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End of an era as Sea Containers quits ferry operations.
(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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