Mezeron & Steam Packet Master Thread

[John Wright]

It is my understanding that monopolies and subsidies can be used and are legal subject to very strict rules about open competitive tendering and regulation creating a quasi market.

[Sean South]

It is my understanding that monopolies and subsidies can be used and are legal subject to very strict rules about open competitive tendering and regulation creating a quasi market.

So was the operation of sea freight/pax transport ever put out to tender? I can't remember what hppened when the UA came about.

[Andy Onchan]

Does anyone on this forum have a copy of the last AR for IOMSOCo or at least had sight of same?

[b4mbi]

Does anyone on this forum have a copy of the last AR for IOMSOCo or at least had sight of same?

 

 

Why don't you purchase it from the Companies Registry?

[Andy Onchan]

Does anyone on this forum have a copy of the last AR for IOMSOCo or at least had sight of same?

 

 

Why don't you purchase it from the Companies Registry?

 

If no one comes forward then I will.....

[John Wright]

It is my understanding that monopolies and subsidies can be used and are legal subject to very strict rules about open competitive tendering and regulation creating a quasi market.

So was the operation of sea freight/pax transport ever put out to tender? I can't remember what hppened when the UA came about.

 

but any renegotaiation will have to be to be certain that its legal

[Andy Onchan]

Does anyone on this forum have a copy of the last AR for IOMSOCo or at least had sight of same?

 

 

Why don't you purchase it from the Companies Registry?

 

If no one comes forward then I will.....

Within the last couple of days IOMSCPCo's name has been removed from the Macquarie European Infrastructure Fund 2 list of investments. Anybody have any idea why?

[b4mbi]

Within the last couple of days IOMSCPCo's name has been removed from the Macquarie European Infrastructure Fund 2 list of investments. Anybody have any idea why?

 

They've written off the value of the investment??

[Sean South]

Within the last couple of days IOMSCPCo's name has been removed from the Macquarie European Infrastructure Fund 2 list of investments. Anybody have any idea why?

 

They've written off the value of the investment??

Or else it's been moved to/taken over by another fund/subsidiary etc?

[Andy Onchan]

Within the last couple of days IOMSCPCo's name has been removed from the Macquarie European Infrastructure Fund 2 list of investments. Anybody have any idea why?

 

They've written off the value of the investment??

Unlikely. But it's interesting in the respect that the current IOMSPCo is a NMV entity, the M&A's of which might reveal the true intention of the owners.

 

IMO, FWIW the company is what it is, a shell company. In other words the company is a cash cow for the Macquarie empire. This is underscored by the Macquarie European Infrastructure Fund 2 opening statement in their introduction to the Fund:

 

Macquarie European Infrastructure Fund 2 (MEIF 2) was launched following the success of MEIF 1, to take advantage of the growing number of infrastructure investment opportunities within the expanding European Union. MEIF 2 is a €4.6bn wholesale fund that invests in businesses which:

 

* provide an essential service to the community

* have a strong competitive position

* generate stable cashflows over the long term.

 

Let's be clear, this is most definitely not the IOMSPCo that we may think or want to believe it is. They have IOM Government over a barrel because it's an "essential service" and of course their "strong competitive position" is supported by the UA and, as far as cashflows are concerned, it's more or less a licence to print money, a cash cow with no intention of putting reserves aside for future investment. No wonder the management, employees and unions are squealing like stuck pigs in equal measure.

 

I'm probably only repeating what has been mentioned before on this subject so apologies if you've read it before! f the Government doesn't learn any lessons from this episode then it never will.

 

I say let the market decide what happens next.

[Sean South]

The latter part of your points above have pretty much been covered already ad nauseum. I agree with you that market forces must be allowed to decide the outcome and Governments only inout should be to devise a contingency strategy in the event of any failures.

[b4mbi]

Andy,

 

I think you're misreaading the situation.

 

It is the owners (shareholderes) that are over a barrel to their financing banks, and stand to lose their investment.

 

Only problems this creates for IOMGov is the electorate's expectation of cheap, regular and reliable passenger/vehicle sailings.

 

If IOMSPC stick to the minimum terms of the UA in an attempt to save costs, then inevitably this will lead to price increases and frequency decreases.

 

Of course, depends on what fares the UA allows IOMSPC to charge. If that is too much, then IOM Gov have problem as they will face pressure from electorate to "do something"

 

I think the market will sort this one out, most likely with IOMSPC being purchased at a bargain price by new owners, in conjunction with a re-writing of the UA which would provide transparency in terms of pricing and returns to investors.

[John Wright]

Headline fares/prices are controlled under the UA. However with fewer sailings there will be fewer cheap fares. 80% of all tickets are discounted and not at the UA price

[Amadeus]

More union drum banging

 

http://www.manxradio.com/newsread.aspx?id=49039

 

Unions representing Steam Packet workers are calling on the Isle of Man government to act on what they say are 'slave wages' paid by rival freight firm Mezeron.

 

http://www.three.fm/newscentre/isle-of-man-news/unions-to-meet-with-mhks-today-to-discuss-future-of-steam-packet-2651

 

It's the opinion of the unions that the Manx Government should have done more to safeguard the Steam Packet against this competition.

 

Infrastructure Minister Phil Gawne has said he feels the problems lie with the Steam Packet's significant debts, an opinion shared by some of his fellow MHKs.

 

 

Maybe the Union should listen more and shout less - what exactly do they want the government to do? Bend the rules, scare off everyone else and in the process destroy any reputation the Manx Flag of Convenience may have had?

[kevster]

Unions representing Steam Packet workers are calling on the Isle of Man government to act on what they say are 'slave wages' paid by rival freight firm Mezeron.

I don't think Mezeron pay them - they just charter the boat and it's the boat owners who deal with paying the crew