Steam Packet receives £ 5million funding despite losses – Energy FM


Mon Jul 19, 2021

The Manx government has made an additional £ 5million investment in the Isle of Man Steam Packet company after losses of over £ 10.5million last year.

Treasury Minister Alfred Cannan MHK wrote to members of Tynwald regarding the one-time payment, which is designed to address the business impact of the coronavirus pandemic as the company continued to maintain essential lifebuoy services. rescue.

Mr Cannan said: “The Steam Packet has provided a vital service required by our island and its economy throughout this difficult time, and yet the company has not called for government support despite a substantial impact in terms of loss of income.

“Maintaining these services came at a cost to the company that was greater than what it could have incurred had it been operating the services for purely commercial reasons.

“To ensure that the company has sufficient working capital to meet its identified short-term needs and to protect this important government asset, the Council of Ministers agreed that on this occasion, the means of the most appropriate financing is to invest in additional equity of £ 5million. ‘

Subscribe to receive Energy FM News direct to your mobile device

You can receive Energy FM News directly to your mobile device using any of the following methods.

  • In the Apple News app on iOS, search for Energy FM IOM, then just add it to your favorites.
  • In the Google News & Weather app, just search for Energy FM, then add us as a custom section
  • If you are using an RSS reader, just add our feed to your app, click here to access our news RSS feed
No more news
  • Mon Jul 19, 2021

    Steam Packet receives £ 5million funding despite losses

  • Mon Jul 19, 2021

    Calls for tougher action against abuse of health workers

  • Mon Jul 19, 2021

    ‘Parish’ fun mini-walk for kids raises £ 30,000

  • Mon Jul 19, 2021

    Changes to hospital visits from today

  • Mon Jul 19, 2021

    Appeal after series of incidents involving a car on Mountain Road

  • Mon Jul 19, 2021

    Cavendish denied the record but won the green jersey

  • Sat Jul 17, 2021

    101 new cases of COVID-19 detected

  • Sat Jul 17, 2021

    Launch of an online system for swab requests

  • Sat Jul 17, 2021

    Council leader leaves after more than three decades

new archives


About Lillian Coomer

Check Also

Blockchain Trading Card Game Kingdom Hunter Launches This Month On WEMIX PLAY – European Gaming Industry News

Reading time: 2 minutes Kingdom Hunter, the brand new blockchain collectible card game developed by …

Leave a Reply

Your email address will not be published.