Mezeron & Steam Packet Master Thread

[manshimajin]

But those figures are from 2006 when the island was in the middle of a massive building boom with most of the materials and vehicles plant coming on the packet ships. not quite the same scenario now is it?

Which begs the questions - did they see competitive changes coming as the market got tougher and what steps did they take to manage in less economically profligae times?

[metisse]

Maybe with timber and bulky materials, but with building comes tradesmen and there vehicles/vans i think people underestimate just how much of our things arrive on the boat.

[Monkey boy]

anyone remember this

http://www2.iomtoday.co.uk/pdfs/Revenue%20and%20Profit.pdf

But those figures are from 2006 when the island was in the middle of a massive building boom with most of the materials and vehicles plant coming on the packet ships. not quite the same scenario now is it?

It's still a bloody disgrace, this is why we need a FOI act, now.

[Lost Login]

It's still a bloody disgrace, this is why we need a FOI act, now.

 

I thought a freedom of information act only applies to obtainig information from the Govt. Accordingly the SP is a private company so would be unaffected

[Fulltide]

anyone remember this

http://www2.iomtoday.co.uk/pdfs/Revenue%20and%20Profit.pdf

But those figures are from 2006 when the island was in the middle of a massive building boom with most of the materials and vehicles plant coming on the packet ships. not quite the same scenario now is it?

It's still a bloody disgrace, this is why we need a FOI act, now.

 

How is your FOI now son.

 

Cheers

[Sean South]

I think Bill Malarkey has summed it up the way most of us are thinking:

Management to blame for Packet problems - MHK

www.manxradio.com Published online at 08/11/2010 02:40:16

South Douglas MHK Bill Malarkey

 

South Douglas MHK Bill Malarkey believes the Steam Packet needs to look at itself, and not elsewhere, if it wants to move forward in the face of new competition.

 

The company is examining its options after losing some of its major freight custom to a rival container-based daily service, between Douglas and Liverpool, set up by Ramsey-based Mezeron.

 

The Steam Packet has used the freight side of its business to subsidise passenger services, and it's being suggested the latter could now be cut.

 

However, Mr Malarkey believes the real problem lies in the fact the company is servicing massive loans, taken out by its parent company McQuarrie.

 

He is telling Steam Packet staff who issued flyers over the weekend, outlining their concerns, to look at their own management (play audio file):

 

Mr Malarkey also says he has never been happy with the user agreement between the Manx government and the Steam Packet, and it is now longer fit for purpose.

 

* Listen To Related Audio Clip

 

[gilf_uk]

anyone remember this

http://www2.iomtoday.co.uk/pdfs/Revenue%20and%20Profit.pdf

 

Yes - but as I said the figures are skewed (i.e. they shot themselves in the foot) by the fact there is no financing costs whatsoever in that profit figure. The profit is then paid upstream to the parent company in the form of a dividend and it is the parent company which then pays the financing costs and passes on the actualy profit which is lower.

 

NOW - I very much doubt that none of the other ferry companies have **no** debt, in comparison, and even the 2nd select committee agreed that this original comparison was unfair.

 

The actual return of investment that MacQuarie was getting (at the time) was 4%.

 

ETA - **no**

Edited November 8, 2010 by gilf_uk

[Sean South]

anyone remember this

http://www2.iomtoday.co.uk/pdfs/Revenue%20and%20Profit.pdf

 

Yes - but as I said the figures are skewed (i.e. they shot themselves in the foot) by the fact there is no financing costs whatsoever in that profit figure. The profit is then paid upstream to the parent company in the form of a dividend and it is the parent company which then pays the financing costs and passes on the actualy profit which is lower.

 

NOW - I very much doubt that none of the other ferry companies have **no** debt, in comparison, and even the 2nd select committee agreed that this original comparison was unfair.

 

The actual return of investment that MacQuarie was getting (at the time) was 4%.

 

ETA - **no**

But the difference is that none of the other companies operating in the Irish Sea area have, effectively, mortgaged themselves up to the hilt on the strength of, arguably, a useless piece of paper. Also none of the other companies have been operating in a monopoly situation for the past twenty years and have other routes to fall back on hence they are better positioned to deal with competition.

[mikeldn]

Nice to see Tesco's overnight delivery just arriving at the harbour. Would have been empty shelves in Tesco's today if it was up to the IOMSPC as they cancelled last nights sailing!!

[gilf_uk]

Nice to see Tesco's overnight delivery just arriving at the harbour. Would have been empty shelves in Tesco's today if it was up to the IOMSPC as they cancelled last nights sailing!!

 

and THAT blows the reliability argument out of the water! Fantastic!

 

M&S will be next to switch then.....

[monasqueen]

But the difference is that none of the other companies operating in the Irish Sea area have, effectively, mortgaged themselves up to the hilt on the strength of, arguably, a useless piece of paper.

 

A "useless piece of paper" that was once, apparently, worth £220m.

 

The value now seems to have fallen just a little, hence the squeals.

 

I don't suppose the lender will be any too pleased to find that the security for their loan has suddenly reduced in value.

[Lost Login]

I think Bill Malarkey has summed it up the way most of us are thinking:

Management to blame for Packet problems - MHK

www.manxradio.com Published online at 08/11/2010 02:40:16

 

South Douglas MHK Bill Malarkey believes the Steam Packet needs to look at itself, and not elsewhere, if it wants to move forward in the face of new competition.

 

However, Mr Malarkey believes the real problem lies in the fact the company is servicing massive loans, taken out by its parent company McQuarrie.

 

He is telling Steam Packet staff who issued flyers over the weekend, outlining their concerns, to look at their own management (play audio file):

 

It may be how you are thinking but not necessarily the rest of us.

 

It is also totally contradictory in that he says the real problem are the loans taken out by the parent company McQuarrie and then blames the SP and its Management. As the subsidiary company The SP and its mangement have absolutely no control over the debt as that is in the parent company so why is he blaming the SP and the management over the level of debt of the parent. It is rather like blaming me if I had a mortgage with RBS over the finances of RBS

Edited November 8, 2010 by Lost Login

[gilf_uk]

I think Bill Malarkey has summed it up the way most of us are thinking:

Management to blame for Packet problems - MHK

www.manxradio.com Published online at 08/11/2010 02:40:16

 

South Douglas MHK Bill Malarkey believes the Steam Packet needs to look at itself, and not elsewhere, if it wants to move forward in the face of new competition.

 

However, Mr Malarkey believes the real problem lies in the fact the company is servicing massive loans, taken out by its parent company McQuarrie.

 

He is telling Steam Packet staff who issued flyers over the weekend, outlining their concerns, to look at their own management (play audio file):

 

It may be how you are thinking but not necessarily the rest of us.

 

It is also totally contradictory in that he says the real problem are the loans taken out by the parent company McQuarrie and then blames the SP and its Management. As the subsidiary company The SP and its mangement have absolutely no control over the debt as that is in the parent company so why is he blaming the SP and the management over the level of debt of the parent. It is rather like blaming me if I had a mortgage with RBS over the finances of RBS

 

There is a mixed board (overlap) of Directors between SPCO and MIOM (holder of the debt) therefore I think to blame the management is correct. They are Directors of the company and therefore responsible for it's actions.

 

It could also be said that management are responsible in the sense of the business and PR decisions it has made, i.e. going after their customers business and allowing MW anywhere near a microphone.

[caprineus]

Nice to see Tesco's overnight delivery just arriving at the harbour. Would have been empty shelves in Tesco's today if it was up to the IOMSPC as they cancelled last nights sailing!!

Yes, and the Kalana left Liverpool around 6pm last night. I observed her sheltering off the East coast of Anglesey late last night and sailing North towards the Island this morning. The crews of these Estonian vessels are not afraid to set sail in rough weather in contrast to the crap that we have nowadays at the SPC - they seem able only to hand out flyers at Tesco.

[pongo]

Yes, and the Kalana left Liverpool around 6pm last night. I observed her sheltering off the East coast of Anglesey late last night

 

Hiding from Australian U-boats.