Africa Morocco Link (49% Stena Line, 51% Compagnie de Transport au Maroc)

[Seaview]

Rumour stena will take Africa morocco link ..

any news ?

[hhvferry]

It's a rumour that's gone around. It's hard to really believe and the operation would be out on a limb for Stena generally (until they buy Balearia anyway 😅). But imagine Stena buying back the Stena Galloway after all these years.

[juanito]

It's a rumour that's gone around. It's hard to really believe and the operation would be out on a limb for Stena generally (until they buy Balearia anyway 😅). But imagine Stena buying back the Stena Galloway after all these years.

Yes it is hard to believe, because there is another factor that we should know,  Africa morocco link is a joint venture between a Moroccan bank with 51% of shares and 49% of attica, it is considered a Moroccan company and, it is the only Moroccan one existing nowdays that operate in gibraltar strait between Tangermed/algeciras. 
Conventions between Morocco and EU stipulate that, companies operating in a giving line (from/to Morocco - EU) should be 50% foreign companies and 50% Moroccan companies... so now in Gib strait we have : Balearia, trasmediterranea, Dfds and africa morocco link, so the balance is like 75% EU companies and 25% Morocan co, the balance 50%/50% is already no respected... and if stena will take africa morocco link it going to be worse, it will be 100% EU companies 0% Morocco...  
It is difficult, possible that stena will take only the 49% shares of attica, and AML will remain Moroccan...
Any way, Aml is a company in expansion giving that they will operate also Tarifa/Tangier line. 

[hhvferry]

Yes that's a good point I'd forgotten about AML's technical ownership status. That would definitely be a bit of a stumbling block for Stena you'd have thought. Although it's very clear that all operational decisions are made in Piraeus.

I guess the Moroccan government probably regrets privatising Comanav all those years ago. Ever since then there's been a lot of instability for Moroccan-controlled ferry services.

[juanito]

Rumour stena will take Africa morocco link ..

any news ?

Barfleur, you were right, seems it is done !! :-)

[munstertillburgundy]

Rumour stena will take Africa morocco link ..

any news ?

Barfleur, you were right, seems it is done !! :-)

Can you enlighten us?

[hhvferry]

The Moroccan 51% shareholding has been sold. Nothing has happened to Attica's 49% so far. Whilst they are formally minority shareholders it is Attica who so far have essentially run the business.

[In French]Compagnie de Transport au Maroc (CTM) acquires the 51% of the capital of Africa Morocco Link held by Bank Of Africa

[PetranPireotis]

CTM is a bus(?) company in Morocco.
what is the link with Stena?

[hhvferry]

CTM is a bus(?) company in Morocco.
what is the link with Stena?

Nothing as far as I know. Stena would presumably if anything be interested in the 49% owned by Attica and operational control rather than what has been until now the majority Moroccan sleeping partner.

[VikingGlory]

Stena Line has now acquired Attica’s shares. 

https://news.cision.com/stena-line/r/st ... e,c3957288

[hhvferry]

Stena Galloway is back in the Stena fold 22 years after they sold her 😂

[VikingGlory]

Can someone explain me shortly how this exactly works? Stena Line owns 49% but will still deploy own vessels on it? Will they eventually be able to own 100% or are there legal obstacles for that? 

Is this perhaps a reaction to DFDS buying FRS?

[bmalam]

Is it absolutely sure that Stena Line will acquire ALL 49% of the shares for AML from Attica Group? I'm saying that as - for the time being - there is no such announcement here in Greece about that (on the contrary, there are plans for enlarging the company's presence in these routes).

[hhvferry]

I don't think Stena would put out a press release unless it was certain. But you're right it's strange Attica haven't done their regulatory announcement yet.

[Dimitris]

The official announcement by Attica Group has just published. Also sold the Morroco Star and Highspeed 3.

[hhvferry]

The Morocco Sun isn't named but is she still only chartered rather than owned by Attica? DETROIT WORLD LOGISTIC MTME SA are listed as registered owners but I don't know who owns that company now.

[martupls]

It's a rumour that's gone around. It's hard to really believe and the operation would be out on a limb for Stena generally (until they buy Balearia anyway 😅). But imagine Stena buying back the Stena Galloway after all these years.

Yes it is hard to believe, because there is another factor that we should know,  Africa morocco link is a joint venture between a Moroccan bank with 51% of shares and 49% of attica, it is considered a Moroccan company and, it is the only Moroccan one existing nowdays that operate in gibraltar strait between Tangermed/algeciras. 
Conventions between Morocco and EU stipulate that, companies operating in a giving line (from/to Morocco - EU) should be 50% foreign companies and 50% Moroccan companies... so now in Gib strait we have : Balearia, trasmediterranea, Dfds and africa morocco link, so the balance is like 75% EU companies and 25% Morocan co, the balance 50%/50% is already no respected... and if stena will take africa morocco link it going to be worse, it will be 100% EU companies 0% Morocco...  
It is difficult, possible that stena will take only the 49% shares of attica, and AML will remain Moroccan...
Any way, Aml is a company in expansion giving that they will operate also Tarifa/Tangier line. 

You forgot about Inter Shipping which still operates the Kaunas at Algeciras - Tanger

[ExpressOlympia]

It will be absolutely fascinating to see these two highly organised corporate northern European operators try to bring these rather chaotic Gibraltar Straits businesses into their networks. The cultural differences are huge, albeit DFDS clearly has significant experience in the Mediterranean already and Stena will have close perspective from chartering the Europe/Vinga last year. I'm sure they know what they are doing, but the overall operation is very different and efficiency is highly contingent on the authorities on either side.

I would have thought they were primarily interested in the freight market, which clearly has huge growth potential, but the facts Stena wants to open a fast craft route as well indicates they do see value here.

I wonder if, in the years ahead, we will see the likes of the Danica and Nautica operating here… With the Europe and Vinga here sooner rather than later.

[juanito]

Done !

https://news.cision.com/stena-line-ukie ... e,c3947723
 

[martupls]

So maybe in a near future we could see the Stena Europe with the AML livery (I think that they will continue using it unlike FRS and DFDS). And I guess that also they could bring a Visentini or something like that. 

[Greekferryadept]

AGREEMENT FOR THE SALE OF CORPORATE PARTICIPATION IN MOROCCO.
Transfer of the corporate participation of 49% in the share capital of Africa Morroco Links (AML) with the simultaneous sale of the Morocco ships Star and Highspeed 3.
The total price of the transaction amounts to €49 million and net profit is expected to exceed €21 million.
ATTICA SA PARTICIPATION announces that it has reached a binding agreement with Stena Line Holding BV, for the transfer of its participation in the share capital of the Moroccan company Africa Morocco Link (AML), 49% of which it owns through a subsidiary of the company.
The agreement provides for the simultaneous sale of ships Morocco Star and Highspeed 3, owned by subsidiaries of the Group and the which are connected to the service of the specific market. The total price of the transaction amounts to € 49 million, while the net profit for the Group is expected to exceed € 21 million and will be included in the financials results of the Group upon completion of the transaction.
AML was founded in 2016 by Attica Group and Bank Of Africa, one of Morocco's largest banks. AML succeeded within a short time, to establish itself as one of the dominant players in the market that is active.
The CEO of Attica Group, Mr. Panos Dikaios, said: "The agreement for the sale of the corporate participation of the Group's activity in Morocco is part of our strategic planning for the redistribution of investment funds towards the core activity of the Group in view of the continued investment towards fleet modernization and greening transition. The price of the transaction reflects its successful course investment and its contribution to the creation of value for the Group".
Completion of the transaction is subject to formation of and agreement on final contractual texts and also subject to approval by the competent authority competition of Morocco.

So, last November they bought Highspeed 3 (ex. Boraq) in Morocco and now sell it again to Morocco. The sale of their interests in AML also means that the Hellenic Highspeed will (normally) stay in the Aegean.

The Morocco Sun isn't named but is she still only chartered rather than owned by Attica?

Afaik, the Morocco Sun has no links to Attica Group. She is owned by by DETROIT WORLD LOGISTIC MTME SA (a 100% Moroccon company) and is/was chartered to AML.

[juanito]

So in near future you will see stena with 3 ropax + 1 roro in Algeciras/ Tangermed, and 1 or 2 fasts in Tangier ville/Tarifa

[martupls]

So in near future you will see stena with 3 ropax + 1 roro in Algeciras/ Tangermed, and 1 or 2 fasts in Tangier ville/Tarifa

I think this is more like a long term investment, so probably they will add the Europe and a ro-ro (Stena Gothica f.ex.) 

The other way could be to add a Visentini, or even an E-Flexer.  

[hhvferry]

Can someone explain me shortly how this exactly works? Stena Line owns 49% but will still deploy own vessels on it? Will they eventually be able to own 100% or are there legal obstacles for that? 

Is this perhaps a reaction to DFDS buying FRS?

AML was established with lots of official encouragement as an attempt to reintroduce a Moroccan operator to the market after the failure of Comarit/Comanav. It needed therefore to be majority Moroccan-owned and this opened up a lot of favourable regulatory and tax benefits, some of which have never been made public. However to put it in a bit of context the 51% Moroccan side (both before and after the recent transfer of that part) is owned by the billionaire Othman Benjelloun, one of Morocco's richest men, owner of Bank of Africa, and who is rather closely associated with King Mohammed VI.

A news article I have from the start of the business says:
"...the last point - the legal and fiscal framework - was also the subject of an agreement signed between the Moroccan banking group and the Ministry of Equipment and Transport. The details of this agreement, negotiated in confidentiality for three years, have not been leaked. But, logically, the supervisory department had to grant several advantages to Othman Benjelloun's group to revive the Moroccan flag. They had launched, in vain, several calls for expressions of interest for the operation of maritime passenger transport lines between Morocco and Europe. The bet was too risky, no operator answered the call. To rectify the situation, the department had commissioned a study with the aim of defining the maritime strategy for 2030. Taxation appeared as one of the main factors which led to the sinking of Moroccan shipowners. In its conclusions, the cabinet advocated the establishment of a new specific tax framework attractive for investments. Tax exemption of the leasing fee to allow the renewal of the fleet, reduction of tax charges (IR and VAT) with the levels of competing countries...several recommendations were made. We imagine that the supervisory department, under the leadership of Aziz Rabbah at the time, took this into account."

Clearly Stena are stepping into a very different environment than they are used to with this transaction. AML has some potentially useful institutional advantages over other operators. However, although Attica seemed to be left to their own devices to some degree, they and now Stena are also not in absolute control.

Othman Benjelloun & Mohammed VI

Mohammed VI, Othman Benjelloun, Diagoras (then under the Moroccan flag, as one ship in the fleet always is) and El. Venizelos

[martupls]

Looking at the facts we will have to wait, but it seems that this operation comes from the failure of Stena's relationship with Inter Shipping. Even so, not having control of the company seems to me to be a bad deal for Stena, but analyzing the alternatives, and taking into account that FRS had already been purchased by DFDS, the other really viable option was the purchase of the assets of Naviera Armas in the Strait of Gibraltar.