October 29, 2020
Public Aid to Brittany Ferries Reaches EUR 258 million
- 75% of traffic lost
- Cherbourg, Saint-Malo, Roscoff and Le Havre have been closed
- Only 6 of 12 vessels in operation
- Somanor (Normandie region, financing the ships chartered to Brittany Ferries) EUR 45m
- Somabret (Bretagne region, financing the ships chartered to Brittany Ferries) EUR 40m
- (Somanor+Somabret: five-year extension of the amortization period of the ships and a support for major repairs for five years)
- Credit line EUR 117m with State guarantee of EUR 105.3m
- EUR 8.3m partial unemployment (until end of August)
- EUR 15m exemption of social contributions of seafarers (for 2021)
- Like all French shipping companies BF already enjoys the employer exemption for these social contributions. The State therefore adds a sum of EUR 44.6m for the period 2017-mid 2020.
Putting things in perspective:
- CMA CGM has secured a EUR 1.05 billion State Guaranteed Loan
- Air France has a EUR 4 billion loan.