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End of an era as Sea Containers quits ferry operations.

Europe Intelligence Wire

| November 07, 2005 | COPYRIGHT 2005 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Byline: Sherwood returns to rail, writes Janet Porter

DEBT-ridden Sea Containers has finally called time on its long struggle to stay in shipping, putting its principal ferry division up for sale and closing another.

With the London-headquartered conglomerate already virtually out of port operations after a number of divestments, the restructuring will leave Sea Containers with only one main maritime-related business, container leasing.

But even that faces an uncertain future because of a legal dispute with partner General Electric that has left a question mark over their GE SeaCo joint venture.

Sea Containers, which said some time ago it wanted to sell its shares in Orient-Express Hotels, could be transformed into a train operating company after the latest disposal programme and other cost-saving and cash-raising plans announced at the weekend.

At the centre of the shake-up is the proposed sale of Silja, the Finland-based Baltic cruise ferry line that has been hit by soaring fuel costs, reduced profits from dutyfree sales and overcapacity in the Swedish markets.

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