Charter of MS Superfast IX
A subsidiary of AS Tallink Grupp, Baltic SF IX Limited and Marine Atlantic Inc, a Canadian
company with the state participation therein, have concluded the charter agreement of
Superfast IX for five years. For the effectuation of the agreement it is required, among
other terms, the approval by the Canadian Government as the project will be partly
financed from the state budget. The vessel will be delivered to the charterers after the
summer high season, probably in October.
After the delivery of the vessel AS Tallink Grupp will continue to operate two Superfast
vessels on the Germany route, which will cover the carriage of today's volumes. Removal of
one vessel from the route deminishes the route's costs by one third and will make it
possible for the vessels which continue on the route to operate at better utilisation and
thereby to increase the profitability.
Characteristically to a long route like German one, the consumption of the fuel is high and
the increased fuel prices have affected this route more than others. In comparison to other
Tallink vessels also the personnel costs are relatively higher on the Superfast vessels. The
increase of the cargo tariffs on the route has not been sufficient to cover the increased
costbase.
The chartering of Superfast IX is more profitable than the current result of the vessel and
will increase the return on capital of the vessel individually and also of the three Superfast
vessels' all together.