Ferry And Frost Cast A Shadow On The Undersea Freight Link - Latest industry shipping news from the Handy Shipping Guide
UK – FRANCE – It has been a tough year for the shipping industry overall and this is epitomised by Eurotunnel who have had to face not only aggressive marketing by cross channel ferry services but the double debacle of the September 2008 fire, partially closing the tunnel for five months, and the Eurostar “wrong kind of snow” incidents in December and January. Despite the shipping of freight carrying vehicles being relatively unaffected by the bad weather the public perception was somewhat different. Financial losses which can be recouped by a hefty insurance claim do not always account for loss of credibility.
Eurotunnel saw its share of UK – French road freight traffic drop to around 24% of total truck movements in their financial year and now the company has expressed publicly its determination to recover the lost revenue – and then some. The company have set their sights on a rapid return to their previous market share of Anglo – French road freight, said to be not far short of 40%. There is talk of a vastly improved high speed rail network stretching throughout Europe and Eurotunnel are the only game in town as regards the UK end of such an operation.
Industry watchers will know that such ambitious schemes often vanish in the mists of economic reality. Just last month the European Union supported Euro Carex (Cargo Rail Express) project, with which Eurotunnel have been publicly linked, and designed to revolutionise express cargo by rail throughout the continent, anticipated a possible three year delay in introducing the inter modal links with French airports despite being part of the French Governments “Rail Freight of the Future” plan announced in September.
The fact remains however that Eurotunnel have lowered their interest on loan payments by a reported €62 million this year. Their reduced overall debt levels, which seemed unfeasibly high by 2007 at well over €9 billion, and now apparently stand at around €3.65 billion, are an encouraging sign that the group is on a slow track to the long awaited success which has been anticipated for a cross channel link literally for centuries.
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Title: Ferry And Frost Cast A Shadow On The Undersea Freight Link - Latest industry shipping news from the Handy Shipping Guide
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