passed away at the age of 84 following long hospitalization with a serious health problem. His wife announced his death on Facebook noting that he died at 6 a.m. on February 5. “After a long-lasting battle, he started his last and longest journey,” Katerina Panagopoulos wrote.

He was considered as one of the most successful Greek shipowners since Aristoteles Onassis and founder of modern Greek shipping. In 2009, his net worth was estimated at $328 million.

The low profile businessman shocked Greece when he was kidnapped by armed men in Athens on January 12, 2009. The kidnapping was orchestrated from prison by crime boss Panagiotis Vlastos, who later made a failed attempt to escape prison, with a helicopter.

Kidnappers contacted his wife Katerina had reportedly paid a ransom of 30 million euros in order to secure her husband’s release. He was released on Jan 19. The ransom was reported by Greek police to be the highest ever paid.

Panagopoulos started his career in1972, when he formed the Royal Cruise Line in partnership with Barney A. Ebsworth.

Twenty years later, he co-founded with his son Alexander Superfast Ferries, as part of the Attica Group, an Athens-listed holding corporation. In 1999, he buys 38.8% of Strintzis Shipping Co and soon increase his share into 48.8%. the company was later renamed into Blue Star Ferries.

His funeral is scheduled for 11 a.m. Friday, February 8, at Dionisios Aeropagitis church in Kolonaki. HE will be buried in A Cemetery in Athens.”

Greek shipping magnate Pericles Panagopoulos passes away at 84

Flensburger-Schiffbau-Gesellschaft (FSG) builder of the new Spirit of Tasmania vessels has run into financial problems. After building a ferry for Irish ferries (W.B Yeats) and delivering it six months late, resulting in heavy penalties to be paid by the yard to Irish ferries.
The yard is restructuring its management, by sacking its CEO and placing personal from the parent company SIEM in charge. SIEM will pay the wages and bills for the yard in the mean time. Its hoped the yard can negotiate with its suppliers to continue to trade. Currently all contractors have left the site, and the ferry under construction for Brittany ferries – Honfleur will be delivered at least four months late. This will most likely mean TT-Line will have its ships delivered late, if the yard continues to trade.

Flensburger Schiffbau-Gesellschaft (FSG) Shipyard in Serious financial difficulty

Managerial change at FSG as shipyard looks to secure its future amid financial difficulties