Romania’s Transport Min Could Take Over Maritime Transport Co CFR Ferry-Boat

To keep control over CFR Ferry-Boat, the state must take over the stake owned by CFR Marfa before putting CFR Marfa up for privatization, according to a draft government decision drawn up by the Transport Ministry.

The share transfer is based on a protocol between the Transport Ministry and CFR Marfa and will be made within 30 days from the enforcement of the Government decision.

CFR Ferry-Boat's share capital stands at RON23,99 million, divided into 9.59 million shares with a face value of RON 2.5, entirely owned by the Transport Ministry.

CFR Ferry-Boat owns two ferry-boats, Eforie and Mangalia, built in 1991 and 1988 respectively, to ensure transportation of train cars, containers and other vehicles between Constanta and Samsun (Turkey) harbors.

CFR Ferry-Boat registered losses of RON7.32 million last year, of which RON3.37 million were reported by Mangalia ferry-boat, RON3.44 million by Eforie ferry-boat and losses of RON506,114 were registered in onshore activities.

Due to the losses registered by the two ferry-boats and the lack of transport orders, it was proposed the two commercial boats be sealed, which also entails high costs, according to the draft normative act.

CFR Ferry-Boat was founded as a subsidiary of CFR Marfa by Government decision in 2007.

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