Eurotunnel Accepts DFDS’ Offer for Ferry Duo

Eurotunnel has accepted DFDS’ offer for the sister ferries Rodin and Berlioz, Copenhagen-based shipping company DFDS said.

DFDS submitted a binding offer to Eurotunnel for the charter or purchase of two Ro-Pax ferries at the beginning of June.

The duo, 1,500-gt Rodin, built in 2001 and the 2005-built Berlioz, servicing the English Channel, was owned by MyFerryLink and was sold to Eurotunnel in 2012.

The longterm bareboat charter agreements for the two ships are effective as of 2 July 2015 based on terms and conditions agreed with Eurotunnel.

In addition, a put option agreement has been entered into that provides Eurotunnel with the right to require DFDS to purchase the ships. The put option agreement expires at the latest in mid-2017.

DFDS said that Eurotunnel can exercise the put option on terms agreed between the parties, including a price reduction equal to any charter payments made before an exercise of the put option.

In addition, the administrators of the SCOP-SeaFrance have launched a sales process of all or parts of the SCOP-SeaFrance and DFDS plans to participate in this process as well.

“Neither the bareboat charter agreements, nor the put option agreement, entail changes to DFDS’ previously announced outlook for earnings in 2015,” DFDS said in the announcement.

The UK Competition & Markets Authority (CMA) banned Eurotunnel from operating ferries from Dover.

According to CMA’s original ruling, Eurotunnel’s acquisition of SeaFrance back in June 2012 constituted a merger, and not a mere purchase of ships. CMA blocked Eurotunnel from operating the Dover-Calais ferry route for a period of ten years.

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