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Rederi AB Slite was a Swedish shipping company, founded in 1947. "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. This is a list of the world's ship operating companies listed alphabetically by continent and country Year 1947 ( MCMXLVII) was a Common year starting on Wednesday (link will display full 1947 calendar of the Gregorian calendar. The company was one of the three founding companies of Viking Line. Viking Line is a Finnish shipping company that operates a fleet of ferries and cruiseferries between Finland, the Åland Islands Rederi AB Slite went bankrupt in 1993. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their Creditors Creditors may file a bankruptcy petition against Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar)

Contents

History

Early History

Rederi AB Slite was founded by Carl-Bertil Myrsten together with his siblings Inga Gattberg, Sven Myrsten and Lars Myrsten in 1947. The oldest brother Robert Myrsten had his own shipping company Rederi AB Robert Myrsten and was not part of Rederi AB Slite. The Myrsten family, from Slite on the island of Gotland, had been in the shipping business since 1867, when Johan Niclas Myrsten founded the dynasty. is a county, province and municipality of Sweden and the largest Island in the Baltic Sea. Year 1867 ( MDCCCLXVII) was a Common year starting on Tuesday (link will display the full calendar of the Gregorian calendar (or a Common year starting

In mid 1950s two newbuilt cargo ships, M/S Slite and M/S Boge were delivered to Slite. The 1950s Decade refers to the years of 1950 to 1959 inclusive A cargo ship or freighter is any sort of Ship or vessel that carries Cargo, goods and materials from one port to another In 1959 and 1961 respectively they were rebuilt to be able to load cars and take passengers. The year 1959 ( MCMLIX) was a Common year starting on Thursday (link will display full calendar of the Gregorian calendar. Year 1961 ( MCMLXI) was a Common year starting on Sunday (link will display full calendar of the Gregorian calendar. These ships were then put on a route between Simpnäs north of Stockholm and Mariehamn on Åland. ('stɔkhɔlm is Sweden 's Capital and its largest City. It is the site of the national Swedish government, the parliament, and the Demographics A chart on population growth Sister cities Mariehamn is twinned with Visby, Sweden Kópavogur In 1964 the company's first purpose built ferry M/S Apollo was delivered. Year 1964 ( MCMLXIV) was a Leap year starting on Wednesday (link will display full calendar of the 1964 Gregorian calendar. See also Merchant ship A ferry is a form of transport usually a Boat or Ship, used to carry (or ferry) passengers and In the early 1960s there was a heavy competition from several companies on the route Sweden - Åland. The 1960s decade refers to the years from the beginning of 1960 to the end of 1969 This led to a cooperation between Slite and Rederi Ab Vikinglinjen, which later became a part of Rederi Ab Sally. Rederi Ab Sally was a Finnish shipping company founded in the 1937 by Algot Johansson Rederi Ab Sally was a Finnish shipping company founded in the 1937 by Algot Johansson

In 1966 the marketing company Viking Line was founded and by now Ålandsfärjan Ab, later SF Line, had joined the cooperation. Year 1966 ( MCMLXVI) was a Common year starting on Saturday (link will display full calendar of the 1966 Gregorian calendar. Viking Line is a Finnish shipping company that operates a fleet of ferries and cruiseferries between Finland, the Åland Islands SF Line was the name of the Finnish shipping company presently known as Viking Line. SF Line was the name of the Finnish shipping company presently known as Viking Line. Viking Line initially had three ships, Ålandsfärjan Ab's S/S Ålandsfärjan, Vikinglinjen's S/S Viking and Slite's M/S Apollo. Since the name of the marketing company came from one of the other founding companies, Carl-Bertil Myrsten demanded that the colour of Viking Line's ships would originate from his company. All Viking Line's ships were therefore painted in Apollo's original red colour that now is now so characteristic for Viking Line.

Growing period

During the 1970s and 1980s, ferry traffic between Sweden and Finland expanded heavily. This article is about the Decade 1970-1979 For the Year 1970 see 1970. The 1980s was the decade spanning from January 1 1980 to December 31 1989. Finland, officially the Republic of Finland ( is a Nordic country situated in the Fennoscandian region of northern Europe. In 1970, Slite's second Apollo was delivered from Jos L Meyer in West Germany. The Meyer Werft is one of the remaining large German Shipyards headquartered in Papenburg. Her sister M/S Diana entered service two years later. History Viking Line service M/S Diana was the fourth in a series of six near-identical sisters built between 1970 and 1974 for Rederi Ab Sally and

Due to the increasing internal competition between the three companies within Viking Line, the original route between Kapellskär and Naantali was clogged with Viking Line ships during the first years of the 1970s. Kapellskär is a Port about 60 km north of Stockholm, in Sweden. Naantali (ˈnɑːntɑli (Swedish Nådendal) is a city in south-western Finland, known as one of the most important tourist centres of the The companies tried new routes for their increasing fleets. Rederi Ab Sally and SF Line started traffic between Stockholm and Turku, and Sally also acquired two ships for the Stockholm-Helsinki route. ('stɔkhɔlm is Sweden 's Capital and its largest City. It is the site of the national Swedish government, the parliament, and the Turku, in Swedish Åbo ( pronounced,) is a city and the original capital of Finland on the southwest coast of Finland at the Helsinki (in Finnish;) or Helsingfors (in Swedish;) is the Capital and largest city of Finland. Slite in turn chose to start 24 hour cruises between Stockholm and Mariehamn with the venerable S/S Svea Jarl, purchased in 1976 from Silja Line and renamed Apollo III. Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar. Silja Line ( Tallink Silja Oy) is a Finnish ferry company owned by the Estonian Ferry operator Tallink. To finance the purchase, the former Apollo (II) was sold.

In 1979, Diana was replaced by the newbuidling M/S Diana II. Background Tonnage war in the Baltic Rederi AB Slite had great success with their first generation of car and passenger ferries servicing between Sweden and Finland and For a couple of years, Diana II serviced on the Stockholm-Turku route but Sally pushed her back to Kapellskär-Naantali with their bigger M/S Viking Sally. Construction The ship was originally ordered from Meyer Werft by a Norwegian shipping company led by Parley Augustsen with intended traffic between

Heavy expansion

Economic difficulties plagued Rederi Ab Sally in the early 1980s. Despite having the big Viking Sally on the Stockholm - Turku route plus two new large ships on the capital route between Stockholm and Helsinki, Sally was not able to invest in more new ships. This left a spot open for Slite and SF Line to take over the capital route. In 1986, Slite's M/S Olympia, at the time the largest passenger ferry in the world, was put into service between Stockholm and Helsinki, replacing Sally's the M/S Viking Saga. Brief history Olympia was built by the Wärtsilä Shipyard in Turku, Finland, for Rederi AB Slite. History Viking Saga The ship was originally built in 1980 for Rederi Ab Sally, one of Viking Line partners as the Cruiseferry MS

In October 1987 Rederi Ab Sally was sold to Effoa, the main owner of rival company Silja Line. Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) Effoa was a Finnish shipping company founded in 1883 by Captain Lars Krogius as the Finland Steamship Company or Finska Ångfartygs Aktiebolag in The situation of having the main competitor owning 33% of Viking Line became untenable and Sally's shares of Viking Line were sold to Slite and SF Line. Sally's remaining ship in Viking Line service, the Viking Sally, was chartered to Slite for the next three years.

Around the same time, SF Line and Slite ordered new ships again. Slite's M/S Athena replaced the Apollo III in 1989 and by 1990 it was time for the Viking Sally to be replaced with Athena's sister, the M/S Kalypso. History Viking Line service In the latter half of the 1980s owners of the rival shipping companies Viking Line and Silja Line competed heavily Year 1989 ( MCMLXXXIX) was a Common year starting on Sunday (link displays 1989 Gregorian calendar) Year 1990 ( MCMXC) was a Common year starting on Monday (link displays the 1990 Gregorian calendar) M/S Star Pisces is a Cruise ship, owned by Star Cruises and currently does short cruises from Hong Kong. The Olympia was scheduled for replacement in 1993 when the jewel of the company's crown, the world's largest passenger ferry, M/S Europa was to be delivered. Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar) History January 23, 1993. The MS Europa is launched March 5, 1993.

Crisis and bankruptcy

The timing of ordering of new expensive cruise ferries couldn't have been worse for Rederi AB Slite. In October 1989, just weeks after the order of the Europa was signed, the Finnish shipyard Wärtsilä Marine went bankrupt. Wärtsilä is a Finnish manufacturer of large ( Diesel) engines and Power plants The core business of Wärtsilä is marine diesel engines Wärtsilä had built the Athena for Slite and was about to finish her sister, the Kalypso. The bankruptcy resulted in an increased cost for the Kalypso, about 200 million SEK.

Matters became worse when the Swedish krona was allowed to float in the autumn of 1992. Floating rate may also refer to a Floating interest rate applied to a Loan or other lending product Year 1992 ( MCMXCII) was a Leap year starting on Wednesday (link will display full 1992 Gregorian calendar) Because if this, the almost finished M/S Europa built in Germany, suddenly became 500 million SEK more expensive. Slite became unable to pay for the Europa when their bank Nordbanken, which at the time had large sums invested in Slite's main rival Silja Line, withdrew their loan guarantees. Nordea Bank AB is a Nordic financial services group operating in Northern Europe, based in Stockholm. Silja Line ( Tallink Silja Oy) is a Finnish ferry company owned by the Estonian Ferry operator Tallink. After the loss of Europa, Slite had lost over 550 million SEK within two years, 200 million due to the increased costs for the Kalypso and 350 million lost in advance payments for the Europa. Consequently Slite was declared bankrupt in April 1993. Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar)

Aftermath

All Slite's ships were sold by compulsory auction after the bankruptcy. SF Line made bids on the Athena and the Kalypso but lost them to the heavily investing Malaysian cruise company Star Cruises. For the biogeographical region see Malesia Malaysia (məˈleɪʒə or /məˈleɪziə/ is a country that consists of thirteen states and Star Cruises is the third-largest Cruise line in the world behind Carnival Corporation and Royal Caribbean, and dominates the Asia-Pacific SF Line became the sole owner of Viking Line and changed its name to Viking Line Ab.

After the auction of Slite's ships and other assets, it became clear that the bankruptcy was unnecessary. All the debts could be paid for with the money gained from the ship sales. It has been speculated that Nordbanken did everything they could to break Slite in order to help their financially poor Silja Line. In March 1993 the Europa entered service for Silja Line as the Silja Europa.

Ships

Not a complete list.

External links

History Viking Line service M/S Diana was the fourth in a series of six near-identical sisters built between 1970 and 1974 for Rederi Ab Sally and Background Tonnage war in the Baltic Rederi AB Slite had great success with their first generation of car and passenger ferries servicing between Sweden and Finland and Brief history Olympia was built by the Wärtsilä Shipyard in Turku, Finland, for Rederi AB Slite. Construction The ship was originally ordered from Meyer Werft by a Norwegian shipping company led by Parley Augustsen with intended traffic between History Viking Line service In the latter half of the 1980s owners of the rival shipping companies Viking Line and Silja Line competed heavily M/S Star Pisces is a Cruise ship, owned by Star Cruises and currently does short cruises from Hong Kong. History January 23, 1993. The MS Europa is launched March 5, 1993.
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