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Grimaldi to order two passenger ships to be built at China shipyards

December 23, 2019


Abstract : The time has come for the Grimaldi Group based in Naples to sign for the construction in China of the new series of ferries destined for the Finnish subsidiary Finnlines.

MILAN, Dec. 23 (Class Editori) – The time has come for the Grimaldi Group based in Naples to sign for the construction in China of the new series of ferries destined for the Finnish subsidiary Finnlines. According to MF-Milano Finanza, the signatures are expected to close the contract for the construction of ferries of the innovative Super Star class.

According to market rumors, there will be two new buildings with options for other units and deliveries should take place starting from 2023 initially, and the unit price should be at least 135 million dollars for each ferry.

The naval-mechanical group Avic Weihai Shipyard prevailed over Jinling, Guangzhou Shipyard International and the South Korean group Hyundai Mipo, who in the last period had returned to office with commercial aggressiveness to try not to lose this order.

The two new ro-pax ferries, a large-scale evolution of the Star series built in Italy by Fincantieri in the Ancona plant will have the ice-class notation, a transport capacity for rolling loads of 5 thousand linear meters and 350 cabins. They will also be equipped with the largest battery installation ever installed on a ship.

It is the first time that the shipowning group controlled by the Grimaldi family asks for a Chinese shipyard for the construction of passenger ships but the demands of European and Italian shipyards, including Fincantieri, are not competitive with those of the Far East.

As for the cargo, for several years now, the group has turned to both Chinese and South Korean shipyards for the supply of ships for the transport of cars, rolling loads, plant engineering and containers.

After having finalized this order for Finnlines, the group will dedicate itself to the next step of renewing the fleet that will involve another series of ships, always ro-pax renamed Super Cruise, evolution of the Cruise class ferries (Cruise Roma, Cruise Barcelona, Cruise Europa and Cruise Olympia) used by Grimaldi on the Mediterranean market.

2019, despite the geopolitical uncertainties and the slowdown of the automotive market, for the shipowning group promises to grow after a series of balance sheets marked by very positive results. In 2018, turnover exceeded 3 billion euros while net income was of 212 million.

Emanuele Grimaldi, CEO of the group together with his brother Gianluca, immediately made it clear that, despite the difficult economic situation, the first nine months of the current year were better than the previous year so the company is not expecting a decline in results, or rather a growt".

"The turnover in 2019 was stable, the operating results were positive and in line with previous years. Since the crisis began in 2008, we have taken into account that banks can lend less money to companies, so we reinvested all the profits of the group," explained Grimaldi.

He added: " In the last decade we have increased our capital by over 2 billion euros, greatly reducing our debt. The group remains focused on logistics, which is the core of our activities. There is a good chance that we will grow significantly in this sector both organically and through mergers and acquisitions."

Another strength of Grimaldi is the geographical and commercial diversification. The group has developed a significant multidimensional risk diversification.

"We sail in the Baltic, in the North Sea, in the Mediterranean, as well as in the South Atlantic, North Atlantic and West Africa. We serve both passengers and goods, and specifically different types of cargo. We can also count on a wide diversification of asset classes from ships to offices, from private ports to city buildings. This gives us good resilience and stability over the years," explained the CEO.

Founded in 1947, the Grimaldi Group is wholly owned by the Grimaldi family, which combines a global vision of the market with family traditions and values. Gianluca and Emanuele Grimaldi, sons of the founder Guido, together with their brother-in-law Diego Pacella, are the executive directors of the group that counts on over 15,000 employees.

After dividing the assets from the Grimaldi cousins of Genoa, the group has made several strategic acquisitions, leading in the shipping sector, with the aim of strengthening its leadership in the Ro/Ro business, also creating a dense network of Motorways of the Sea in Europe, both in the Mediterranean and in the Baltic Sea, in line with the European Union's goal of removing loads from the congested road network.

In 2006, the Grimaldis acquired control of Finnlines, leading operator in the Baltic Sea and the North Sea, listed on the Helsinki Stock Exchange, which offers services for the transport of goods and passengers in a geographical area characterized by the highest economic growth in Europe. In 2008, acquired the majority of Minoan Lines, the leading Greek operator in the Ferry and Ro/Ro sector, listed on the Athens Stock Exchange. Today the company operates with a fleet owned on both national and international routes. (All rights reserved)

(Source:Class Editori)

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