Ferry News Archive
Ownership deadlock has not affected Scandlines
Date: 07 Jun 2007 00:00 Source: Lloyds ListScandlines appears to have been adopting a lower public profile over the course of the past few weeks.
Even normally well-informed sources, usually quoted anonymously in yet another story about the Baltic ferry operator, appear not to have any idea what is going to happen to the ownership structure of the company. Negotiations have been in deadlock for months.
But at least the actual business seems unaffected by the quarrels. Last year Scandlines reported its highest profit yet.
Its present owners — state-owned German railway operator Deutsche Bahn and the Danish transport ministry — have been discussing a sale of the operator for years. But, as they had problems getting along as shareholders, they now have problems agreeing on the right buyer.
Two bidders have emerged as frontrunners — a consortium of Deutsche Seereederei and Allianz Capital partners, preferred by the German side, and finance investor 3i as the Danes' favourite.
Latest reports suggested that financing companies Allianz Capital Partners and 3i are to have 40% each while shipping company Deutsche Seereederei should buy the remaining 20% at a combined price of about €1.5bn ($1.94bn). But a decision has not been taken yet.
It is also delayed by the fact that the sale has been linked with the decision about a possible bridge across the Fehrmarnbelt.
The bridge has been subject to many political discussions between Germany and Denmark in past months and is highly sensitive. Not even the German federal government and coastal states have a uniform opinion on the project’s viability.
The construction of a bridge would also have direct effects on Scandlines’ business on the important service between Puttgarden and Rodby and so affect the company's value and purchase price.
Not only is the workforce disappointed about the repeated delays and uncertainty over Scandlines’ future, but so too is the management, it emerged when chief executive Peter Gronlund resigned earlier this year. Meanwhile, divisional director John Steen-Mikkelsen has taken the helm.
One criticism of Scandlines in the quarrel is the negative effect on large-scale investments. Necessary fleet renewals and additional tonnage cannot be initiated as long as ownership is not clear.
This does not yet show in the figures. Last year Scandlines generated after-tax profits of €103.1m on turnover of €546.9m. That was 47% more than a year before and a record in the company’s history. Developments in the cargo business were favourable, the company said..
Sale of its stake in Mols Line last year contributed about €11m to profits. Of further benefit was the better integration of Scandlines’ services into international transport chains, the company said.
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.