Covid: Isle of Man ferry operator loses £10m due to pandemic

Ferry sailings were reduced as a result of the island's border restrictions

The Isle of Man Steam Packet Company lost more than £10.5m in 2020 as a result of the coronavirus pandemic, new financial statements have revealed.

The ferry operator said border restrictions and the cancellation of the TT had "a very significant effect".

The border was closed to almost all non-residents in March 2020, and lockdown restrictions were imposed until 16 June that year.

The treasury would provide financial help as a result, the company said.

In financial statements for 2020, Steam Packet directors said a 35-week period of strict border controls had cost the company £25m in passenger revenue as traffic reduced by up to 95%.

A reduction in freight services had resulted in a further loss of £1.6m.

However, a reduced sailing schedule, which concentrated on "lifeline sailings", had led to savings of £10.8m, and non-essential spending was also suspended during the period.

The effect on the government-owned company's finances would continue for as long as any travel restrictions were in place, the directors added.

Although border restrictions were relaxed on 28 June for the fully vaccinated, those who are not eligible are still subject to a testing and isolation regime on arrival.