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NEWS October 27, 2026

European Ferry Consolidation Accelerates: Stena Is Buying Color Line

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Swedish shipping group Stena AB announced on October 26, 2026, that it has signed an agreement to acquire 100% of Color Group AS, the parent company of Norwegian ferry operator Color Line, from the family of Olav Nils Sunde. The proposed acquisition would bring Stena Line's 40 vessels and 19 ferry routes together under common ownership with Color Line's five vessels and four international routes, creating a combined network of 45 vessels and 23 routes across the two operators. Color Line is intended to retain its Norwegian brand, management and ship registrations. Financial terms were not disclosed, and the transaction remains subject to regulatory approval, with completion anticipated in late Q1 or Q2 2027.

ShipUniverse | European Ferry Intelligence

Two Ferry Networks.
One Future Owner.

Stena is acquiring the company behind Norway's largest international ferry operator. The proposed deal adds four Norwegian international corridors to its European network.

AGREEMENT SIGNED 26 OCTOBER 2026 REGULATORY APPROVAL PENDING

45Ferries in combined operator fleet tally

23Routes across the two operators

100%Color Group shares covered by agreement

01 / The acquisition structure

Current seller ONS Invest II AS Owned by Olav Nils Sunde and family

100% of Color Group shares being sold↓

Acquirer Stena Rederi AB Wholly owned subsidiary of Sweden's Stena AB

Proposed share acquisition, subject to approval↓

Acquisition target Color Group AS Parent of Color Line AS and its subsidiaries

Purchase price has not been disclosed. The agreement is a proposed acquisition of shares, not a merger of the two ferry brands.

02 / The enlarged ferry footprint

Vessel fleet45 combined

Stena Line: 40Color Line: 5

Ferry routes23 combined

Stena Line: 19Color Line: 4

3.6m

Additional annual passenger journeysApproximate Color Line passenger volume in 2025

Illustrative post-completion addition of company-reported fleet and route counts. Not a market-share measure or an announcement of fleet integration.

03 / Transaction path

Oct 2026Share purchase agreement signed

Review phaseRegulatory clearance required; businesses remain separate

Q1 / Q2 2027Target completion window, subject to approvals

ShipUniverse Interactive Tool | Ferry Acquisition Economics

Can Stena Close Color Line's
NOK 235 Million Earnings Gap?

Explore how changes in ticket yield, freight pricing, hypothetical operating savings and emissions-related costs could affect Color Group's annual EBITDA. The starting point is its reported 2025 performance.

2024 reported EBITDANOK 1,391m

2025 reported EBITDANOK 1,156m

Year-over-year shortfallNOK 235m

Adjust the economics

Move any control to build a custom scenario. All monetary inputs are in Norwegian kroner.

Passenger yield change NOK 0

-100 NOK+200 NOK per passenger

Applied to 3,593,804 passenger journeys, the 2025 reported base.

Freight yield change NOK 0

-1,000 NOK+2,500 NOK per freight unit

Applied to 149,548 twelve-metre-equivalent freight units in 2025.

Additional annual operating savings NOK 0m

0250 million NOK

Hypothetical net savings from purchasing, operations, systems or other efficiencies. None have been quantified by the companies.

Additional annual compliance cost NOK 0m

0200 million NOK

Cost increase relative to 2025, when Color Group reported NOK 177m in mandatory emissions allowance expense.

Incremental contribution factor 70%

30%100%

Share of changes in gross passenger and freight revenue flowing through to EBITDA, before modeled savings and compliance changes.

Choose the EBITDA recovery benchmark

The adjusted comparison simply excludes the disclosed 2024 gain from a lease agreement disposal. It is not an officially reported adjusted EBITDA measure.

Scenario annual EBITDA

1,156.0

NOK million | Color Group standalone model

No change versus 2025 baseline

Recovery against the benchmark

Reported 2025 performance versus the selected comparison level and your modeled result.

2025 EBITDA1,156m

2024 reported benchmark1,391m

Your scenario1,156m

Further annual improvement needed NOK 235.0m

Additional EBITDA improvement needed to match the 2024 reported benchmark.

Scenario financial bridge

How the adjusted EBITDA result is calculated

Change in passenger revenue0.0m

Change in freight revenue0.0m

EBITDA contribution from yield changes0.0m

Operating savings+0.0m

Additional compliance cost0.0m

Net modeled EBITDA change0.0m

Model methodology and limitations

Scenario EBITDA = 2025 EBITDA + [(passengers x passenger yield change + freight units x freight yield change) x contribution factor] + savings - added compliance costs

The calculation holds 2025 passenger and freight volumes constant and assumes the specified yield changes apply to all units. The contribution factor is an adjustable assumption, not a reported incremental margin. All other operating conditions are held constant.

The 2025 passenger, freight and EBITDA starting points and the 2024 reported comparison come from Color Group's 2025 annual report. Savings, pricing adjustments and future compliance costs are hypothetical. The tool does not estimate Stena's purchase price, combined-group earnings, regulatory outcome or announced transaction synergies.

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Two Ferry Networks.One Future Owner.

03 / Transaction path

Can Stena Close Color Line'sNOK 235 Million Earnings Gap?

Adjust the economics

Recovery against the benchmark

Scenario financial bridge

Model methodology and limitations

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Can Stena Close Color Line's
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