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MOBY LINES - 2Q16 RESULTS
Moby Lines, the Italian ferry operator, has reported another set of weak results in 2Q16. Those came after an already poor first reporting following the company’s primary issuance on the market. Since the primary issuance roadshow, the credit story has been fueled with question marks mostly related the pending European Commission investigations. The recent weaker performance now adds to the list of concerns going forward.
MOBY LINES - PRIMARY MARKET SNAPSHOT
​Moby Lines, founded in 1985 by current owner Vincenzo Onorato, is an Italian passenger and Roll on/Roll off (RoRo) freight ferry operator. It connects mainland Italy to the islands on the Italian coast mainly with a greater focus on the Sardinian market. Tirrenia-CIN, already 40% owned by Moby, has the same business model, providing passenger and RoRo transportation services, also operating mainly in Sardinia. As a state owned company, Tirrenia’s weight of public utility routes has been his...
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