Covid: Isle of Man ferry operator receives £5m treasury boost
- Published
The Isle of Man's loss-making ferry operator has been given an additional £5m by the treasury.
Isle of Man Steam Packet Company recorded a £10.5m loss in 2020 as a result of the impact of Covid-19 restrictions.
Treasury Minister Alfred Cannan said the additional "equity investment" would "address the commercial impact of the pandemic".
Losses had been a result of maintaining "lifeline services", he added.
'Vital service'
In financial statements for 2020, Steam Packet directors said traffic had reduced by up to 95% as the result of 35 weeks of strict border controls.
That drop, coupled with the cancellation of the TT races, led to a £25m decrease in passenger revenue along with a further £1.6m on freight services.
Mr Cannan said the company had provided a "vital service" during a "difficult period" without claiming any emergency support from the government.
"The maintenance of these services has come at a cost to the company, above that which it may have incurred had it operated services on purely commercial grounds," he added.
The island's border was closed to almost all non-residents in March 2020, and full lockdown restrictions were in place until 16 June that year.
Although travel restrictions were eased for fully vaccinated visitors on 28 June, those who have not had two jabs must still adhere to a testing and isolation regime on arrival.
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