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Displaying items by tag: Profits PostPandemic

A return to profit for the Isle of Man Steam Packet Company has been recorded for the first time in three years.

The ferry operator currently with a fleet of four, which became owned by the Manx government in 2018, made an £11m profit in 2022, following a £3.2m loss the previous year.

The double digit profit figure represents a significant upturn in the Steam-Packet's fortunes, which at the peak of the Covid-19 pandemic in 2020, saw a loss of more than £10.5m.

Such losses had stemmed from border closures during the pandemic. In addition the need to provide freight services so to enable essential lifeline supplies during that period.

It is now almost 17 months since the remaining Covid restrictions were lifted on 1 April 2022.

BBC News has more on the Steam Packet's directors' report and including in the same year when the company acquired the relief ro-ro freight vessel MV Arrow for about £8m.

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.