Sea Containers finalizes British port sale
Sea Containers, the global transportation and hotels group, has finalized the $22 million sale of the English Channel port of Newhaven to a French investment group.
The group, led by the Seine Maritime General Council, plans to launch a freight ferry service between Newhaven and the French channel port of Dieppe. P&O Stena, the Anglo-Swedish ferry operator, abandoned the route more than two years ago.
A ship has already been chartered for the new service, which will operate two round trips daily and is expected to generate $9 million in revenue in its first year. It will face fierce competition from the Channel Tunnel as well as ferry lines operating on the main routes between Dover and Calais. The new owner, however, says it will break even within three years.
Sea Containers put Newhaven up for sale after it decided to exit the ports business. It has sold the Port of Heysham in northwest England to Mersey Docks and Harbour Co., owner of the Port of Liverpool, and is seeking a buyer for the English Channel port of Folkestone.
