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16 The World Outside DFDS DFDS annual report 2009 The World Outside DFDS A number of external factors impact upon DFDS, the most significant of which are political decisions, including new legislation, changes in competition and customer relationships, and the general state of the economy. Political decisions & legislation Political decisions regarding Northern Europe’s infrastructure and the shipping and transport sector have the greatest impact on DFDS. In addition, DFDS is subject to International Maritime Organisation (IMO) conventions. The IMO is the UN body responsible for maritime issues, primarily safety and the environment. The most important current issues that may affect DFDS are described in brief below. Legislation on sulphur content in bunkers: Two directives issued by the IMO and the EU regarding the use of low-sulphur bunkers for freight shipping come into force on the Baltic Sea and the North Sea in 2010. Both areas are designated as SECAs (Sulphur Emission Control Areas). One of these directives came into force in early 2010, and limits the sulphur content of bunkers to a maximum of 0.1 % while in port. The second will come into force in early July and stipulates a reduction of the sulphur content from 1.5 % to 1.0 % for shipping in the Baltic Sea and the North Sea. In the longer term, the objective is to reduce sulphur content in bunkers to 0.1 % by 2015. However, this will necessitate establishing reliable low-sulphur bunker supplies. Technology is currently being developed to reduce the sulphur content in the combustion process on board ships instead of sourcing bunkers with a sulphur content of 0.1 %. Tests are currently being conducted on board one of the ships in the DFDS fleet. Freight from road to sea: Transferring freight volumes from road to sea is an established EU objective, the aim of which is to reduce congestion and bottlenecks on the roads and reduce pollution. Measures introduced in this area include road taxes, bans on trucks at weekends or on Sundays, especially during the summer months, and driving/rest-time regulations for truck drivers. The EU’s Marco Polo programme also provides seed funding for new and commercially viable shipping projects that help to relieve bottlenecks and move freight from road to the sea. These programmes have so far mainly supported the establishment of new routes in the Mediterranean, e.g. between Italy and Spain. The tonnage market For DFDS, the most important tonnage segments are ro-ro (freight ships) and ro-pax (combined passenger and freight ships). Ro-robased passenger and freight ships are built primarily for deployment on specific routes, as opposed to standardised tonnage built for the transportation of containers and commodities such as grain. This cre- International ro-ro passenger and freight volumes Passengers FREIGHT UNITS* 2007 2008 2009 ∆ 09/08 2007 2008 2009 ∆ 09/08 Baltic North 16.494.969 17.111.738 17.320.105 1,2 % 602.825 621.982 499.650 -19,7% Baltic South 12.786.379 12.409.269 11.622.530 -6,3% 1.890.247 1.857.858 1.575.585 -15,2% Kattegat 20.528.892 20.221.329 18.211.664 -9,9% 1.011.332 953.023 807.446 -15,3% North Sea 2.358.020 2.230.505 2.102.967 -5,7% 1.206.280 1.150.803 979.927 -14,8% The Channel 17.683.404 17.319.652 16.284.713 -6,0% 2.721.209 2.630.732 2.597.575 -1,3% Irish Sea 5.640.267 5.264.525 4.916.554 -6,6% 1.296.446 1.278.271 1.184.784 -7,3% Total routes 75.491.931 74.557.018 70.458.533 -5,5% 8.728.339 8.492.669 7.644.967 -10,0% International bridge and tunnel volumes Øresund Bridge 14.806.000 14.977.000 15.343.000 1,2 % 338.426 341.106 298.071 -12,6% Eurotunnel 9.343.049 8.313.663 7.712.908 -11,0% 1.414.709 1.254.282 769.261 -38,7% Total bridge and tunnel 24.149.049 23.290.663 23.055.908 -3,6 % 1.753.135 1.595.388 1.067.332 -33,1 % Source: Shippax, own figures. Statistics are incomplete as some shipping companies are not included in the figures. * A freight unit corresponds to approximately 13 lanemeter.
DFDS annual report 2009 The World Outside DFDS 17 ates a relatively stable market for ro-ro-based passenger and freight ships – the global order book at the end of 2009 was approximately 15 % of the global fleet. The corresponding proportion for standardised tonnage in recent years has been around 40 %. In 2009, the number of new orders for ro-ro-based passenger and freight ships was limited, and the number of ships sent for scrapping increased. This trend is expected to continue in 2010, and the demand for ro-ro tonnage is predicted to increase from 2012. REVENUE 2008: 10 LARGEST NORTH EUROPEAN PASSENGER AND FREIGHT SHIPPING COMPANIES (EUR BILLION) 1,6 1,4 1,2 1,0 Impact from economic cycle In 2009, Northern Europe was characterised by negative economic growth, which led to reductions in product demand and therefore the flow of goods. For shipping, the most significant reductions were in freight volume, while passenger volumes were less affected. Lower volumes have created overcapacity in most Northern European shipping companies, who have responded by selling and chartering out excess tonnage and laying up ships. In addition, tonnage has been redeployed, routes have been closed or combined, and costs have been reduced through organisational changes. Overcapacity has contributed to increased price pressure in the market. In general, freight and passenger shipping is characterised by a high proportion of fixed costs, e.g. associated with the cost of capital, port fees and bunker, which means that the steep and rapid decline in the market had a negative impact on financial performance. Conversely, the business models operated by shipping companies imply a high proportion of any increase in revenue from higher volumes and prices is converted to operating profit. 0,8 0,6 0,4 0,2 0,0 ICG (I) VIKING LINE (SF) COLOR LINE (NO) NORFOLKLINE (NL/DK) SCANDLINES (D) FINNLINES (SF) TALLINK (EE) STENA LINE (S) DFDS (DK) P&O FERRIES (2007, UK) The market situation and competition Growth in the Northern European passenger market was negative 6 % in 2009 due to fewer passengers in all regions – except the northern part of the Baltic Sea, where the number of passengers rose by 1 %. In the southern Baltic, volumes were reduced most between Germany, Sweden and Denmark, while the decline was more limited in the Polish and Baltic markets. There was a decrease of 10 % in the Kattegat, partly because of restructuring of routes between Norway and Denmark. Adjusted for this, the market was stable compared to 2008, while the market between Sweden and Denmark experienced a decline. The decline of 6 % in the English Channel can primarily be attributed to the closure of a fast-ferry route in 2008 and interruptions to the SeaFrance service in 2009. The total decline in Northern European freight volumes, to which all regions contributed, was around 10 % in 2009. In the southern Baltic Sea, the greatest decline was on the market between Germany, Sweden and Denmark. On the North Sea, the decline in volume between Scandinavia and Great Britain, as well as between the Continent and Great Britain, accounted for a setback of 15 %. The relatively low decline in the English Channel was partly due to interruptions to Eurotunnel’s services. Measured in terms of revenue, DFDS was the second-largest passenger and freight shipping company in Northern Europe in 2009.
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