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Andy

HONFLEUR - Arriving in 2019

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1 minute ago, Gareth said:

By far the better way of doing it.  As you say, the gremins can be sorted, and exact date of entry can be flexible without being an issue.  I can’t imagine why a mid-summer entry into service was ever considered smart.

££££

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6 minutes ago, hf_uk said:

Many macaroons for you then!!

We never have the macaroons.  Makes me wonder how many cycles of passengers through the cabin the average box does before being eaten! 😳

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Just now, neilcvx said:

££££

Exactly - ££££ lost when things don’t go to the plan envisaged 12 months earlier!

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1 minute ago, Gareth said:

We never have the macaroons.  Makes me wonder how many cycles of passengers through the cabin the average box does before being eaten! 😳

Happy 5000th post Gareth:)

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Just now, hf_uk said:

Happy 5000th post Gareth:)

Oh, is it? Thanks hf - I’d have made it a more profound one had I known! 🤣

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Just now, hf_uk said:

Happy 5000th post Gareth:)

LOL. It seems to have duplicated itself. I blame the admins 😉

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Just now, hf_uk said:

LOL. It seems to have duplicated itself. I blame the admins 😉

Lol!  Already dealt with 😀

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40 minutes ago, Gareth said:

We never have the macaroons.  Makes me wonder how many cycles of passengers through the cabin the average box does before being eaten! 😳

Our Grandkids loved them 🤣

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3 minutes ago, Paully said:

Our Grandkids loved them 🤣

Don’t get me wrong, they are very nice.  Problem is, when you arrive in the cabin you are about to go to dinner (and don’t want to fill yourself up with sweet things beforehand).  When you get back from Le Flora you have no more space for anything.  And when you get up in the morning, the time doesn’t seem quite right!  Then it’s time to get off, and you have too much other stuff to deal with to make the faff of packing them worth it.  So they invariably just stay there, with me wishing I’d had one but deciding it’s too late! 🤣

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37 minutes ago, Gareth said:

By far the better way of doing it.  As you say, the gremins can be sorted, and exact date of entry can be flexible without being an issue.  I can’t imagine why a mid-summer entry into service was ever considered smart.

At the time when they placed the order I assume the yard gave BF various delivery date options depending on which build number she was to be. Perhaps they had little option but to chose early summer or risk losing the best part of an entire season. If they knew that they needed to get the new vessel up and running by a certain date due to BDS and/or Etretat ostensibly going back to their respective owners then there would be no alternative. And this was all before the IF WBY problems became clear. With hindsight they might have preferred to hype her technology more and delivery schedule a bit less and then use the challenges of the new fuel system as a reason for potential delays if the yard was simply behind schedule and not on the verge of bankruptcy having already let one high-profile customer down in a very public manner. Ed. 

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Good point about BDS Ed, I’d forgotten that.  At the time the order for Honfleur was placed, BDS was understood to be leaving the fleet at the end of 2018.  That would explain the imperative to get Honfleur into service asap.  Good job the availability of BDS changed!

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27 minutes ago, Paully said:

Our Grandkids loved them 🤣

When I get on the MSM at 815 ours will be gone within moments of the bag being dropped next to the table , then it will be along Les Romantiques for a large leisurely breakfast, I’m on holiday 😀

I can imagine that BF will probably cancel Le Havre sailings before Ouistreham sailings  if there’s any issues with Honfluer.

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2 hours ago, Gareth said:

We never have the macaroons.  Makes me wonder how many cycles of passengers through the cabin the average box does before being eaten! 😳

Same goes for the fruit too... the wooden trays come in handy in the man cave though.

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13 minutes ago, jonno said:

Same goes for the fruit too... the wooden trays come in handy in the man cave though.

See if I get a Daily Mail 😡

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The future of the FSG yard looks to have been secured through new investment.

From: http://m.manager-magazin.de/unternehmen/artikel/lars-windhorst-rettet-flensburger-schiffbau-gesellschaft-a-1252768.html

Financial investor Lars Windhorst (42) 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.

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Excellent news, now we just to wait for the subcontractors to get their teams and resources available & agree a new schedule.

The Siem press release is:-  https://www.siemindustries.com/?mdocs-file=4252

REORGANISATION IN FLENSBURGER SCHIFFBAU-GESELLSCHAFT mbH & Co. KG (“FSG”) Siem Europe S.a r.l. (“Siem Europe”) has today completed an agreement with an external investor, Sapinda Holding B.V., who has agreed to acquire 76% of the shares and partnership interest in FSG and inject Euro 33 million of new equity into FSG. Additionally, Siem Europe has converted Euro 10 million of outstanding debt in FSG into equity. The equity contributions provide the yard with additional liquidity and a more solid balance sheet. Siem Europe will remain the active shareholder of FSG and have a majority of the positions on the Beirat (Board) of FSG. This transaction has been made possible due to contributions from all stakeholders including customers and suppliers. We look forward to working with Sapinda, with whom we have been co-investors in the past, and with all the other stakeholders of FSG, including customers, suppliers, employees and creditors, to continue to develop FSG as a designer and builder of quality vessels. FSG is a shipyard located in Flensburg, Germany, with a long history of building modern, highquality vessels. Siem Europe S.ar.l., 11th February 2019

 

Edited by David Williams

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Herr Windhorst doesn't fill me with a good deal of optimism. He's been chased, sued and had assets seized since 2015. He's filled many pages of the Financial Times in recent years.

Edited by jonno

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21 minutes ago, jonno said:

Herr Windhorst doesn't fill me with a good deal of optimism. He's been chased, sued and had assets seized since 2015. He's filled many pages of the Financial Times in recent years.

Wouldn`t appeal to me either..Here`s some little pearls from the FT https://www.ft.com/stream/b386a6e7-2e83-434f-91cb-8ca809ce26d3

Still, if you are desperate, any port in a storm

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6 minutes ago, Paully said:

any port in a storm

Exactly

Now that FSG has been restructured, it would appear to have the funds to continue to build ships and for FSG to continue in an orderly fashion, an alternative would have been liquidation which would have had profound affects on staff, suppliers and customers. Siem will continue to have a strong involvement with the yard which is good for both stability and order books !

 

 

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2 hours ago, David Williams said:

Exactly

Now that FSG has been restructured, it would appear to have the funds to continue to build ships and for FSG to continue in an orderly fashion, an alternative would have been liquidation which would have had profound affects on staff, suppliers and customers. Siem will continue to have a strong involvement with the yard which is good for both stability and order books !

 

 

I don't agree, Siem caused the mess in the first place treating FSG as a standalone when in all reality they weren't. If you were a standalone within a group you'd still expect to paid for goods and services, it's the whole point. Notice how the value of FSG's order book has now jumped from €650 million to $1 billion without any new orders? 

Siem don't want the yard and would be more than willing to see the back of it now they've had most of their new tonnage for cost. FSG basically built the previous four RoRo's and the intervention vessel for nothing whilst still having to pay their workforce nor do they see any of the charter fees. That's the root cause.

At least when Visentini decided to build a fleet of RoPax specifically to charter it was they who received the money.

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25 minutes ago, jonno said:

I don't agree

Life is not perfect, however at least this way the suppliers will get their money (maybe late and maybe reduced), the customers will get their ships (definitely late) and the workers will keep their jobs. 

Far better than the alternative.

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55 minutes ago, jonno said:

Siem don't want the yard and would be more than willing to see the back of it now they've had most of their new tonnage for cost. FSG basically built the previous four RoRo's and the intervention vessel for nothing whilst still having to pay their workforce nor do they see any of the charter fees. 

Do you have any inside information on the calculation and pricing of the Siem RoRos? Two of them are still under construction.

Edited by Raik
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4 hours ago, David Williams said:

Exactly

Now that FSG has been restructured, it would appear to have the funds to continue to build ships and for FSG to continue in an orderly fashion, an alternative would have been liquidation which would have had profound affects on staff, suppliers and customers. Siem will continue to have a strong involvement with the yard which is good for both stability and order books !

 

 

My knowledge on economics and the like is sketchy at best, so apologies for what is probably a silly question, but what has actually changed? This new company has, what, given 33 million Euros to pay off the debts and the inevitable late delivery costs for WB Yeats? Has anything been done to actually ensure that the yard remains profitable?

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2 minutes ago, The Ferry Man said:

My knowledge on economics and the like is sketchy at best, so apologies for what is probably a silly question, but what has actually changed? This new company has, what, given 33 million Euros to pay off the debts and the inevitable late delivery costs for WB Yeats? Has anything been done to actually ensure that the yard remains profitable?

The original notes on the FSG problems said that they were ensuring that all contracts were profitable and then negotiating with Customers and Suppliers - that is likely to have lead to some concessions from them. It is unlikely that money would have been put into the yard unless they believed that current and future contracts were profitable and they had enough working capital (ie the money pumped in) to support the yard. Companies go bust when at any given time they have more money payable than they have (or can borrow), one assumes that the revised Business Plan and Cash Flow makes sense. At least they know how much the Honfleur is likely to cost now, they did not have the experience in large passenger ferried when they agreed a contract to build WBY,

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4 hours ago, Raik said:

Do you have any inside information on the calculation and pricing of the Siem RoRos? Two of them are still under construction.

Yes and yes...

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