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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

GEA UV Ballast Water Treatment

Earlier this year GEA won the first contract for equipping cruise liners with its UV ballast water treatment system, BallastMaster marineX, powered by Trojan Marinex.

EUROPA 2 Undergoes First Scheduled Docking

As part of its first scheduled docking, Hapag-Lloyd Cruises’ EUROPA 2 underwent technical maintenance at Blohm + Voss in Hamburg from April 11-24, 2015.   At the same time,

SCHOTTEL to Present Inland Offerings

SCHOTTEL will present its expertise to the U.S. inland market at the upcoming Inland Marine Expo in St Louis, June 15-17, 2015: strong push boats in Brazil, big

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.0822 sec (12 req/sec)