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


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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. ‘


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