Kelsian acquires Belaire Ferries, secures seven-year contract in Auckland

The news: Transport and tourism operator Kelsian Group has secured an initial seven-year contract from Auckland Transport for the operation of passenger ferry services in Auckland Harbour.

The context: The Auckland Western Package Ferry Contracts commenced on 1 July and are projected to generate around NZD101 million ($83 million) in revenue. The contracts include revenue indexation mechanisms to protect Kelsian from cost-base fluctuations, such as diesel fuel prices.

Concurrently, Kelsian has entered into a binding agreement to acquire a 100% stake in Auckland-based ferry operator Belaire for a total purchase price of NZD8.9 million, with completion expected in the first quarter of FY27.

What they said: “This long-term contract package, together with the acqusiiton of Belaire Ferries establishes a strategically important platform that positions Kelsian to pursue further growth opportunities in the New Zealand market,” Kelsian Group CEO Graeme Legh said.