The Isle of Man Government has made a further equity investment of £5m into the Isle of Man Steam Packet Company.
Treasury Minister Alfred Cannan MHK has written to Tynwald Members regarding the one-off payment, which is designed to address the commercial impact of the coronavirus pandemic while the company continued to maintain essential lifeline services. This follows a reported loss of £10.5m in 2020.
Mr Cannan said:
‘The Steam Packet has provided a vital service required by our Island and its economy throughout this difficult period, and yet the company did not claim Government support despite a substantial impact in terms of lost income.
‘The maintenance of these services has come at a cost to the company, above that which it may have incurred had it operated services on purely commercial grounds.
‘To ensure that the company has sufficient working capital to meets its identified short-term needs and to protect this important Government asset the Council of Ministers has agreed that, on this occasion, the most appropriate means of funding is through an additional equity investment of £5m.’