Paper: Leedo withdrawing from German shipping company Elb-Link, Miil to continue alone

Better times: Leedo in Cuxhaven in 2015. (PM/Scanpix)
10/19/2016 11:30 AM
Category: Business

Owner of shipping business Saaremaa Laevakompanii (SLK), Vjatšeslav Leedo told daily Meie Maa on Tuesday that he was withdrawing from German ferry company Elb-Link Reederei. The company will be continued by Olav Miil, who owns the ferries.

Results after the main season in summer hadn’t been good, and the ferries not booked to capacity, Meie Maa wrote. Still, Miil would continue the business, which he and Leedo had been running since 2015.

Although no papers have been signed yet, both Miil and Leedo have begun making the necessary changes. Urmas Treiel, CEO of SLK subsidiary Väinamere Liinid, is about to leave his job, as there is no place for him left in Leedo’s consolidated business. Treiel is still an employee in Elb-Link’s management, as Miil and Leedo apparently haven’t yet divided the business.

Miil announced that he would continue Elb-Link on his own and put together a new management for the company.

Editor: Dario Cavegn

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