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Author: Subject: New business plan for Finnjet
yamsi
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[*] posted on 28-8-2007 at 14:47
New business plan for Finnjet


There´s probably no future for Finnjet as a carferry. Finnjet is not competive anymore. It can probably be profitable as a carferry during hollyday season, but out of hollyday season business / ligistic clients wants and needs speed with low prises and that´s impossible with Finnjet.

Therefor probably the only way to ensure that finnjet will sail again would be that someone converts Finnjet into a cruiseship. The problem is to come up with a "niche / business plan which makes her unic again.

So does anyone have any ideas ? Good ideas brings the risk investors along.

* My base plan includes 46 anual cruises and 2 transit cruises from May to September at baltic sea. October -April Finnjet would sail in meditareneal sea and coast of west Africa (Dakar, kap verde,Canary isl. ext. 6- 7 day cruises. Average ticket prise per person would be with averahe 675 guest 530 euros and 750 guest 475 euros. breakfast dinner included without beverages .

Prises is based on following business and ship operating budget.

anual operating budget 16 400 000 euros which distributes in percentages as below.

29.6% crew costs
23.5 %fuel costs /average cruising speed 17 knots
10.5% Food and housekeeping
5 % Management saleries,sales office expenses, admin costs
8.5 % Marketing
1.3 % vessel insurence
2.3 % maintendence and repair
4.3 % purchased services and general cruise ship misc.costs
1.5 % travel agent and creditcard payment commissions / fees
0.6% Recruiting,training.uniforms ,laudry, crew medicare
0.2 % bank services and IT services
12.6 % total capital expenses including amortizations

As a summary : commany and ship operating expenses without fuel costs 34 384 e / day
with fuel costs 44 932 e / day
In this plan the coverage is made by in sales income of beverage and other charges services on board the ship.

And here´s one calculation made by curriousity considerind lond range cruises with one turbine.

16 day cruise from Las palmas (canary Island) to Manaus (Brazil ,Amazonas) and back with 24 knots speed and 3.5 days at the port of Manaus

700 guest --prise for break even result 1872 euros
800 guests--prise for breal even result 1638 euros
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Name: Kalle Id

[*] posted on 29-8-2007 at 17:39


In order to make Finnjet a profitable cruise ship she would need a major overhaul. Most imporantly the gas turbined would have to be replaced with diesels to cut down fuel costs. Additionally she would need at least one outdoor pool (this could probably be relatively easily added to the rear sundeck). Additional public spaces could be built in the cardeck (a two deck high showlounge for instance): New crew cabins could also be built in the cardeck, freeing the windows with cabins on decks 2, 3, 7 and 8 for passengers. Passenger cabins should also be enlarged and more larger cabins added to create premium cabins that can be sold for more profits.

A 24-knot cruise is probably not a profitable idea, it would be better to either do a cruise like that at slower speeds or just scrap the transatlantic cruise altogether.

In general Finnjet as a cruise ship should probably be marketed mostly to Germans and secondarily to Finns, as the ship is by far the most famous in those countries and her cruises could at least partially be sold based on her reputation as a cruiseferry.




Finnjet fan in the third generation and the author of Illustrated Carparks of Finland.
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yamsi
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[*] posted on 29-8-2007 at 22:34


Yes Pilot K You are right about the need of an sundeck with a pool and showcase auritorium and some cabin upgrades.
The Idea of new engines are a bit difficult considering general maritime finance principles. The operating costs ratio between capital.labour and fuel costs considering an old vessel would with new engine investments become unatractive for financers due to higher capital risk, becous the engine investments doesn´t keep their value and they might also last longer that the ship it self. The capital costs percentage of a cruiseline should not be of an old cruise vessel more than 15-20 % ,ofcouse it also depends of the age of the ship and type of operations.
Othersvise investments into a ships public/guest areas and infrastructure keep their value well. A well kept old cruise ship almost keeps her market value years after years ,and there´s not a real second hand markets for old used marine engines so therefor new engine investment to old ship are very rare. Yes marine diesels can be rebuild and moderniced but not gas turbin engines.
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[*] posted on 30-8-2007 at 16:24


The problem is that as things stand, Finnjet is unattractive to investors anyway because of the high price kerosene needed to operate the turbines (and, if I have understood correctly, although the ship has additional diesel engines, she cannot be operated entirely without using the turbines - Mathias or Salomon can explain this better). While re-engining the ship would be expensive, it would probably still be cheaper than running the ship with the current engines.



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[*] posted on 30-8-2007 at 23:48


Finnjet's current diesels have very low power compared to other ships, which already itself creates problems in maneuvering. Bow and stern thrusters also need additional electric power which is partially created by the shaft generators of the propellers, in addition reducing the final shaft power.
So in maneuvering you would anyway need to have more power than the diesels offer to be able to use steering thrusters and reasonable power in the main propellers.

Also converting the turbine engine room to something that could accomodate normally used 4 medium-speed diesel engines can be very tricky. Of course if the whole cardeck is also rebuilt in the same time, it's easier and cheaper when you can include it to the plans. Still that would make lots of additional costs to the price of new engines. And you most probably also need to buy new gearboxes and automation systems.

Anyway in the pure cruise market especially with some premium product, the income per nautical mile travelled is something completely different compared to regular ferry service (although cargo transportation can turn it round again, but not really on Finnjet lately). There are many cruise ships operating with gas turbines. So price of fuel might not be so problematic, although of course an important thing to consider still.




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yamsi
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[*] posted on 31-8-2007 at 19:56
Question for Salomon


Did you mean that if Finnjet with existing engines would cruise at 17-18 knots it would still have to use at least one of the turbines as additional power source ? If that´s the case, how much does the turbine need fuel for that "job"

My calculations is based on a investigation / report (2003-2004) made to the Finnish Ministery of Finance, which was done to estimate Finnish flag carferries possible need of winter season additional goverment aid to avoid finnish labour reduction at ships.

Finnjet fuel cots as operating cruise ship with average cruising speed of 17-18 knots looks like this.

average day fuel consumption 36 t X 365 days = 13140 t
distribution of fuel 89 % IFO 380 11 % MDO fuel
= 11666 t x IFO380 anual average price 250 e = 2916 000 e
= 1474 t x MDO ---- ´´ ---- 430 e = 634 000 e
+ "lube oils" costs = 310 000 e
------------------
Total anual fuel costs = 3860 000 e
generated from 254 days at sea and 111 days at port.
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[*] posted on 31-8-2007 at 20:12


I have to point out that many of the gas turbine-powered cruise ships have been converted to diesel power in the recent years in order to cut costs. Also, as much as it grieves me to say this, operating a new, large cruise ship like RCCL's Radiance class or the QM2 with expensive fuel is quite a different matter from operating a 30-year old former ferry.



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[*] posted on 2-9-2007 at 16:13


Finnjet's max speed for diesels in test drive conditions is 18 knots, anyway the true cruise speed should be around 16-17 knots. Especially with high seas turbines would be needed to keep up the speed and for better manouverability. Probably with a 16 knots cruise speed Finnjet should be able to keep the timetable with diesels only, and turbines would be needed only for manouvering in harbours and in adverse weather conditions. Those calculations looks realistic for that kind of slower cruising.

Another problem then is the condition of the 25 years old diesels. They were anyway a prototype-model of newer Wärtsilä engines and have had lots of problems and constant need for servicing. I'm not sure how long they can anymore take a constant use near the upper end of the power curve. Maybe replacing them with similar but newer, more fuel economical and even slightly more powerful ones could be a good solution, and definately cheap compared to replacing the turbines.




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[*] posted on 3-9-2007 at 16:32


Yes new angines are needed.I´ve mixed the instalation years between diesel engines and the new stern thrusters. The old diesels would not last problem free for next 10-11 years.
That´s too bad, some Urainian and Russian ship yards could convert Finnjet into a ****-- star cruise ship suprisingly low price.

But anyway it makes me wonder how much new engines would cost. Engines powerfull enough to ensure 18-19 knot cruising speed by using about 85 % of the new engines maximum power.
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