Eurotunnel Looks to Reintroduce Freight Service
Eurotunnel is set to reintroduce its freight service imminently, in an effort to turn around a volume slump. The firm, which, owing to the twin factors of increased traffic on shuttles, and higher levels of passengers travelling on Eurostar, yesterday announced a significant leap in revenues for January-June 07, has been involved in discussions with its industry partners. These include France's SNCF Train firm, in addition to the British company EWS, and the governments of both nations.
While, in respect of the volume of trucks transported inside the tunnel via shuttles, an increase of nine per cent was noted in the initial half of 2007, the actual amount of freight on these trucks was down by 14 per cent. Resting, after this slump, at 680,000 tonnes, this figure represented a sharp deficit in comparison to original forecasts. The nine per cent increase for the trucks themselves equates to 707,422 individual vehicles; 2006's comparable figure was 649,596.
Regarding the revised service to come, a spokesman from Eurotunnel stated: "It is just the last bits and pieces at French ministerial level which need to be finished off. We hope to be announcing something positive in the short term."
Further comment was provided, in a statement, by Eurotunnel's Chairman and Chief Executive, Jacques Gounon. Mr Gounon stated: "Having succeeded in restructuring its finances, Eurotunnel has now completed its return to the cross-Channel market with significant growth in its main traffic. It is clearly market leader."
The Eurotunnel Group was created in 1986, in order to manage the running of the Anglo-French channel tunnel. In recent times, the firm has struggled with mounting levels of debt. However, in May this year, favourable shareholder vote led to the formation of a new company; Groupe Eurotunnel - with finance provided by an assembly of banks, including Deutsche Bank, Citigroup and Goldman Sachs.
Source - Freight International Newsdesk
