#ChannelISLANDS – Following the demise of Huelin Renouf Shipping in August, a new UK based company is planning to replace the freight service between the Channel Islands.

If implemented, the new shipping company, Channel Island Lines (CIL), will charter the Irish flagged Huelin Dispatch which has been operating for Huelin Renouf and only since September of last year.

Under the proposed new service, the vessel would operate three return journeys a week between the islands and the UK, creating around 60 jobs and employing former staff where possible.

For more on this story, The Handy Shipping Guide has a report.

 

#ShippingReview - Over the last fortnight Jehan Ashmore has reported from the shipping scene where Irish Continental Group (ICG) released half-yearly financial report.

Londonderry Port and Harbour Commissioners reported an increase in shipping through the port by 27% over the past year leading to before tax profits of over £1.2m.

Dublin based CMI - Communications Management Institute received a 50% increase in applications on a new Diploma in Ports & Shipping Diploma.

The British Ports Association annual conference offers all the latest policy, practice and technology in ports and harbours throughout the UK and takes place on 9-10 October in Grimsby.

On this side of the Irish Sea the Irish Ports Association conference is on 27 September and held in Dublin. The host of this year's conference is the Dublin Port Company.

 

#UKportsConference – The British Ports Association annual conference offers a unique opportunity to catch up with all the latest policy, practice and technology in ports and harbours throughout the UK.

Now firmly established as a 'must do' event for all involved in the UK ports industry, the British Ports Association conference this year takes place at the English East coast port of Grimsby between 9-10 October.

Truly memorable...Hosted jointly this year by Grimsby Fish Dock Enterprises Ltd and Port of Grimsby East, and held in the attractive Forest Pines Golf Resort and Spa in the Lincolnshire countryside, the event looks set to provide the content and surroundings for a truly memorable event.

Professionally rewarding... With speakers offering a raft of topical presentations on a range of highly relevant subjects, the event offers a professionally rewarding two day conference, supported by a half-day port technical tour and various industry meetings.

Convivial networking environment... The formal programme is complemented by a convivial networking environment where both new business and new industry contacts may be made in the friendly atmosphere that is quintessentially the BPA Conference.

Cost-conscious rates... Delegate rates are set to reflect these cost-conscious times and offer exceptional value-for-money for such a 5-star Programme and location.

Booking is made easy... so to avoid disappointment, book early and online HERE. For further details of the BPA's conference visit: www.bpaconference.co.uk

#FoylePort – Londonderry Port and Harbour Commissioners have announced that shipping through the port increased by 27% over the past year leading to before tax profits of over £1.2m.

Chairman of Londonderry Port and Harbour Commissioner Mr Garvan O'Doherty announced an excellent set of results for the year 2012 – 13 at the harbour commissioners recent annual general meeting.

Mr O'Doherty described the past year as a momentous one for the Port. "I was particularly proud of our role in the Clipper and Return of Colmcille events in the summer of 2012 and 2013. The development of marina infrastructure in the city centre – on time and on budget – provided a platform for the Clipper event which will live long in the memory of our citizens.

He added "Through Clipper and The Return of Colmcille, we worked alongside the key stakeholders in the city, and demonstrated that tapping into the potential of the Foyle helps to showcase the best this city has to offer."

"Over this period, the port's profile has been further enhanced by our sponsorship and support of City of Culture events such as the Return of Colmcille pageant – for which we provided technical marine support – and Fleadh Cheoil na hÉireann, which transfixed huge crowds here this summer. These events have greatly cemented the Port's reputation and we have also been proud to play a role in developing the marine aspects of what is now a formidable infrastructure for future tourism and economic development."

The recent announcement of £80 million of inward investment by Evermore Renewable Energy into the Port's land bank marks a major step forward for the Commissioners and the North West region, added Mr O'Doherty. "The location of the project at our Foyle Port facility is a major endorsement of the Port's ability to deliver large scale projects for the Region. It is also a validation of the Commissioners' decision, some years ago, to invest heavily in Port fixed assets and broaden its range of activities."

Outlining the annual results in greater details, Port Chief Executive Brian McGrath said the accounts contained in this annual report "reflect on ever improving operational performance with turnover of £6,412,615 with profit on ordinary activities before taxation of £1,225,218. This represents a significant increase in turnover driven by a 27% increase in tonnage handled. We are particularly grateful to all our customers and staff for their ongoing support."

"This is the last report which will be presented under the current Chairman's leadership. On behalf of the Commissioners we wish to publicly thank Garvan for his dynamic leadership and passion for the work of the Port and Harbour.

His fifteen years' service as Commissioner, Deputy Chairman and Chairman marks a distinguished career in Public Service and he leaves a strong legacy for the future."

 

#ICGHalfYearReport- Irish Continental Group have released their Half-Yearly Financial Report for the Half Year Ended 30th June 2013.

In a comment by ICG chairman, John B. McGuckian he stated; 'This was a positive half years trading with increases in revenue and operating profit driven mainly by higher freight carryings and lower fuel costs, partially offset by weaker passenger markets. Summer trading has been encouraging across most business areas, with volume growth in passenger and freight offset by weaker sterling, which affects tourism yields".

Results

In the prior year the Group disposed of its subsidiary Feederlink and the comparatives set out in the Interim Management Report have been restated to exclude trading from discontinued operations.

The Board of Irish Continental Group plc (ICG) reports that, in the seasonally less profitable first half of the year, the Group recorded revenue of €120.9 million compared with €117.0 million in the same period in 2012, an increase of 3.3%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was €15.8million compared with €14.1 million in the same period in 2012.

Operating profit was €6.4 million compared with €4.9 million in 2012.Group fuel costs were €23.9 million compared with €25.7million in the same period in 2012.

There was a net finance charge of €3.1million (2012: €1.2 million) which includes a net pension expense of €1.0 million (2012: €0.8 million) and net bank interest payable of €2.1million (2012: €0.4 million).

Profit before tax was €3.3 million compared with €3.7 million in the first half of 2012. The tax charge amounted to €0.3 million (2012: €0.3million).

On a continuing basis EPS was 16.4c compared with 13.7c in the first half of 2012. Adjusted EPS (before non-trading items and net pension interest expense) amounted to 21.8c (2012: 16.9c).

Dividend

The Board declares an interim dividend of 33centper ICG Unit payable on4October to shareholders on the register at 20 September 2013.

Operational Review: Ferries Division

The division comprises Irish Ferries, a leading provider of passenger and freight ferry services between Ireland and both the UK and Continental Europe (in this 40th anniversary year), and the bareboat chartering of multipurpose ferries to third parties. Irish Ferries operated 2,119 sailings in the period, up 1.5% on 2012.

Revenue in the division was €69.4 million (2012: €69.5 million). Profit from operations increased to €4.0 million (2012: €3.2 million), with a €1.3 million(7.0%) reductionin fuel costs to €17.2 million, partially offset by higher drydock costs incurred on one of the vessels in the fleet.

In the first half passengers carried were up 0.3% at 678,400 while total carscarried in the first half of 2013were 142,500, down 4.2% on the previous year, but at higher yields.

In RoRo freight, Irish Ferries' volumes were up 7.9% to99,700 units, when compared with the first half of 2012.

The MV Kaitaki as previously reported on Afloat.ie, remained on charter to P&O during the period, trading in New Zealand. The charter to P&O terminated on 30 June 2013 following which a new charter commenced, on 1 July 2013 to KiwiRail.

The new charter is for a period of 4 years with an option for the charterer to extend by a further 3 years.

Operational Review: Container and Terminal Divisions

The Container and Terminal Division include the shipping line EUCON as well as the division's strategically located container terminals in Dublin (DFT) and Belfast (BCT).

Turnover in the division was up 8.3 % to € 52.2million (2012: 48.2 million), while profit from operations was € 2.4 million (2012: €1.7 million) reflecting stronger shipping volumes. Fuel costs in the division were down 6.9% at €6.7 million.

Total containers shipped were up11.3% at 140,600 TEU (2012: 126,300 TEU). Units lifted at the division's port facilities in Dublin and Belfast were down 3.5% at 86,400 lifts (2012: 89,500 lifts) with an increase in Dublin being offset by a reduction in Belfast due to ship schedule changes.

Financial Position (EBITDA) for the period was €15.8million compared with €14.1 million in the same period in 2012. Cash flow generated from operations was €23.1million versus €17.6million in 2012.

Capital expenditure in the period was €6.6million (2012: €5.1million) while pension payments in excess of service costs amounted to €2.4 million (2012: €3.0 million).

Free cash flow (net cash from operating activities after capital expenditure) was €14.2million compared with €11.9million in the previous half year.

Net debt at the end of the period a mounted to €105.4million and this compares with €116.0 million at 31 December 2012.

The final dividend for 2012, amounting to €12.3 million was paid during the period. Shareholders equity decreased to €11.8million from €18.0million at 31 December 2012.

The main reasons for the decrease were primarily due to the dividend paid of €12.3 million offset by €6.0 million of total comprehensive income, which includes an actuarial gain arising on the retirement benefit obligation of €2.0 million and a profit for the period of € 3.0 million.

For a further in depth analysis of ICG's Half Yearly Financial Report for the Half Year Ended 30th June 2013, click this link to download a PDF copy.

 

#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.

Irish Economy: Manufacturing prices rise in July - Irish manufacturing prices rose by 0.7% in July, although they remained 0.2% lower than a year ago. Factory gate prices –which measure the price of goods charged for by manufacturers, excluding transport costs –fell by 0.2% in the 12 months to July. The most significant price rises in July were dairy products (up 2.9%) and computer, electronic and optical products which were up 1.6%.

Container Market: Carriers are becoming 'asset lighter' - Ocean carriers are increasingly resorting to leasing/chartering to acquire vessels and container equipment, indicating the carriers are becoming significantly 'asset lighter', according to data released by Drewy. Focusing on the period from the middle of 2011 until July of this year, over 64% of all vessel capacity ordered has been placed by tramp vessel operators, and the proportion since the middle of 2012 is an even higher 65%.

Bulker Market: Grain uplift may lift Panamaxes - The Panamax segment may be about to experience a turnaround in fortunes as an uplift in exports of Soybeans and other seasonal commodities may support additional demand, according to Tradewinds. Researchers at ICAP Shipping believe there is a chance the tides could turn despite the chronic glut in global fleet capacity. In a briefing, the analysts acknowledged that US grain, soybean and soybean export volumes have hit record lows but said the trend could change this autumn.

For more on each of the above and other stories visit the downloadable PDF IMDO Weekly Markets Review (Week 34). In addition to Afloat.ie's dedicated Ports & Shipping News section.

 

#ShippingReview - Over the last fortnight Jehan Ashmore has reported from the shipping scene where Ardmore Shipping Group purchased two 50,300 dwt eco-product tankers worth $68m / €50m from South Korean shipbuilders, SSP.

Irish exports could fall by €2.8 billion this year as earnings from pharmaceutical sales slip again, according to latest estimates.

Ardmore Shipping, the Cork based tanker group order another pair of newbuilds, of 37,000 dwt and of the IMO 2 eco-design chemical tankers to be built in South Korea.

The cargoship that grounded on a sandbank off Dublin Bay, Cielo di San Francisco, a 37,000dwt 'Handysize' dry-cargo bulker was refloated and firstly taken into Dublin Bay and then docked in the port.

Cielo di San Francisco was built as recently as 2011 and she is managed by Dublin based d'Amico Dry Ltd. The vessel was carrying animal feed and which sailed from New Orleans with an en route call to Cork Harbour.

Once again, Ardmore Shipping Group announced contracts for more newbuilds, on this occasion with four 25,000 Dwt IMO 2 eco-design product & chemical tankers.

The Maritime Labour Convention, 2006 (MLC) entered into force on the 20 August. The Convention aims to achieve decent working and living conditions for the world's seafarers and to secure fair competition for quality shipowners.

Huelin Renouf Shipping, a freight-only company serving between the UK and Channel Islands has ceased trading and charter of Irish-flagged containership, Huelin Dispatch (2012/2,545grt) from Dundalk Shipping Ltd.

Belfast Harbour Company has embarked on a Port Master Plan for a period over the next 20-30 Years.

 

#IslandsCargoShip – Huelin Renouf Shipping, a freight-only company serving between the UK and Channel Islands has ceased trading this week and the operation of an Irish-flagged chartered cargoship, writes Jehan Ashmore.

According to a statement released by Huelin Renouf, the freight-only operator which has provided the service for almost eighty years, cited the decision to cease services with immediate effect on Monday, was not taken hastily or lightly.

Despite concerted efforts of company management to secure services with a number of potential purchasing parties, they have been unable to agree a sale of the business. Following this announcement there was to be an immediate winding up of proceedings and it is anticipated companies will be placed into liquidation, or in an England Administration, this week.

Huelin Renouf, had operated daily freight services between Southampton, Jersey, and Guernsey, and a twice weekly service to Alderney.

Since September, the Jersey based company has chartered Dundalk Shipping Ltd's registered Huelin Dispatch (2012/2,545grt), a brand new €8.8m Dutch built container 'Combi-Freighter' which as previously reported on Afloat.ie had the misfortune in striking a rock off Alderney while on her inaugural round trip cargo voyage.

The grounded Dundalk registered cargoship was assisted by rescue authorities and refloated, yet despite damage she reached Falmouth under her own power for repairs and returned to service.

The closure of Huelin Renouf, according to the Guernsey Press & Star has led to construction suppliers on the island fearing that the remaining shipping companies might not be able to cope with demand now that one of the largest freight services has gone bust.

Afloat.ie adds that the loss of Huelin-Renouf leaves only one main shipping operator serving the Channel Islands to the UK, that role been in the hands of Condor Ferries. This operator provides conventional ferry and fast-ferry services and a single ro-ro freight ship.

Unlike Huelin Renouf, Condor Ferries network of routes to UK ports also includes routes serving France to the Breton port of St. Malo.

 

#GroundedSHIP – The cargoship that grounded on a sandbank off Dublin Bay yesterday, docked in Dublin Port early this afternoon, following refloating late last night, writes Jehan Ashmore.

The Cielo di San Francisco, a 37,000dwt 'Handysize' dry-cargo bulker had grounded on a sandbank approximately six nautical miles off Bray Head yesterday morning and remained there for more than 12 hours until efforts to refloat the vessel proved successful.

The Liberian-flagged vessel then proceeded the short distance into Dublin Bay and anchored overnight. It is understood an inspection of the 182m hull was carried out today on behalf of the ships agents while at anchorage.

Cielo di San Francisco was built as recently as 2011 and as previously reported, she is managed by Dublin based d'Amico Dry Ltd.

The vessel is carrying animal feed which is to be discharged in Alexandra Basin, where the bulk-cargo facilities are based in Dublin Port.

She had sailed from Cork Harbour on Monday night having also discharged cargo at Ringaskiddy Deepwater Terminal following a transatlantic voyage from New Orleans.

 

#DublinsSister – Cielo di San Francisco a 37,000 dwt 'Handysize' dry-bulker docked in Cork's Ringaskiddy Deepwater Terminal from New Orleans, she is operated by Dublin based d'Amico Dry, writes Jehan Ashmore. 

She along with a sister Cielo di Dublino, as previously reported in 2011, where acquired by d'Amico Dry, which is a subsidiary of the Italian d'Amico Group.

The christening ceremony of Cielo di San Francisco was performed by Mrs. Sandra Murphy, wife of Mr. Glenn Murphy, Director, Irish Maritime Development Office (IMDO).

The Liberian flagged vessels cost around US $60 million and were completed in South Korea at the Hyundai Mipo Dockyard (HMD) in Ulsan. The ships principle dimensions are 182m long, 27m beam and a 10.4m draught.

The entry by d'Amico Group into the dry-bulkers market had marked an important chapter since the subsidiary established an Irish office in 2002, as the vessels are managed from its Dublin office under the Irish Tonnage Tax (ITT) regime.

d'Amico Dry is engaged in chartering activities also in Monaco, Singapore, Vancouver and Stamford (US). Its core fleet is focused on Panamax, Supramax and Open Hatch/Box Shaped Handy size vessels, consists of a mixture of owned and long-term time chartered vessels.

Cielo di San Francisco is scheduled to depart Cork Harbour this evening and dock in Dublin Port tomorrow.