The Steam Packet says a replacement for the Manannan is expected to cost between £100m and £120m.
Having first entered service with the company in 2009, Manannan is 27-years-old and previously was operated by the US Navy.
In an article on the company’s website which commented on statements made by the Chief Minister, the Steam Packet also looked at what its future will look like.
When the company’s flagship Manxman was built in 2023, she cost the company £80m including constructing, fitting out and delivery fuel costs.
Investment
It said: “Over the course of the next five years, the board of the Isle of Man Steam Packet Company is expecting to have to invest approximately £100m to £120m on a replacement for HSC Manannan, whilst maintaining its operational fleet at an annual expenditure of circa £12.7m.
“As with Manxman, it is expected this will be funded by a combination of the Group’s profits and additional debt, at zero cost to the Isle of Man taxpayer.
“Furthermore, the Group continues to repay its annual debt and interest obligations of £7.5m per year to the Treasury, again, funded by operating cashflows.”
The company has not indicated if it will look to replace Manannan with a similar high speed vessel, the type of which has served predominantly on the Liverpool seasonal route for over 25 years.
Sea Services Agreement
Under the sea services agreement, Manannan is currently due to be replaced by the end of 2027, which is not going to happen.
In April last year, the company’s business plan for 2024 gave a new assumed delivery date for this of 2030. By this point Manannan would be into her mid 30s.
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