By
Rebecca Gibson |
Finnlines has sold two of its ro-pax ferries because over-capacity in the Baltic and North Sea markets has made their operation ‘unprofitable’.
The operator has sold Finnhansa to the Grimaldi Group for €30 million, while Finnlines’ subsidiary has agreed to sell Euroferry Brindisi (Finnarrow) to an external party at a market price of €32.5 million.
According to a written statement released by the company, selling the two vessels will enable Finnlines to gain an additional cumulative cash flow of €62.5 million and a rise of €3.5 million in sales revenue. The sale will also help the company to increase its equity ratio to around 40% in the fourth quarter.
“These sales do not affect the provision of maritime liner services or the service level offered to the customers,” the company said.
Finnlines has also revealed plans to negotiate for shares in Polferries, one of the major shipping companies owned by the state of Poland. Polferries has been up for sale and and off since 2008 and share negotiation procedures are expected to be re-opened by the Ministry of Treasury of Poland.
Polferries operates three ro-pax ferries in the southern Baltic Sea, sailing from Poland to Denmark and Sweden. In addition, the company organises group and individual cruises under the Polferries brand.
Finnlines is part of the Grimaldi Group, one of the world’s largest operators of ro-ro vessels and the largest operator of the Motorways of the Sea in Europe for both passengers and freight. Through this affiliation, Finnlines is able to offer services to and from various destinations in the Mediterranean, West Africa and the Atlantic coast of both North and South America.