Ferry News Archive
Question marks still hang over the future of troubled SNCM
Date: 09 Oct 2006 00:00 Source: Lloyds ListQuestion marks still hang over the future of troubled ferry operator
SNCM.
SNCM has now been partially privatised with Butler Capital Partners
holding 38% of the company, Veolia Transport 28%, and SNCM employees 9%.
However, the state, through Compagnie Générale Maritime et Financière
(CGMF), still has a 25% holding, and the EC has decided to extend its
investigation into "subsidies" granted to SNCM under the plan and determine
if they are compatible with European rules on state aid. The subsidies had
been granted prior to the partial sell-off.
A spokesman for the EC says it will have to decide "whether or not
CGMF and the French state could be considered to have acted as well-informed investors in respect of those measures".
The EC also doubts "whether financial assistance was kept to the
absolute minimum required for restructuring SNCM, whether SNCM contributed enough of its own resources to the restructuring process, and whether the restructuring plan can actually secure the long-term viability of SNCM".
Switching allegiances As if this was not enough, August saw SNCM's long time partner Compagnie Méridionale de Navigation (CMN) quit to join forces with rival Corsica Ferries, thus sparking another row.
The new pairing is bidding for the renewed concession on subsidised
services between the French mainland and Corsica, and represents a setback
for SNCM's prospects.
CMN and Corsica Ferries indicated they had not made a joint bid but had co-ordinated their separate bids for the concession, which is due to come into force at the start of next year.
CMN, which shares the existing five-year concession with SNCM, confirmed it would not be bidding with its traditional partner, apparently in the belief that the new owners of SNCM were intent on taking over CMN rather than continuing to co-operate with it.
SNCM has accused its former partner's majority shareholder, Stef-TFE,
of breaching a shareholder pact between them and the matter has now gone to court. In the absence of a renewal of its partnership with CMN, SNCM has said it intends to bid for the concession alone, although it is thought unlikely that it can win it without CMN's three ro-pax vessels.
The service concession itself is not without controversy.
Francis Lemor, the boss of StefTFE, says SNCM would have to give up
its 45% stake in CMN in order not to breach European competition rules
More Ferry News from directferries.co.uk
Date: 18 May 2012 Source: Brittany Ferries
Travel to France this Summer with Brittany Ferries by car with an additional passenger from just £175 return or from £87.50 return if you travel by motorbike (rider and pillion).
Date: 14 May 2012 Source: Grandi Navi Veloci
Italian ferry giant Grandi Navi Veloci have opened 2 new services connecting France with Morocco.
Date: 08 May 2012 Source: Brittany Ferries
Spend up to 2 days in France from just £99 return when you travel with Brittany Ferries by car and take an additional passenger or from £49.50 if you travel by motorbike (rider and pillion).
Date: 05 May 2012 Source: Corsica Sardinia Ferries
If you're planning on travelling to Corsica, Sardinia or Elba this Summer with Corsica Sardinia Ferries then take a look at our new ship guides and find out what it's like onboard before you travel!
Date: 01 May 2012 Source: DFDS Seaways
Take your car by ferry to France with DFDS Seaways from Dover to Dunkirk or Calais from just £19 return.
Date: 01 May 2012 Source: P&O Ferries
Spend up to 5 days abroad and pay just £49 return when you travel from Dover to Calais with P&O Ferries.
Date: 30 April 2012 Source: Toremar
Italian ferry operator Toremar is now available to be booked online across the direct ferries network.
Date: 25 April 2012 Source: P&O Irish Sea
Take your car on the ferry between Scotland and Northern Ireland with P&O Ferries and take a second passenger for FREE – a saving of up to £50 on a return crossing!
Date: 18 April 2012 Source: Stena Line
Take your car on any ferry to Northern Ireland or Ireland with Stena Line and take a second passenger for FREE – a saving of up to £50 on a return crossing!
Date: 16 April 2012 Source: Irish Ferries
You can now save up to 30% when you take the ferry to Ireland between Monday and Thursday in April and May with Irish Ferries.