STENA SELL SHARE OF SEAFRANCE VESSELS

Stena Line AB has signed an agreement with SeaFrance concerning the sale of Stena Line’s 49% shareholding in Société Propriétaire des Navires (SPN), at a price of FFR 165 million. SPN owns two vessels, SEAFRANCE CEZANNE and SEAFRANCE RENOIR, which SeaFrance operates on the Dover – Calais route. Stena Line has said that the deal is being carried out with the aim of strengthening Stena Line’s liquidity in connection with the acquisition of Scandlines AB and means a capital loss of SEK 71 million.

SPN was formed in 1990 to take over ownership of the vessels of SNCF Armement Naval (which was a wholly owned division of SNCF) when the operation of those services was taken over by SNAT. SNAT (Société Armement Transmanche) became SeaFrance SA following the ending of joint operation of services with Stena Line in 1995. SeaFrance SA is a French state owned company owned by Société Nationale des Chemins de fer Français (French Railways) and Compagnie Générale Maritime Français (French National Shipping Company). SeaFrance management who have long wanted full ownership of their fleet will welcome the deal.

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