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Displaying items by tag: Big Losses

The Manx state-owned ferry operator, the Isle of Man Steam Packet Company lost tens of millions of pounds in revenue in the first year of the Covid pandemic.

Significant losses to both passenger and freight revenues are outlined in the directors’ report and financial statement for the year ending December 31, 2020, which will be laid before this month’s Tynwald sitting.

It says the government’s decisions to cancel the TT and Festival of Motorcycling in 2020 and 2021, and to impose travel restrictions on all visitors, had a very significant effect on passenger revenues and cashflows.

Thirty-five weeks of Covid-related travel restrictions in 2020 resulted in the loss of about £25m passenger revenues including the cancellation of both that year’s TT and Festival of Motorcycling.

Isle of Man Today has more on the story. 

Published in Ferry

Shipyards

Afloat will be focusing on news and developments of shipyards with newbuilds taking shape on either slipways and building halls.

The common practice of shipbuilding using modular construction, requires several yards make specific block sections that are towed to a single designated yard and joined together to complete the ship before been launched or floated out.

In addition, outfitting quays is where internal work on electrical and passenger facilities is installed (or upgraded if the ship is already in service). This work may involve newbuilds towed to another specialist yard, before the newbuild is completed as a new ship or of the same class, designed from the shipyard 'in-house' or from a naval architect consultancy. Shipyards also carry out repair and maintenance, overhaul, refit, survey, and conversion, for example, the addition or removal of cabins within a superstructure. All this requires ships to enter graving /dry-docks or floating drydocks, to enable access to the entire vessel out of the water.

Asides from shipbuilding, marine engineering projects such as offshore installations take place and others have diversified in the construction of offshore renewable projects, from wind-turbines and related tower structures. When ships are decommissioned and need to be disposed of, some yards have recycling facilities to segregate materials, though other vessels are run ashore, i.e. 'beached' and broken up there on site. The scrapped metal can be sold and made into other items.