Poland halts Polferries privatization

The Ministry of the State Treasury has abruptly ended the process of selling-off state-owned ferry operator Polska Żegluga Bałtycka (PŻB), IHS Maritime 360 web portal announced.

The ministry said in a brief announcement that "it has decided to withdraw from negotiations initiated pursuant to those published on October 29, concerning the acquisition of 91.64 percent of shares of  Polska Żegluga Bałtycka SS (Polish Baltic Shipping, also known as Polferries)."

The decision "was taken on the basis of Polish law by the Council of Ministers under which the ministry has the right to withdraw from the negotiations without giving reasons," it continued.

According to ihsmaritime360.com, the closing paragraph of the statement suggests that the state will continue ownership and development.

State-owned PŻB was set up in 1976. The company runs ferries across the Baltic Sea linking Poland with Scandinavia under the name Polferries. PŻB's income amounted to PLN 227 million and its net profit totaled PLN 6.02 million in 2013, according to the State Treasury.