Baja Ferries Hopes to Buy SNCM

Posted by Eric Haun
Tuesday, June 17, 2014
Image courtesy of SNCM

Mexican ferry company Baja Ferries said on Tuesday it hopes to close a deal to buy troubled French ferry operator SNCM before November or December.

SNCM (Societé Nationale Corse-Méditerranée), which runs routes from cities on France's Mediterranean coast to Corsica and northern Africa, has accrued losses of about 250 million euros ($340.38 million) from 2001 to 2013.

In May, Baja said it was in talks with French transport firm Transdev about buying its 66 percent stake in SNCM.

Oscar Ruano, director of Baja Ferries, told Reuters the company would concentrate on routes between Marseille, Corsica and north Africa, but could also expand to more ports in northern Africa, such as in Morocco.

"We're hoping to (close the acquisition) toward the end of the year," he said, adding that Baja Ferries would try to lower SNCM's labor costs.

Ruano did not give details about how the company will finance the purchase. He also did not disclose the size of the deal, but said for Baja Ferries, which has annual revenue of some $160 million, SNCM's business would represent $225 million in sales each year.

Baja Ferries is part of Paris-based Unishipping, a privately owned shipping group, and operates a Puerto Rico-Dominican Republic ferry, routes in Mexico's Sea of Cortez and in the Caribbean.

Transdev is a unit of environmental services group Veolia and is jointly held with state-owned Caisse des depots (CDC).

($1 = 0.7345 Euros)

(Reporting by Tomas Sarmiento; Editing by Dan Grebler)

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

People & Company News

Long Beach Port to Boost Power, Speed Clearance

Port of Long Beach Chief Executive Jon Slangerup on Thursday unveiled ambitious plans for congestion-beating smart systems for cargo movement and an all-out

31 ARENA Projects Completed

ARENA has invested $1 billion in more than 230 projects, fellowships and scholarships that are paving the way for a more diverse energy future for Australia.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

News

Imabari to Construct Newbuilding Dry Dock

In order to accommodate construction of Ultra-Large newbuilding vessels including recently secured 20,000TEU Mega container ships (about 400m in length and about 59m breadth),

Long Beach Port to Boost Power, Speed Clearance

Port of Long Beach Chief Executive Jon Slangerup on Thursday unveiled ambitious plans for congestion-beating smart systems for cargo movement and an all-out

31 ARENA Projects Completed

ARENA has invested $1 billion in more than 230 projects, fellowships and scholarships that are paving the way for a more diverse energy future for Australia.

Ferries

Maintenance Woes Led to Digby Ferry Grounding

Maintenance deficiencies and inadequate emergency procedures led to November 2013 grounding of Princess of Acadia in Digby, Nova Scotia    Maintenance deficiencies

Wärtsilä to Power LNG-fueled RoPax Ferry

A ferry being built for Sweden’s Rederi AB Gotland will be fueled by LNG, featuring a Wärtsilä integrated solution which includes a complete LNG powered propulsion- and fuel storage and supply system,

Shepler’s New Ferry Takes Shape

Sparks are flying on the bulkhead and engine room of the $3.8 million, 85-foot Miss Margy, the newest addition to the Shepler’s Mackinac Island Ferry fleet, at Moran Iron Works.

Mergers & Acquisitions

Imabari to Construct Newbuilding Dry Dock

In order to accommodate construction of Ultra-Large newbuilding vessels including recently secured 20,000TEU Mega container ships (about 400m in length and about 59m breadth),

China Watching Greece After Port Sale Shelved

China is closely monitoring the policies of the new Greek government after Athens said this week it will stop the sale of a majority stake in Greece's biggest port,

Mitsui Orders 2 LNG Carriers from MHI

Mitsubishi Heavy Industries, Ltd. (MHI) reports it has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd., scheduled

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
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: 0.1388 sec (7 req/sec)