Former Western Ferries Director Paid $5.7m

Wednesday, February 08, 2006
Ken Cadenhead, the former managing director of privately held Western Ferries, left his post last year with $5.7 million after the company bought his 22% stake, The Herald reported. The figure implies Western Ferries, which is locked in a battle with state-subsidized Caledonian-MacBrayne for the Dunoon-Gourock route, has built itself into a company worth $26 million with just one route on the Clyde. Around 10 ferry operators are awaiting tender documents, expected to be issued next month, that could spark a bidding war for the service. Western Ferries operates the rival service to CalMac and attracts the vast majority of vehicular traffic on the route, which logs more than 600,000 car journeys a year. Nonetheless, accounts obtained by The Herald, reveal that Western purchased Cadenhead's shares in a year when profits tumbled by more than 40%. Cadenhead retired last year after 32 years with Western.

(Source: The Herald)

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

MSC Magnifica Completes Drydocking at Damen Shiprepair

After a very fast and successful 17-day drydocking the cruise ship MSC Magnifica left Damen Shiprepair Rotterdam (part of Damen Shiprepair & Conversion) for

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

MSC Cruises Advance Onboard Wi-Fi System

MSC Cruises has started a fleet-wide optimization installed by Marlink to improve shipboard VSAT (Very Small Aperture Terminal) connectivity. MSC Cruises said it

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0785 sec (13 req/sec)