EMEA News
Tallink Sells Fast Ferry to Support Switch to LNG Bunkers
AS Tallink Grupp (Tallink) says that its subsidiary, Tallink Superfast Limited (Tallink Superfast), has signed an agreement with Medinvest SpA (Medinvest) for the sale of its fast ferry Superstar for €91.5 million ($98.11 million), noting that part of the sale proceeds will be used to fund a portion of the construction of Tallink Superfast's new liqufied natural gas (LNG) powered ferry.
"The cash proceeds from the sale will be used mainly to repay loans to continue the deleveraging strategy and for the down payment of the new LNG fast ferry under construction," stated Tallink.
The ferry operator says the sale will see a "one-off book loss from sale approximately €7.6 million" ($8.15 million) for 2015's fourth quarter.
Tallink says it will continue to operate the Superstar on the company's Tallinn-Helsinki route on a charter from Medinvest until the new LNG fast ferry takes over the route in the beginning of 2017.
"The sale of the fast ferry Superstar prepares the group for the delivery of the new generation LNG fast ferry to the Tallinn-Helsinki route early 2017 and supports Tallink's strategy to secure and strengthen its position in its route with largest passenger volumes," concluded the company in the announcement.
In August, shipbuilder Meyer Turku Oy announced that the production of AS Tallink Grupp's new LNG fast ferry had officially begun.
