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Sea Containers

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</style><div role="note" class="hatnote navigation-not-searchable">For shipping containers, see <a href="Containerization" title="Containerization">containerization</a>.</div>

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</style><table class="infobox ib-company vcard"><caption class="infobox-title fn org" style="font-size: 125%;">Sea Containers Ltd.</caption><tbody><tr><td colspan="2" class="infobox-image ib-company-logo logo"></td></tr><tr><th scope="row" class="infobox-label">Industry</th><td class="infobox-data category">Passenger transport Leisure <a href="Intermodal_container" title="Intermodal container">Marine container</a> <a href="Leasing" class="mw-redirect" title="Leasing">leasing</a></td></tr><tr><th scope="row" class="infobox-label">Founded</th><td class="infobox-data">1965</td></tr><tr><th scope="row" class="infobox-label">Defunct</th><td class="infobox-data">2009</td></tr><tr><th scope="row" class="infobox-label">Fate</th><td class="infobox-data"><a href="Liquidation" title="Liquidation">liquidated</a></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data adr"><div class="ib-company-locality locality"><a href="Hamilton%2C_Bermuda" title="Hamilton, Bermuda">Hamilton, Bermuda</a> <a href="London" title="London">London</a>, England</div></td></tr><tr><th scope="row" class="infobox-label"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Key people</div></th><td class="infobox-data agent"><a href="Bob_Mackenzie_(businessman)" title="Bob Mackenzie (businessman)">Bob Mackenzie</a> (<a href="Chief_executive_officer" title="Chief executive officer">CEO</a> & <a href="President_(corporate_title)" title="President (corporate title)">President</a>) <a href="James_Sherwood" title="James Sherwood">James Sherwood</a> (Founder)</td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20071005120704/http://www.seacontainers.com:80/">www.seacontainers.com</a></td></tr></tbody></table>

Sea Containers was a <a href="Bermuda" title="Bermuda">Bermudan</a> registered company which operated two primary business areas: transport and <a href="Shipping_container" title="Shipping container">container</a> leasing.

It was founded in 1965 by <a href="James_Sherwood" title="James Sherwood">James Sherwood</a> and was initially focused on the leasing of <a href="Cargo_containers" class="mw-redirect" title="Cargo containers">cargo containers</a>. During 1974, Sea Containers was <a href="Initial_public_offering" title="Initial public offering">floated</a> on the <a href="New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a>. Over the next three decades, the company branched into various other markets, leading to the creation of the <a href="Belmond_(company)" class="mw-redirect" title="Belmond (company)">Orient-Express Hotels</a> chain, <a href="Hovercraft" title="Hovercraft">hovercraft</a>, and the <a href="Venice-Simplon_Orient_Express" class="mw-redirect" title="Venice-Simplon Orient Express">Venice-Simplon Orient Express</a> train service. In May 1989, the British-based transport company <a href="Tiphook" title="Tiphook">Tiphook</a> launched a $824 million bid to take over Sea Containers, which was successfully opposed by Sherwood. Sherwood maintained his leadership of the company into the twenty-first century, during which time he become fairly wealthy, something for which he was criticised following the collapse of the company.

During the 1990s, Sea Containers successfully bid for the <a href="InterCity_East_Coast" title="InterCity East Coast">InterCity East Coast</a> <a href="Passenger_rail_franchising_in_Great_Britain" title="Passenger rail franchising in Great Britain">franchise</a> amid the <a href="Privatisation_of_British_Rail" title="Privatisation of British Rail">privatisation of British Rail</a>; it was awarded a seven-year franchise which it operated via a newly created subsidiary <a href="Great_North_Eastern_Railway" title="Great North Eastern Railway">Great North Eastern Railway</a> (GNER). In March 2005, the <a href="Strategic_Rail_Authority" title="Strategic Rail Authority">Strategic Rail Authority</a> awarded the franchise to GNER for a further seven years; however, this newer arrangement lacked <a href="Subsidies" class="mw-redirect" title="Subsidies">subsidies</a>, instead requiring payments from GNER, contributing to the company's future financial hardship. During March 2006, amid several financial setbacks, Sherwood resigned from Sea Containers and many of his other companies.<a href="#cite_note-Observer-1">[1]</a> On 16 October, the company filed for <a href="Chapter_11%2C_Title_11%2C_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11</a> bankruptcy protection. While the remainder of the group was being wound down and <a href="Liquidation" title="Liquidation">liquidated</a>, the remaining maritime container interests were transferred to the newly created SeaCo Ltd in 2009.

<div class="mw-heading mw-heading2"><h2 id="History">History</h2></div>

<div class="mw-heading mw-heading3"><h3 id="Founding_and_diversification">Founding and diversification</h3></div>

Sea Containers was established in 1965 by <a href="Yale_University" title="Yale University">Yale University</a> graduate and retired <a href="United_States_Navy" title="United States Navy">United States Navy</a> officer <a href="James_Sherwood" title="James Sherwood">James Sherwood</a>; it had an initial <a href="Financial_capital" title="Financial capital">capital</a> of <a href="United_States_dollar" title="United States dollar">$</a>100,000.<a href="#cite_note-2">[2]</a> The company's initial activities were centered upon the leasing of <a href="Cargo_containers" class="mw-redirect" title="Cargo containers">cargo containers</a> to various shipping companies. However, under Sherwood's leadership, Sea Containers expanded over a 40-year period into numerous other markets, including <a href="Luxury_hotel" class="mw-redirect" title="Luxury hotel">luxury hotels</a> and <a href="Railway" class="mw-redirect" title="Railway">railways</a>, many of these sectors being those that Sherwood had taken a personal interest in.<a href="#cite_note-times_rich2004-3">[3]</a><a href="#cite_note-Observer-1">[1]</a>

During 1968, Sea Containers became a <a href="Public_company" title="Public company">public company</a>; it was <a href="Initial_public_offering" title="Initial public offering">floated</a> on the <a href="New_York_Stock_Exchange" title="New York Stock Exchange">New York Stock Exchange</a> in 1974.<a href="#cite_note-Observer-1">[1]</a>

After enjoying a stay at the <a href="Belmond_Hotel_Cipriani" class="mw-redirect" title="Belmond Hotel Cipriani">Hotel Cipriani</a> of <a href="Venice" title="Venice">Venice</a>, Sherwood purchased the luxury hotel.<a href="#cite_note-Observer-1">[1]</a> Subsequent similar purchased led to the creation of the <a href="Belmond_(company)" class="mw-redirect" title="Belmond (company)">Orient-Express Hotels</a> chain, which the Sea Containers held a stake in up until 2005.<a href="#cite_note-Observer-1">[1]</a> Another personal project was the prestigious <a href="Venice-Simplon_Orient_Express" class="mw-redirect" title="Venice-Simplon Orient Express">Venice-Simplon Orient Express</a> train service. Sherwood acquired thirty old 1920s carriages from across Europe and had them restored from often dilapidated conditions to facilitate the service's relaunch during 1982.<a href="#cite_note-4">[4]</a><a href="#cite_note-5">[5]</a>

During February 1986, the British <a href="Ferry" title="Ferry">ferry</a> company <a href="Hoverspeed" title="Hoverspeed">Hoverspeed</a> was purchased for £5 million by British Ferries, a <a href="Holding_company" title="Holding company">holding company</a> for <a href="Sealink" title="Sealink">Sealink UK</a>, which was in turn owned by Sea Containers.<a href="#cite_note-6">[6]</a><a href="#cite_note-7">[7]</a>

<div class="mw-heading mw-heading3"><h3 id="Foiled_takeover_and_GNER">Foiled takeover and GNER</h3></div>

In May 1989, the British-based transport company <a href="Tiphook" title="Tiphook">Tiphook</a> launched a $824 million bid to takeover Sea Containers, which was vigorously opposed by Sherwood.<a href="#cite_note-Observer-1">[1]</a> Amid this process, Tiphook's management alleged that Sherwood had an <a href="Authoritarian" class="mw-redirect" title="Authoritarian">authoritarian</a> management style, while Sherwood issued his own allegations of irregularities in filings with the <a href="U.S._Securities_and_Exchange_Commission" class="mw-redirect" title="U.S. Securities and Exchange Commission">Securities and Exchange Commission</a>. Shareholders ultimately backed Sherwood's position, who had proposed asset sales and a restructuring to win favour, leading to Tiphook failing to acquire the company.<a href="#cite_note-Observer-1">[1]</a>

During the <a href="Privatisation_of_British_Rail" title="Privatisation of British Rail">privatisation of British Rail</a> of the mid 1990s; Sea Containers was one of various private sector companies that sought to obtain one of the newly created <a href="Passenger_rail_franchising_in_Great_Britain" title="Passenger rail franchising in Great Britain">franchises</a>. Over time, it would place bids for multiple franchises, including the <a href="South_Western_franchise" title="South Western franchise">South Western franchise</a> in 2001 and the <a href="South_Eastern_franchise" title="South Eastern franchise">South Eastern franchise</a> in 2006.<a href="#cite_note-8">[8]</a><a href="#cite_note-9">[9]</a> However, its first bid was for the <a href="InterCity_East_Coast" title="InterCity East Coast">InterCity East Coast</a> franchise, which was viewed as a particularly desirable one to obtain, the <a href="East_Coast_Main_Line" title="East Coast Main Line">East Coast Main Line</a> (ECML) having been recently electrified while also being worked by the newest intercity stock in British Rail's inventory, the <a href="InterCity_225" title="InterCity 225">InterCity 225</a>, and thus had a well-established reputation for its high-speed services.<a href="#cite_note-grail_rail2015-10">[10]</a> In March 1996, Sea Containers was announced as the winner, being awarded a seven-year franchise upon the ECML via a newly created subsidiary <a href="Great_North_Eastern_Railway" title="Great North Eastern Railway">Great North Eastern Railway</a> (GNER).<a href="#cite_note-11">[11]</a>

During January 1997, Sherwood announced that GNER intended to procure a pair of two new-build <a href="Tilting_train" title="Tilting train">tilting trains</a> which were claimed to enable the <a href="London" title="London">London</a>-<a href="Edinburgh" title="Edinburgh">Edinburgh</a> journey to be reduced to only 3 hours and 30 minutes. While an order having been reportedly placed during October 1997, no such tilting trains were ever introduced.<a href="#cite_note-grail_rail2015-10">[10]</a> Despite this, GNER would successfully increase service speeds and run the fastest scheduled service in Great Britain at that time.<a href="#cite_note-grail_rail2015-10">[10]</a> In March 2005, the <a href="Strategic_Rail_Authority" title="Strategic Rail Authority">Strategic Rail Authority</a> awarded the franchise to GNER for a further seven years, starting on 1 May 2005.<a href="#cite_note-SRA20050322-12">[12]</a><a href="#cite_note-13">[13]</a> The new franchise's terms were quite different from that of the original period; instead of GNER receiving <a href="Subsidies" class="mw-redirect" title="Subsidies">subsidies</a>, it would be instead paying the British state for the privilege of operating; there was reportedly concerns over the financial viability of such an arrangement from the onset.<a href="#cite_note-grail_rail2015-10">[10]</a> In order to meet these payments, GNER assumed passenger numbers would increase by around 30 per cent across the life of the franchise, reaching around 20 million by 2015.<a href="#cite_note-grail_rail2015-10">[10]</a>

During his leadership of Sea Containers, Sherwood accumulated substantial personal wealth; his net worth was estimated at <a href="Pound_sterling" title="Pound sterling">£</a>60million in the 2004 <a href="Sunday_Times_Rich_List" title="Sunday Times Rich List">Sunday Times Rich List</a>.<a href="#cite_note-times_rich2004-3">[3]</a><a href="#cite_note-notmy_independent2006-14">[14]</a>

<div class="mw-heading mw-heading3"><h3 id="Financial_hardship_and_collapse">Financial hardship and collapse</h3></div>

In March 2006, Sea Containers announced that it was in the process of exiting from ferry operations, which had been one of the company's primary area of business; efforts were promptly launched to sell these operations onto third parties.<a href="#cite_note-Observer-1">[1]</a> Shortly thereafter, it was announced that the company lost a lucrative contract to provide back-up services to its container leasing operations, which by then it had been running as a <a href="Joint_venture" title="Joint venture">joint venture</a> with <a href="GE_Capital" title="GE Capital">GE Capital</a>. These two negative headlines were seen as serious blows to the future of Sea Containers, which reportedly had accumulated debts adding up to $1.3 billion by May of that year.<a href="#cite_note-Observer-1">[1]</a>

In response to these negative events, Sherwood promptly resigned from many of his companies, including Sea Containers.<a href="#cite_note-Observer-1">[1]</a> He was replaced by turnaround specialist <a href="Bob_Mackenzie_(businessman)" title="Bob Mackenzie (businessman)">Bob Mackenzie</a>, while Ian Durant became senior vice-president of finance.<a href="#cite_note-notmy_independent2006-14">[14]</a> MacKenzie sought to reduce the business' high debt burden via further sales, which he viewed as critical to any prospective rebuilding of the core enterprise; these efforts led to the rapid divestiture of 14,000 containers amongst other company assets.<a href="#cite_note-Observer-1">[1]</a> By July 2006, rumours were circulating that Sea Containers was preparing to sell GNER in an effort to avoid declaring <a href="Bankruptcy" title="Bankruptcy">bankruptcy</a>.<a href="#cite_note-15">[15]</a><a href="#cite_note-16">[16]</a>

Despite these activities, in early October 2006, Sea Containers announced that it was unlikely to be able to pay a $115 million (£62 million) <a href="Bond_(finance)" title="Bond (finance)">bond</a> that was due on 15 October. On 16 October, the company filed for <a href="Chapter_11%2C_Title_11%2C_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11</a> bankruptcy protection, at which point it reportedly had outstanding debts of $650 million with only $67 million of free cash remaining.<a href="#cite_note-17">[17]</a><a href="#cite_note-notmy_independent2006-14">[14]</a> Following this filing, Sherwood's role in the collapse, particularly his $2 million (£1 million) <a href="Severance_payment" class="mw-redirect" title="Severance payment">severance payment</a> and $250,000 annual payout from his Sea Containers pension, was criticised; in response, he denied personal responsibility and attributed Sea Containers' fate to several factors, including elevated fuel prices, the <a href="7_July_2005_London_bombings" title="7 July 2005 London bombings">7 July 2005 London bombings</a>, and incorrect assumptions in contract terms stipulated by the British government.<a href="#cite_note-notmy_independent2006-14">[14]</a>

On 6 November 2006, the <a href="Department_for_Work_and_Pensions" title="Department for Work and Pensions">Department for Work and Pensions</a> informed Sea Containers that it must pay £143 million into its two UK pension schemes if it wanted to wind them up.<a href="#cite_note-18">[18]</a>

On 11 February 2009, the remaining maritime container interests of Sea Containers were transferred to a new company, SeaCo Ltd, while the remainder of the group proceeded to be wound down and <a href="Liquidation" title="Liquidation">liquidated</a>. The major shareholders in the new company were the <a href="Creditor" title="Creditor">bondholders</a> of the former Sea Containers Ltd and two of the group's UK pension funds.<a href="#cite_note-seaco-19">[19]</a>

<div class="mw-heading mw-heading2"><h2 id="Operations">Operations</h2></div>

<div class="mw-heading mw-heading3"><h3 id="Ferry_services_and_related_businesses">Ferry services and related businesses</h3></div>

<ul><li><a href="Sealink_British_Ferries" class="mw-redirect" title="Sealink British Ferries">Sealink British Ferries</a>: ferry services around the United Kingdom and Ireland. Acquired in 1984,<a href="#cite_note-20">[20]</a> most Sealink operations were sold to <a href="Stena_Line" title="Stena Line">Stena Line</a> in 1990.</li>

<li><a href="Isle_of_Man_Steam_Packet_Company" title="Isle of Man Steam Packet Company">Isle of Man Steam Packet Company</a>: fast and conventional services in the <a href="Irish_Sea" title="Irish Sea">Irish Sea</a>. Acquired in 1996, sold in 2003.</li>

<li><a href="Silja_Line" title="Silja Line">Silja Line</a>: fast and conventional services in the <a href="Baltic_Sea" title="Baltic Sea">Baltic Sea</a>. In June 2006, Silja Line was purchased by <a href="Tallink" title="Tallink">Tallink</a>, a ferry company from <a href="Estonia" title="Estonia">Estonia</a>. The fast <a href="Catamaran" title="Catamaran">catamaran</a> service <a href="SuperSeaCat" title="SuperSeaCat">SuperSeaCat</a> was separated from Silja Line and operated until 2008 when it went bankrupt.</li>

<li><a href="Belmond_(company)" class="mw-redirect" title="Belmond (company)">Orient-Express Hotels</a>: (25% shareholding) sold in 2005<a href="#cite_note-Observer-1">[1]</a></li>

<li><a href="SeaStreak" class="mw-redirect" title="SeaStreak">SeaStreak</a>: following the Sea Containers bankruptcy of 2006, this operation was sold to New England Fast Ferry<a href="#cite_note-21">[21]</a></li>

<li>SNAV-Hoverspeed: a joint venture with Italian ferry operator <a href="SNAV" title="SNAV">SNAV</a>. Used the former Seacat Danmark as Zara Jet.</li>

<li><a href="Aegean_Speed_Lines" class="mw-redirect" title="Aegean Speed Lines">Aegean Speed Lines</a>: a joint venture in Greece with the Eugenides Group. The service uses the former <a href="HSC_High_Speed_Jet" title="HSC High Speed Jet">Hoverspeed Great Britain</a> as Speedrunner 1, which operated in the <a href="English_Channel" title="English Channel">English Channel</a> and held the <a href="Hales_Trophy" title="Hales Trophy">Hales Trophy</a> and <a href="Blue_Riband" title="Blue Riband">Blue Riband</a> for the fastest crossing of the North Atlantic.</li>

<li><a href="Hoverspeed" title="Hoverspeed">Hoverspeed</a>: English Channel services ceased in 2005<a href="#cite_note-Observer-1">[1]</a></li>

<li><a href="SeaCat" title="SeaCat">SeaCat</a>: (<a href="Belfast" title="Belfast">Belfast</a> & <a href="Troon" title="Troon">Troon</a>).</li></ul>

<div class="mw-heading mw-heading3"><h3 id="Other_maritime">Other maritime</h3></div>

<ul><li>Hart Fenton: a naval architecture and marine engineering company, sold to Houlder in 2006<a href="#cite_note-22">[22]</a></li>

<li>Sea Containers Chartering</li></ul>

<div class="mw-heading mw-heading3"><h3 id="Railways">Railways</h3></div>

<ul><li><a href="Venice-Simplon_Orient_Express" class="mw-redirect" title="Venice-Simplon Orient Express">Venice-Simplon Orient Express</a>: Luxury train service</li>

<li><a href="Great_North_Eastern_Railway" title="Great North Eastern Railway">Great North Eastern Railway</a> (GNER): a <a href="Train_operating_company" title="Train operating company">train operating company</a> that commenced operating the <a href="InterCity_East_Coast" title="InterCity East Coast">InterCity East Coast</a> franchise in April 1996. After winning a further 10-year extension when re-tendered in 2005,<a href="#cite_note-23">[23]</a> GNER ran into financial difficulties with Sea Containers handing back the franchise in December 2007.<a href="#cite_note-24">[24]</a><a href="#cite_note-25">[25]</a></li></ul>

<div class="mw-heading mw-heading3"><h3 id="Containers">Containers</h3></div>

The company's container leasing business was conducted mainly through GE SeaCo, a joint venture with <a href="GE_Capital" title="GE Capital">GE Capital</a> formed in 1998. GE SeaCo was sold to the <a href="HNA_Group" title="HNA Group">HNA Group</a> for approximately $1 billion on 15 December 2011 and now operates as <a href="Seaco" title="Seaco">Seaco</a>.<a href="#cite_note-26">[26]</a>

<div class="mw-heading mw-heading3"><h3 id="Other_former_activities">Other former activities</h3></div>

<ul><li>Sea Containers Property Services Ltd – property development, property asset management.</li>

<li><a href="The_Illustrated_London_News" title="The Illustrated London News">The Illustrated London News</a> Group (ILNG) – publishing</li>

<li>Fruit farming – Sea Containers owned plantations in West Africa and South America</li>

<li>Fairways & Swinford – UK-based business travel agency</li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite id="CITEREFMorgan2006" class="citation news cs1">Morgan, Oliver (7 May 2006). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2006/may/07/theobserver.observerbusiness">"Sea Containers grabs at a lifeline"</a>. <a href="The_Observer" title="The Observer">The Observer</a>.</cite>

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