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Displaying items by tag: receivership

2nd February 2012

Fastnet Line Closes For Good

#FERRY NEWS - The Fastnet Line ferry service between Cork and Swansea is to close with the loss of 78 jobs.

As previously reported on Afloat.ie, the operator had been in examinership since last November, and a restructured business plan had been submitted with a view to resuming high-season service in April.

However, in a statement the owners of the Fastnet Line said they had been unable to raise the €1m-plus investment required and that the examinership had "failed".

All 78 jobs will be lost as the company is set to be placed in receivership or liquidation later today.

The Fastnet Line - which was worth around €30 million to Cork in tourist spending - made its maiden voyage from Swansea to Cork in 2010, and was the only direct passenger and freight link between Wales and the south coast of Ireland.

The Irish Times has more on the story HERE.

Published in Ferry

About Warrenpoint Port

The Original Port of Warrenpoint was constructed in the late 1770s and acted as a lightering port for the much larger Port of Newry.

Following the demise of Newry Port Warrenpoint Harbour Authority was created as a Trust Port by legislation in 1971. The modern Port was completed in 1974 when it covered 28 acres. Since then the port has expanded to its current size of approximately 53 Acres. The Authority has just completed a £22 Million capital infrastructure project (under the terms of a Service of General Economic Interest with the Department for Regional Development) that includes, the construction of a 300 Metres of Deep Water Quay (7.5 Metres C.D), new Ro-Ro berthing facilities, additional lands and covered storage facilities and a new 100 Tonne mobile crane.

  • Warrenpoint Port is the second largest port in Northern Ireland and the fifth-biggest on the island of Ireland.
  • Warrenpoint Harbour Authority was created as a Trust Port by legislation in 1971.
  • In 2018, the value of goods moving through Warrenpoint Port was £6.5 billion. The Port handled 3.56 million tonnes in 2017, increasing to 3.6m in 2018.
  • The port employs 70 staff directly and supports over 1,500 in the local economy.
  • In addition to serving the markets in Great Britain and the Republic of Ireland, the Port deals with imports and exports from countries and regions across the world including to Spain, Italy, Sweden, Belgium, Germany, Ukraine and the Americas.