Getlink SE Traffic Report: Divergent Trends in Freight and Passenger Movements
Getlink SE, the operator of the Eurotunnel Le Panier and the Eurotunnel Tunnel, published its October traffic report in early November. The data reveal a nuanced picture for the company’s core freight and passenger services, underscoring the shifting dynamics of cross‑Channel transport in the current macroeconomic environment.
Freight Traffic Declines
Freight truck movements on Getlink’s Channel shuttles fell by approximately 7 % compared with the same month in the prior year. Since the beginning of the 2024 calendar year, the total number of trucks crossing the tunnel has continued to decline, reflecting a broader contraction in freight demand across the Euro‑Atlantic corridor. The drop is consistent with a slowdown in European manufacturing output, tighter supply‑chain conditions, and increased competition from alternative transport modes such as rail and inland waterway freight.
Key drivers of the freight decline include:
| Factor | Impact |
|---|---|
| Industrial output | 4–6 % contraction in EU manufacturing indices |
| Supply‑chain bottlenecks | Increased lead times, reduced frequency of freight shipments |
| Alternative modes | Growth in intermodal rail services, especially for high‑value goods |
| Economic uncertainty | Lower trade volumes due to volatile commodity prices |
Getlink’s management has indicated that it is exploring route optimisation and pricing strategies to mitigate the impact of these headwinds. The company’s focus remains on maintaining operational efficiency while preserving its freight market share in an increasingly competitive environment.
Passenger Traffic Persists
In contrast to the freight trend, passenger vehicle traffic rose modestly in October. The increase, reported as a few per cent above the same month in the previous year, is part of a broader upward trend that has been sustained since the start of the year. The sustained growth in passenger traffic can be attributed to:
- Tourism rebound – Post‑pandemic travel demand has surged, especially within the UK–France corridor.
- Holiday travel – Peak periods, such as late October and early November, align with holiday travel, boosting vehicle throughput.
- Price‑competitive positioning – Getlink’s fare structures remain attractive relative to alternative cross‑Channel options, such as ferries and high‑speed rail.
Management notes that passenger traffic growth continues to support the company’s revenue diversification strategy, balancing the volatility inherent in freight operations.
Capital Structure and Governance
Getlink confirmed that its share capital remains unchanged. The company continues to have 550 million ordinary shares in issue, with a total of almost 700 million voting rights. The voting structure includes a number of shares with double voting rights in accordance with the company’s bylaws, ensuring alignment between ownership and governance control. This unchanged capital base reflects a deliberate strategy to maintain stability while retaining flexibility for future strategic initiatives.
Outlook
Getlink’s forthcoming November traffic data, scheduled for release in December, will provide further clarity on whether the divergent trends in freight and passenger traffic persist. Analysts anticipate that:
- Freight volumes will remain under pressure until the broader industrial recovery strengthens, potentially moderated by Getlink’s route and pricing adjustments.
- Passenger volumes are likely to continue rising, especially during peak travel seasons, bolstered by a rebound in tourism.
In sum, Getlink SE’s October traffic report highlights a sector‑specific divergence: freight operations face headwinds from macroeconomic and supply‑chain pressures, while passenger services benefit from tourism recovery. The company’s unchanged capital structure and focused governance model position it to navigate these challenges while capitalising on growth opportunities in the passenger segment.
