Napoloean Bonaparte sold to SNAV

It appears that Italian ferry operator SNAV have agreed to purchase SNCM’s Napoloean Bonaparte.  The luxury ferry often compared more to a cruise ship due to her striking exterior was holed below the waterline during a storm in October 2012 after she broke her moorings.  Due to the extent of the damage caused to her engines and electrical installations it had been thought that the ship would not be destined for scrap, but SNAV have agreed to purchase her for a knockdown €7m subject to approval from their board (MSC).  It had previously been reported that the ships insurers had settled with SNCM for €60m, meaning the company has gained €67m from the accident and subsequent sale.  SNCM is known to be heavily in debt and has been ordered by the EU to pay back state aid it has previously received, however the money paid by the insurers cannot be … Read more