ShippingWatch

Nordea: Worst possible outcome of Channel case for DFDS

The British Competition Appeal Tribunal's decision to remit the case concerning the right to operate on the English Channel marks a loss for DFDS, and was perhaps the worst possible outcome for the carrier, says Nordea.

DFDS' shares decreased significantly on Wednesday when the British Competition Appeal Tribunal decided to remit the verdict stating that My Ferry Link - owned by Eurotunnel - had to withdraw from operating on the English Channel, sending the case back to the British Competition Commission for a second review. The decision represents the worst possible outcome for DFDS, says Nordea, though the bank still sees an attractive long-term potential in the shipping company' share.

The Appeal Tribunal found that there were doubts about whether it was actually within the Competition Commission's jurisdiction to handle the case, and thus the entire case has been sent back to square one. DFDS is losing large sums of money sailing on the Channel due to massive overcapacity.

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