Market: Fast Ferries

The Market: Fast Ferries


THE WORLDWIDE FERRY MARKET

Ferry London

Overview

The ferry market remains virtually tied with the airline industry in the number of passengers carried annually, roughly 2.2 billion each. The global ferry market in 2012 is estimated to be worth over $15 billion, with the major operators accounting for $14.2 billion.

Average costs can vary widely, with Washington State Ferries reporting a cost of $10.08 per passenger while the worldwide average doubles that at $20.51.

Finally, an ever-increasing number of these passengers are classified as Walk Ons – passengers traveling without vehicles. Currently, they comprise nearly 30% of the world market.

The Global Ferry Fleet

As of January 1, 2012, the fleet consisted of 1,183 vessels of various sizes and capabilities. A primary distinction in capability can be found in whether the vessel carries both passengers and vehicles as opposed to passengers only, which we designate as Walk Ons (WO):

Walk On Only Vessels

Tend to be smaller, travel shorter routes, have no beds and carry no vehicles.

Passenger/Vehicle Vessels (RoRo Vessels)

Tend to be larger, travel longer distances, often have beds and carry cars, trucks and buses.

Generally speaking, shorter faster routes are growing in demand while longer routes are in decline, especially in light of transit times being doubled.

Aging Fleets

In the United States, over 100 million passengers a year take ferries located in 38 different states, mostly commuting to work and back. In many cases, there may be no other practical way to get there. Unfortunately, twenty percent of these ferries are over 40 years old. Another five percent are over 60.

Worldwide, the age of the global fleet averages 23.6 years, with North America second only to the Persian Gulf in vessels in need of replacement (as can be seen in the right).

Beside the fear of breaking down mid route, older vessels, like older autos, need more maintenance and often require hard if not impossible to find parts, driving up operating expenses while driving down profits.

Transit Times vs Pollution>

With virtually the world’s entire ferry fleet forced to switch from low sulfur fuel to diesel due to IMO efforts to curb pollution, the choice for operators is now one of raising fares or reducing transit speeds by half. Though average operating speeds were only 11mph to begin with, most companies have chosen to reduce this by half (5.5 mph), doubling transit times for commuters and tourists alike.

The Fast Ferry Segment

Fast Ferry

With 1,762 high speed ferries in service, 1,579 of them carry walk on passengers only. Walk on vessels tend to primarily serve as shuttle services in large cities, on rivers, in coastal operations marked by less infrastructure and for sightseeing.

Unfortunately, Shippax, the world authority on the ferry and cruise market, states that it has been impossible to determine the actual volume of passenger-only shuttles, but claims, “It is fair to say that the fast ferries carry quite a significant part of the passengers volume on the shuttle services where they are used.”

The report adds,”fast ferries are first and foremost ideally suitable for passengers traveling without their cars.” It also adds that, unlike the traditional ferry, helicopter and airline businesses, high speed ferries had no lives lost in 2010.

FAST FERRY MARKET : The High Speed Fleet
TypeVesselsAgeBedsCars
Catamarans94516297,75647,613
Hyrdofoils3283044,3730
Hovercrafts30253,4490
Monohulls3001886,6507,043
SES752513,872368
Trimarans352,978595
SWATH2167770
Unknown79219,2970
Totals1,762156459,15255,619
FAST FERRY MARKET : High Speed Fuel Efficiency
ModeSpdCapMPHFuel (Hr)MPGPax mpg
Monohull I< 25kn1,00014.41520.0995
Monohull II< 25kn30018250.72216
< 25kn40014300.47187
Catamaran> 25kn400281970.1457
> 25kn300391400.2884
> 25kn300341250.2782
> 25kn199301000.3060
Hovercraft> 35kn18045900.5090
Hydrofoil> 35kn7540401.0075
Urban Bus~45mph5040104.00200
Auto~45mph2401.526.6753

Expansion

While there are several types of “high speed” ferries in the market, only the catamaran segment has been expanding, going from 700 vessels in 2000 to 945 in 2012. Total current capacity measures 213,419 passengers and 11,356 cars.

Ferry Pollution


With virtually the world’s entire ferry fleet forced to switch from low sulfur fuel to diesel due to IMO efforts to curb pollution, the dilemma for operators now is to raise fares or cut transit speeds by half.

WORLDWIDE FERRY MARKET 2010
WORLDWIDE FERRIESWALK-ON SEGMENT
Global Ports1,500Ports1,500
Passengers2,052,073,171Passengers574,580,488
Revenue15,424,836,479Revenue4,318,954,214
GLOBAL FERRY MARKET: Ferry Comparisons 2010
TypeAirlinesFerries
Pax2,518,852,6472,056,062,948
Cars0251,497,554
Trucks036,778,316
Buses0705,160
GLOBAL FERRY MARKET : By Region
RegionVesselsAge
Baltic20816
North Sea12214
Mediterranean36722
North America10530
South America1027
Persian Gulf2633
Japan11015
South East Asia20427
Pacific1620
Other1532
Total1,18323.6
GLOBAL FERRY MARKET
CompanyRevenue (USD)Employees
Acciona Transmed603,240,0001,000
Alaska Marine Highways47,700,000
ANEK Lines321,552,0001,800
Atlanticoline3,960,00062
Attica Holdings325,776,0001,100
Balearia295,680,0001,000
BC Ferries711,744,0004,500
Brittany Ferries488,268,0002,529
Calmar172,788,000366
Color Line780,648,0002,600
Comanav Ferry184,800,0001,374
Corsica Ferries331,320,0001,350
Destination Gotland176,088,000
DFDS Group2,059,860,0005,096
Eckero inc Berka310,068,0001,152
Faergen145,596,000650
Finnlines798,864,0002,041
Fjordl507,276,0002,183
Gotland Rederi AB267,300,000415
Interislander116,424,000610
Irish Continental360,756,000322
Minoan Lines255,024,000
Mols Linien88,836,000351
NEL Lines0
P&O Ferries03,426
Polferries52,800,000502
Scandlines806,520,0002,200
Spirit of Tasmania178,728,000439
Stena Line1,430,880,0005,757
Tallink1,198,560,0006,866
TT Line196,284,000639
Viking Line665,676,0003,060
Washington State Ferries320,000,000
Totals14,203,016,000
53,390
GLOBAL FERRY MARKET : # Routes By Distance
ShortMediumLongTotal
Total5832992821,164
Total GT2,982,9975,092,4185,974,20314,049,618
Avg GT5,11717,03121,18512,070
Total Pax451,716344,494324,5211,120,731
Avg Pax7751,1521,151963
Total Bedsn/a134,188179,733313,921
Avg Bedsn/a449637270
Total Cars78,66485,57097,293261,527
Avg Cars135286345225
Total Lanem172,319313,519356,584842,422
Avg Lanem2961,0491,264724
Average Age22222122
FAST FERRY MARKET : Major High Speed Operators
OperatorCarsVessels
Tirrenia1,9965
Acciona Transmediterranea1,3366
Stena Line1,1104
Istanbul Deniz Otobusteri1,0386
Balearia9726
Fred Olsen9524
Hellenic Seaways7304
Conferrys6183
Buquebus6135
Abu Dhabi Mar6063
Condor Ferries6003
FRS Iberia5975
BornholmerFAERGEN5432
FAST FERRY MARKET : High Speed By Region
 
RegionVesselsCarsPaxSpeedAge
Mediterranean7011,66053,77936.212
Persian Gulf272,10614,36834.98
Baltic181,8008,07534.99
North Sea172,98913,09637.013
South America142,22010,55837.812
South East Asia97376,38838.39
North America89893,89434.56
Pacific64183,49535.211
Japan45591,91035.611
Other22611,31139.011