Silja Line attracts several potential buyers

Over twenty potential buyers were interested in buying the passenger shipping line Silja Line when its current owner, Sea Container, announced at the end of last year that it would sell the company by auction.

Silja Line's main rival, the Åland-based Viking Line is believed to be among the potential buyers.

Accorging to a story in the financial newspaper Kauppalehti on Thursday, a group of investors led by Silja Line's CEO Antti Pankakoski is also taking part in the final stages of the deal as a "dark horse".

According to the paper, Pankakoski's partners include mainly foreign investors, althuough some Finns are also involved.

Pankakoski did not wish to comment on Kauppaliehti's information. Instead, he stated that Silja Line's business has been more profitable at the beginning of the year than it was last year, if the rising price of fuel was not taken into consideration.

"The horse has improved its canter", says Pankakoski. The reorganisation of the company has been completed, and the travel service centres have been moved into the terminals in Helsinki and Turku, according to Pankakoski.

"Our cost structure is in a different position than last year", he says. Bookings for the early summer also look good according to Pankakoski.

"The number of reservations on the Helsinki line is clearly higher than last year at this time." Pankakoski does not reveal any figures, since the owner of Silja Line, Sea Containers, has not even disclosed the figures for last year's final accounts, let alone this year's interim report.

Sea Containers says that the company's auditors will warn in the final accounts to be made public later that the company would be deemed unviable.

Selling Silja Line is seen as a precondition for its survival. Sea Containers announced already last winter that the deal would be made by the end of June. Silja Line's value has been estimated at about EUR 500 million.

There are currently no special offers available.