Displaying items by tag: 2020

13th July 2021

Isle of Man Steam Packet Loses £10.5m in 2020

The Manx ferry company loses £10.5m for last year.

The cancellation of TT and Covid restrictions have been blamed for the deficit.

As Manx Radio reports, the government-owned ferry operator lost more than £10.5 million last year.

The Isle of Man Steam Packet Company's accounts have been published ahead of this month's Tynwald sitting.

The figures show the firm lost £10,561,803 in 2020, compared to a profit of just under £10 million the year before.

The report says the cancellation of the TT, as well as ongoing Covid restrictions have had a 'very significant effect' on its income.

Further reading here including a podcast.

Published in Ferry

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Tax Credit to Be Introduced By Government for Sea-Going Naval Personnel

Serving members of the Irish Naval Service who spend at least 80 days at sea will be eligible

A special tax credit by the Government is to introduced for sea-going naval personnel from next year.

Serving members of the Naval Service, who spend at least 80 days at sea, will be eligible for the credit worth €1,270 per annum.

It will be introduced into the Dáil by way of an amendment to the Finance Bill tomorrow.

The challenges facing the Defence Forces over pay, conditions, recruitment and retention have been getting increased attention over the past year.

Minister for Defence Paul Kehoe said the introduction of a special tax credit for sea-going naval personnel is a step towards addressing those challenges.

For more RTE News reports here.

Published in Navy

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Shannon Foynes Port Information

Shannon Foynes Port (SFPC) are investing in an unprecedented expansion at its general cargo terminal, Foynes, adding over two-thirds the size of its existing area. In the latest phase of a €64 million investment programme, SFPC is investing over €20 million in enabling works alone to convert 83 acres on the east side of the existing port into a landbank for marine-related industry, port-centric logistics and associated infrastructure. The project, which will be developed on a phased basis over the next five years, will require the biggest infrastructure works programme ever undertaken at the port, with the entire 83 acre landbank having to be raised by 4.4 metres. The programme will also require the provision of new internal roads and multiple bridge access as well as roundabout access.