From Charters to Ownership

The five E-Flexers are currently chartered from Stena RoRo, with purchase options attached. Declaring those options will require substantial investment. “We’re working on it,” said Mathieu. “In the coming months, we’ll finalise our plans to finance the purchase of two, followed later by the remaining three. But ETS (Emissions Trading System) adds pressure on profitability — not just for us, but for everyone.”

Passing ETS costs to passengers isn’t straightforward. “You can explain that it’s an additional cost, but in the end, what matters to the traveller is the total price,” he said. “Our main competitor on Channel routes, Eurotunnel, is not subject to ETS, yet it holds over 50% of the cross-Channel passenger market. They don’t need to raise prices as we do.”

Partnerships, Not Subsidies

Mathieu also took the opportunity to clarify the company’s much-debated relationship with French regional authorities. “People sometimes believe that we are subsidised, but that’s not the case,” he said. “We have long-standing partnerships with the Regions of Brittany and Normandy, which are shareholders in public–private joint ventures — sociétés d’économie mixte. These entities own certain vessels or port-related assets, and they provide loan guarantees that help us secure financing with banks. But Brittany Ferries, as the operator, pays rent for the ships. There are no operating subsidies.”

During the pandemic, Brittany Ferries, like many other companies, benefited from the French state’s Prêt Garanti par l’État (PGE) — a state-backed loan scheme designed to support viable businesses. “The French government guaranteed the loans issued by the banks,” said Mathieu. “At the same time, the Regions of Brittany and Normandy each provided temporary financial support — €30 million and €35 million respectively — also in the form of repayable loans. That exceptional funding allowed us to survive during an unprecedented collapse in traffic. Since then, we have repaid both regional loans, and we’ve already reimbursed half of the PGE.”

He added: “Without that support, we simply wouldn’t be here today and this was approved by the EU Commission”.

On the Dieppe–Newhaven Case

Another topic that has drawn attention is Brittany Ferries’ complaint to the European Commission about the Dieppe–Newhaven ferry service operated by DFDS under contract with the French state. Some have perceived the move as directed against a competitor, but Mathieu rejected that interpretation. “It’s not about DFDS,” he said. “The issue is that this route receives around €25 million a year in public subsidies, which leads to artificially low fares and distorts competition. For us, in 2025 faced with decarbonisation challenge, it’s a matter of principle — ensuring a level playing field for all operators.”

He added that Brittany Ferries’ position is not confrontational but based on fairness. “When 40% of a service’s operating costs are covered by subsidies, that’s not sustainable market competition. We’ve invested heavily in decarbonisation and efficiency, and we operate without direct aid. We just want the same rules for everyone.”

The case is now under review by the European Commission, and Brittany Ferries is awaiting its decision.