NEWS 44 Economies of Scale

QUARTERLY PUBLICATION OF THE GRIMALDI GROUP OCTOBER / decemberr 2008 imaldi GNEWS 44 Economies of Scale • Public offer on Minoan Lines • West Med Developments Tariffa Regime Poste Italiane Libero: SpA Tariffa - Spedizione Abbonamento in Postale - 70% - DCB Napoli Grimaldi Contents rimaldi Compagnia di Navi- gazione S.p.A., the Grimaldi 2 Public Offer on Minoan GGroup’s mother company, has launched a mandatory public offer to 5 MoS Network Strengthened acquire shares of Minoan Lines, which Grimaldi Suardiaz joint-venture is listed on the Athens Stock Exchange. Sicilian Ties Grow Stronger Grimaldi has offered 5.29 euros per each share, valuing Minoan Lines at Cagliari is connected 375,198,540 euros. This represents 6 Truck Drivers’ free Card an 18.08% premium on the average weighed value of the Minoan shares 9 Switching From Land during the last six months of trading be- to Sea makes Mobility fore the offer was made, on 3 October, more Sustainable and equals the highest price per share 10 Largest PCTC ever on paid by Grimaldi Group companies for EuroMed Trades the shares in Minoan within the previ- ous twelve months. When the offer was 11 Greek ties Grow Stronger launched, Grimaldi held 33.36% of the 12 Grimaldi do Brasil turns 20 shared capital and voting rights. Following the approval from the Hellen- News 13 ic Capital Market Commission, Minoan 14 ACL News shareholders have until November 26 to accept the offer. 15 Agent List & Schedules Emanuele Grimaldi, joint managing director of the Grimaldi Group and president of Minoan, said: “The offer r imaldi on Minoan Lines is part of our industrial GNE WS strategy to build a solid Pan-European Direttore Responsabile alliance of major brands operating in Editor the transport by sea of passengers and Saverio Barbati Progetto grafico freight. Such an alliance – continued Mr Graphic design Grimaldi – is aimed at expanding our Marco Di Lorenzo Pubblicazione trimestrale Motorways of the Sea network that al- Quarterly publication ready comprises Grimaldi Lines (oper- Reg. Trib. Napoli n. 5150 del 26/9/2000 ating Mediterranean routes) and Finn- Stampa / Print: ROSSI srl - Nola (Napoli) lines (operating in the North and Baltic Sea). We look forward to extending its GRIMALDI GROUP full scope to Minoan Lines too.” Via Marchese Campodisola, 13 GNE WS80133 NAPOLI (Italy) Grimaldi News can be seen on line on www.grimaldi.napoli.it launches Public Offer on Minoan shares The move part of the Group’s “If the offer is successful - underlined Mr Grimaldi - Minoan Lines will be- industrial strategy to build come an integral part of the Grimaldi a solid Pan-European alliance Group but it will remain a truly great of major brands in the transport Greek company, managed by Greek people, with solid roots and headquar- of passengers and freight ters in Heraklion, Crete. I have been the proud President of Minoan Lines for only four months. A short period, but long enough to appreciate the excel- lent professional skills of the Minoan staff ashore and at sea, as well as that of the management, who will stay at the helm of the company. In our plans, Minoan Lines will remain listed on the Athens stock exchange in the same way that Finnlines, of which Grimaldi holds a 64% shareholding, has remained listed on the Helsinki bourse”. Mr Grimaldi concluded by saying that: “There is no doubt that thanks to the economies of scale, Grimaldi and Mi- noan Lines together can substantially increase the level of services provided to customers, by offering higher qual- ity services at a competitive price. In order to achieve this ambitious target, we plan to push forward substantial in- vestments to enhance the services in the Adriatic and between Piraeus and Heraklion”. Minoan is based in Heraklion (Crete), it operates a fleet of six modern Cruise Ferry vessels on the routes linking the port of Piraeus and Crete, as well as between Italy and Greece. In 2007, Minoan transported 1.57 GNE WS 3 million passengers, 283,000 cars and 153,000 trailers WEST MED DEVELOP M ENTS Motorways of the Sea Network Strengthened A busy fall for the West Med Ro/Ro network. While the links Genoa / Catania and Civitavecchia / Catania were strongly upgraded in late October, since early November Cagliari entered the network. And the Grimaldi-Suardiaz Line is to operate as from 2009 Grimaldi Suardiaz Genoa Toulon Livorno joint-venture North Europe Baltic Sea Porto Civitavecchia Barcelona Vecchio he Grimaldi Group and Flota Suardíaz of Salerno TSpain have forged a joint venture to develop a Motorway of the sea linking Livorno North America Cagliari and Barcelona. Under the agreement, as from 1 January 2009, the newly incorporated joint Valencia venture called Grimaldi Suardíaz is to operate South Palermo America Catania the Ro/Ro-Pax vessel Florencia. This ship is Tunis currently operating the same three-times-a- Malta week service under the Grimaldi Lines flag. West Africa Built in 2004 the Florencia is capable of trans- porting up to 1,000 passengers, 2,230 linear metres of Ro/Ro cargo and 160 cars. The new Tripoli alliance aims to develop the trade further Misratah and, should market conditions improve, the joint venture would in fact deploy a second Sicilian Ties vessel on the route upgrading it to a daily frequency. Grow Stronger The Livorno/Barcelona Route is part of the so-called “Long bridge” service operating ince early November the Group since then, have seen a substantial on the trades between Spain and Portugal on has substantially strengthened growth in volumes transported. They the Western side and Greece and a large part S are served by three Ro/Ro vessels of of the Balkan region on the Eastern side. The two sets of services supporting the the Eurocargo class, each having a Long Bridge offers haulage companies a sin- development of trades to and from capacity of up to 170 trucks or trailers gle ferry ticket for the two legs by sea: from Sicily. Both the Civitavecchia/Catania Patras or Igoumenitsa to Venice or Ancona service, linking the Centre of Italy to and 400 cars. These ships are also fit- onto Minoan Lines ferries and from Civitavec- the Sicilian port, and the Genoa/Cata- ted with cabins for up to 50 drivers. chia or Livorno to Barcelona on Grimaldi Lines nia service that connects the island to Through Civitavecchia, cargo from Catania can connect to the entire or Grimaldi Suardíaz and vice versa. the North West of Italy (as well as to Europe’s Central regions), each ser- Grimaldi Network, either towards the vice has been improved by upgrad- Western Mediterranean (Barcelona, ing their frequency from two to three Toulon, Tunis), the Eastern Mediter- times a week. In both cases, this cor- ranean as well as towards Northern responds to an increase in transport Europe, West Africa, South and North capacity of one third on each route. America. Catania is also directly con- Both lines were set up in 2006 and, nected to Malta and Libya. 4 GNE WS Motorways of the Sea Network Strengthened A busy fall for the West Med Ro/Ro network. While the links Genoa / Catania and Civitavecchia / Catania were strongly upgraded in late October, since early November Cagliari entered the network. And the Grimaldi-Suardiaz Line is to operate as from 2009 East Med Middle East Cagliari is connected to Grimaldi’s world through Salerno and Valencia he deployment of two modern and The service has a three-times-a-week November, when the Eurocargo Salerno Tfast Eurocargo class Ro/Ro ships on frequency. entered the port of the Sardinian Capital the Salerno/Valencia route, has made The Cagliari call has not affected the only 14 hours after leaving Salerno. A it possible to extend the advantages of overall transit time between Salerno and couple of hours later, following the dis- the Grimaldi network to Sardinia. In fact, Valencia because the Eurocargo vessels charge of trucks, trailers and cars arriv- ing from Southern Italy and the loading as the port of Cagliari is now directly deployed on the route have a 20 knots service speed which is much faster than onboard of trucks and trailers full of Sar- connected to Salerno and Valencia, both that of the vessels previously used. The dinian goods, the ship left and arrived the transit time and the cost of shipping two ships have recently undergone a in Valencia 24 hours later. goods from Southern Italy to Sardinia transformation that resulted in a higher Either through Valencia or Salerno, and from Sardinia to the Iberian Penin- cargo capacity intake. Their new trans- Cagliari is now connected to the more sula has been halved. This new opera- port capacity is up to 170 units of trucks than 120 ports in 40 countries that are tion is expected to provide a boost to and trailers plus up to 500 cars. regularly called by ships serving the the trades and economy of the Island. The new service was inaugurated on 7 Grimaldi Group Network. GNE WS 5 Xxxxxxxxxxx Truck Drivers’ free Card takes in huge Advantages The card will be rimaldi Lines has launched an form. The form can be downloaded on the unprecedented fidelity pro- Internet link: http://www.grimaldi.napoli. sent to the driver’s Ggramme, exclusively dedicat- it/grimaldishortsea/index.htm or can be address upon ed to professional drivers. Participation found onboard any Grimaldi Lines ro/pax in the programme entitles users to up to and cruise ferry. The form should then be receipt of the 40% discount on a number of onboard sent to “Atlantica S.p.A.

Load more