Isle of Man Steam Packet posts first profit since pandemic

The Isle of Man Steam Packet Company has returned a profit for the first time in three years.

The government-owned ferry operator made an £11m profit in 2022, following a £3.2m loss the previous year.

It represents a significant upturn in the firm's fortunes, which, at the height of the Covid-19 pandemic in 2020, lost more than £10.5m.

That loss stemmed from border closures and the need to provide lifeline freight services during the period.

All remaining Covid restrictions were lifted on 1 April 2022.

In its directors' report and consolidated financial statements for the year ended 31 December 2022, the monopoly ferry service provider said passenger and freight volumes had "exceeded pre-pandemic levels, with passenger levels £26.3m ahead of the prior year".

Although motorcycle traffic had been "marginally below" pre-pandemic numbers, reduced flights serving the island and disruption and delays at the island's airport had created a "welcome boost" to ferry passenger trade, the report said.

The year also saw the company buy the back-up freight vessel MV Arrow for about £8m, which it had been chartering on a long-term lease since 2014.

The report said 2023 would be a "milestone year" for the Steam Packet Company, with the arrival of the new Manxman ferry, which is set to provide 10% additional capacity.

With more powerful engines than the Ben-my-Chree, the boat is expected to be able to "maintain scheduled crossings times in adverse weather conditions", which would "reduce future sailing disruption".

The project was currently forecast to "complete within its estimated budget of £78m", the report added.

The report is due to be laid before Tynwald in October.

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