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Steam Packet to be sold

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<faceplant> :pinch:

"Novo banco" laughing all the way to the erm... bank.

Ah, maybe not as bad as it first looks after interestedmans below - but of course depends on the detail.

They are "only" paying £48.3m for the shares, and they surely can't be as stupid as to take on the debt of MIOM as well -surely..

The rest is a loan to IOMSPC, providing liquidity to the structure to invest in new tonnage hopefully

(and not repaying MIOM debt...)

 

 

 

Edited by b4mbi

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On the order paper now [Tynwald website) http://www.tynwald.org.im/business/opqp/opqp/2018-PP-0079s.pdf - all the plans laid out including refinancing the purchase.  Looks like to Treasury is seeking to get their money back as quickly as possible and for the Govt to retain strategic control. Cannan also on Manx Net TV https://www.manx.net/tv/mt-tv/watch/85544/government-to-buy-steam-packet-

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1 hour ago, Derek Flint said:

£80m on a deep port. £30m on a landing stage in Liverpool. £124m on the Packet.....

infrastructure all over the Island needing money spending. Ailing health service, PS pension issues, massively over structured local and national government.

Id guess they are trying to bankrupt the Island before handing it back to the U.K. 

 

If they were secretly planning on applying to join the UK that would make sense. UK takes over Health, Education, PS pensions and IOMG can claim their actions have saved those services plus guaranteed the key link to the Island. 

 

 

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I haven't read the article yet but I'm not sure I understand the rationale behind a decision to purchase, right now and at this moment in time, or even if it was necessary.

That £124m now also commits further taxpayer funds to build new vessels, whether that be as major or minority shareholder.

IMO the elephant is Douglas Harbour, not the ferry operator. That £124m could have gone towards a total restructuring/rebuild of the harbour. It’s not fit for purpose and does not future proof (as best we can) ongoing marine services.

In the immortal words of Sgt Willson to Capt Mainwaring….. “Do you think that’s wise?”
 

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The SPCo has been run extremely profitably so I guess there will be a considerable amount of 'goodwill' to be paid within that £124m. The new company will need a certain amount of working capital but there would be no reason to change anything in the company structure. I wouldn't be holding my breath waiting for cheap fares though, the purchase will need to be paid for!

I have heard a rumour that our health services may well be taken over by the UK NHS too, so maybe we are slowly being absorbed?

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Evil pirate Fatbelly Quayle and his cut-throat crew have set sail on their new ship “The Bendy Tree”....

Fatbelly: “Haa haaar me hearties, break out the rum...I fancy me a noggin now I is captain of the Bendy Tree”

First mate “Misfire” Cannan: Cap’n...the rum rations have all been drunk by Swaggering Annie, Queen of the Harbours”

Fatbelly: “Curses...now that we is masters of our own fleet...and tell “Hotair” Thomas to keep ‘is scurvy hands off the Madmanin - we needs a top crew of pirates to make sure we is rakin’ in the treasure”.

Misfire: “Them knaves at the Steam Packet was the biggest nest of pirates I ever did see Cap’n...perhaps we should press-gang the lot of ‘em...

Fatbelly: “Aye...grand plan y’cunning dog...send a boat and raid Imperial Buildings afore they jump ship”

Cabin “Boy” Watterson: “Who’s steering this old tub...there’s no-one at the wheel...!”

Fatbelly: “Quiet y’landlubber wretch...there’s no danger or rocks when I’m the Cap...

CRUNCH...REND...SCREAM....SPLASH ...GLUB

  • Haha 6

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And at least the company can make its own mistakes. The two current ships were forced upon them by the previous owners, McQuarrie. The Mannanan had a defect and was bought back by the ship builders (McQuarrie owned) we inherited that defect.  

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20 minutes ago, Andy Onchan said:

I haven't read the article yet ...

I wouldn't let that worry you. This is the Manx Forums.

I don't know anything about this either but I'll have a turn anyhow. The (usual) nefarious Civil Servants angle has already been adequately addressed above - so I'll go with MF default conspiracy #2 on the list and predict that Buster and Vader were probably involved.

Edited by pongo
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24 minutes ago, Declan said:

If they were secretly planning on applying to join the UK that would make sense. UK takes over Health, Education, PS pensions and IOMG can claim their actions have saved those services plus guaranteed the key link to the Island. 

 

 

I think there is nothing more certain and it's probably already being drawn up by civil servants at the highest levels in Whitehall as we speak.  ^_^ Pongo. 

Edited by Lxxx

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In principal I agree to some form of sale but I just hope our relatively new MHK's and MLC's are not railroaded into a hasty decision by the old school members!!

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36 minutes ago, interestedman said:

On the order paper now [Tynwald website) http://www.tynwald.org.im/business/opqp/opqp/2018-PP-0079s.pdf - all the plans laid out including refinancing the purchase.  Looks like to Treasury is seeking to get their money back as quickly as possible and for the Govt to retain strategic control. Cannan also on Manx Net TV https://www.manx.net/tv/mt-tv/watch/85544/government-to-buy-steam-packet-

Methinks the Treasury Minister is being economical with the truth regarding the level of interest shown in the expressions exercise.    

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16 minutes ago, Andy Onchan said:

Methinks the Treasury Minister is being economical with the truth regarding the level of interest shown in the expressions exercise.    

I spoke to an individual of one the organisations who looked at it whose job it was to evaluate whether they expressed an interest or not, who would have been a good fit both geographically and professionally, and they shied away from it due to monopoly the Steam Packet had on the linkspan. 

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3 hours ago, NoTail said:

Good for IOM Govt to own it. But £124m?  Really? 

The steamy has no real assets. The boats need replacing,  I would have thought  £124 would be more reasonable. 

It seems to me that buying the Steampacket is akin to Brexit...How so?...Taking back control from off-Island dictatorial forces.....I have not yet seen what they are actually buying by way of hardware. But it seem that what they are doing is taking over the company so as to wrest it from the men in suits such as the hedge funds, the banks and other hangers on who stand in the way. They are probably grateful to be put of their misery as well!

I would like to see one of the top ship SNP (Sale and purchase brokers of which the City has some world class ones) value the "Ben" and the other craft. Then there is the value of the User Agreement. (I suppose)

They are buying it and not privatising it as so many wanted to do ...And that would have involved some compensation for loss of earnings.

I still get market briefing notes from the Baltic Exchange and whereas the shipping world sees the Steampacket as "a minor coastal trading company" (Often not even naming it!)...I would say that £124 million is a good deal in the overall scheme of the shipowning world... IF you want to be back in control, pay off the money lenders, direct your own destiny and ally that to an updated harbour infrastructure. The same which the rest of the global shipping world and its ships of larger sizes and greater sophistication can then make use of. 

The Island can call the shots, bring in new tonnage and while you are at it get some shoreside storage and warehousing facilities spread out.

Likewise, when all is done making the ferry service more attractive to visitors and locals would be good. I think on the face of it £124 million is not too excessive a price for taking back control of an essential service.

The Island will now be able to have its voice heard in all the world's shipping forums and gathering (OK more jolly trips for boys but...)

There are plenty of ship management companies to run it. Not that difficult! 

Now, let me see the Island join the Baltic Exchange and be truly part of the shipping fraternity having its voice heard. I have membership rights to the Exchange in St Mary Axe, City. Nice little club in the City. Pricey but...Hope to see you there! 

 

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1 hour ago, Max Power said:

 

I have heard a rumour that our health services may well be taken over by the UK NHS too, so maybe we are slowly being absorbed?

Why would the UK do that? Can't see it at all.

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