by Graham Tutthill

Transport company DFDS has bought cross-Channel ferry operator Norfolkline from AP Moller-Mærsk for 346 million euro (£307 million).

DFDS said this would create Northern Europe’s leading sea-based transport network by combining two leading and complementary shipping companies.

"This is a perfect match," said DFDS’ chief executive officer Niels Smedegaard.

"Norfolkline is a leading ferry and logistics company with a strong route network covering the North Sea, the Channel and the Irish Sea, combined with a considerable logistics operation.

"This means, that DFDS’ network is expanded to include two new markets, the Channel and the Irish Sea, we can combine our operations on the North Sea, and our ability to secure volumes for the network is greatly strengthened.

"We both serve passengers and freight customers and can now provide transport solutions spanning the whole of Northern Europe - from Russia to Ireland.

"Through this acquisition we gain scale and come closer to our vision of building a European sea based transport network."

Mr Smedegaard said he expected the acquisition of Norfolkline would improve the company’s earnings once the market recovers.

Norfolkline operates a total of 18 vessels, of which it owns 10.