Luxembourg-based shortsea operator CLdN has acquired Irish Sea firm Seatruck Ferries Holding from Danish handysize bulker owner Clipper Group for an undisclosed price.
CLdN said Seatruck Ferries is the leading ro-ro ferry operator on the Irish Sea, transporting close to 20% of the region’s seaborne cargo volumes and owns eight vessels, two of which are chartered out.
Clipper said the sale would allow it to devote its financial and managerial resources to strengthening its global dry cargo business.
Seatruck Ferries improved its operating profit in 2021 and earnings are expected to further improve in 2022 as the joint impacts of Covid-19 pandemic, Brexit and driver shortages are expected to accelerate growth in the unaccompanied trailer sector, CLdN said.
CLdN chief executive Florent Maes said the acquisition was in line with the company’s strategy of expanding trades and developing new routes.
“Seatruck will be a valuable addition to CLdN’s comprehensive route network and particularly adds to our presence in the UK and Irish markets,” he said.
Seatruck provides freight-only services on three routes between ports in England, Ireland, and Northern Ireland. The company was founded in 1996 with one vessel, and growth picked up after Clipper acquired it in 2002
Clipper Group chief executive Amrit Peter Kalsi said the company held a competitive process to sell Seatruck ferries after deciding it was the right time to divest the operator due to its robust performance.
“With a much stronger balance sheet, we are well positioned to proactively pursue market opportunities,” he added, in Clipper’s core dry bulk markets. It operates a fleet of 90 vessels in the handysize, supramax and ultramax sectors.
The acquisition is subject to regulatory approval from the Irish competition authorities, which is expected before year end.
After closing, the operation will continue to run under the Seatruck Ferries brand with the existing management team lead by Alistair Eagles, CLdN said.
CLdN RoRo operates more than 20 vessels on 130 sailings per week between the ports of Zeebrugge, Rotterdam, London, Killingholme, Liverpool, Dublin, Cork, Gothenburg, Esbjerg, Santander and Porto. The group also owns a fleet of 4,500 trailers and 45ft containers.
