ThankU Posted November 10, 2010 Share Posted November 10, 2010 How long will Tesco put up with the shit service, tonight's weather forecast ain't good for shipping I imagine they will put up with it just as they did when the SP didnt sail. Its not as if the SP ran a special Tesco airfreighting service if it was too rough to sail. The SP run two return sailings per day and they only missed one sailing, due to the tides at Heysham and not the weather, Mezeron run one per day and missed one, id say the SP had a better record. Maybe getting rid of the SP is a conspiracy to keep all the sad Manxies on the little sad Rock. Quote Link to comment Share on other sites More sharing options...
Chris Robertshaw Posted November 10, 2010 Share Posted November 10, 2010 (edited) Is the view that sufficient profits are being generated to increase the revenue reserves to cover this developing gap whilst still paying the annual interest cost of the bank loans as well as pay the management fees and some form of income for the investors? Seems a very big ask to me. That scenario was hardly possible prior to the Mezeron issue so is must be definitely impossible now? By way of an answer could I refer you to lines 950 to 955 of the select committee report from which I quote an extract Mr Quayle I am relieved to hear.............. that the user agreement is in place and there is no suggestion of a change, but obviously if recommendations from this select committee lead to OFT inquiries, which in turn raises the question of caps on fares or reduced freight fares or whatever..............it does raise questions with bankers, with shareholders.............. Edited November 10, 2010 by Chris Robertshaw Quote Link to comment Share on other sites More sharing options...
Sean South Posted November 10, 2010 Author Share Posted November 10, 2010 (edited) Is the view that sufficient profits are being generated to increase the revenue reserves to cover this developing gap whilst still paying the annual interest cost of the bank loans as well as pay the management fees and some form of income for the investors? Seems a very big ask to me. That scenario was hardly possible prior to the Mezeron issue so is must be definitely impossible now? By way of an answer could I refer you to lines 950 to 955 of the select committee report from which I quote an extract Mr Quayle I am relieved to hear.............. that the user agreement is in place and there is no suggestion of a change, but obviously if recommendations from this select committee lead to OFT inquiries, which in turn raises the question of caps on fares or reduced freight fares or whatever..............it does raise questions with bankers, with shareholders.............. Well, Government will have to pull their finger out on this one fairly fast. It's obvious that the SPCo cannot carry on long term as they are now if they are so reliant on the finite freight business and if Mezeron have long term ambitions.... Well, I'd say Mezeron/Dohle have a substantially healthier financial position to let this run in the long term. Decisive (but not foolish) action is needed. It would seem that the SPCo/Their Management are not able for tough competition so something needs to be changed or at least a sound and definite "plan b" needs to be devised by the Government. Edited November 10, 2010 by Sean South Quote Link to comment Share on other sites More sharing options...
ThankU Posted November 10, 2010 Share Posted November 10, 2010 (edited) No probs for this ferry http://www.guitarsolos.com/videos-ferry-in-bad-weather-%5BglRl8QNUPBM%5D.cfm What if the SP were doing a FlyBe, the boats half empty lets blame the weather and not sail to save money Edited November 10, 2010 by ThankU Quote Link to comment Share on other sites More sharing options...
Andy730 Posted November 10, 2010 Share Posted November 10, 2010 Maybe getting rid of the SP is a conspiracy to keep all the sad Manxies on the little sad Rock. Better a sad rock than the 3rd world country that the Ben visits mid-day and mid-night each day. Quote Link to comment Share on other sites More sharing options...
Trueblood Posted November 10, 2010 Share Posted November 10, 2010 If you consider current assets, they have the £60m due from related parties. How liquid are these debtor balances. Assuming the majority of this balance relates to its parent, MIOM, then if this company is carrying and servicing the £230m bank loan and is struggling to meet its obligations, then it is in no position to cover its debt to SPIOM making the figure in SP's balance sheets worthless! Quote Link to comment Share on other sites More sharing options...
Nosferatu Posted November 10, 2010 Share Posted November 10, 2010 No probs for this ferry http://www.guitarsolos.com/videos-ferry-in-bad-weather-%5BglRl8QNUPBM%5D.cfm What if the SP were doing a FlyBe, the boats half empty lets blame the weather and not sail to save money Hehe I bet a few puke bags were dished out on that sailing . Bit confused as to the abundance of shipping videos on a guitar website though Quote Link to comment Share on other sites More sharing options...
Barrie Stevens Posted November 10, 2010 Share Posted November 10, 2010 The IOMSP can Charter in ships and have done for a few years, TT period they normally charter extra ships and at times when the Ben is being in Dock for a refit. There may be a restriction on the SP as to how many charters they can have coming into Douglas. Tesco must be well pissed off now, Mezzies boat still not in http://www.gov.im/tourism/webcam/webcam.aspx?webcam=3 Oh shes in Now We speak of charter on a long term basis not as and when required such as TT. This was covered in my post. It might help if the Steampacket could charter bare-boat which is like a lease and means you do not have to buy. This might relieve capital and yet retain essential IOM services. Quote Link to comment Share on other sites More sharing options...
Barrie Stevens Posted November 10, 2010 Share Posted November 10, 2010 Who will you be sailing with in 2013? The IOMSPC - just not with it's current owners or massive debt, or possibly even it's current boats. It is MIOM which is going to have the problem and the IOMSPC will be sold off for a fraction of what the current owners paid for it. Even if it only make £1million a year it will still be attractive to someone. I think Gilf-UK has given a very accurate summary of the state of affairs. Regardless of who holds the debt it is still ultimately to be paid and paid out of the revenue generated by the IOMSPCo. As Gilf-UK states, the operating company will most likely survive albeit with different owners/Management and I, for one, believe that wouldn't be so bad. Now, The Government needs to get down to some serious legislating concerning the regulation of their sea (and air) carriers and their ability to operate sensibly and finance themselves. They need to look at some form of rules that the assets, particularly Government contracts/agreements, may not be used to generate massive debt that threatens the survival of the service. And as Gilf-Uk also says the company may only, theoretically (and extremely conservatively), return a profit of a million pounds but that would be attractive to some operators. The Government needs to realise that the right to operate sea and air travel/cargo for the island is a major asset to the Island and not a favour performed by the carriers contrary to the spiel they (the carriers) try to feed us. One has EU and global obligations and not least the attitude of bankers and financiers compounded with their attitude to the Island as a financial centre. Your life is not your own anymore! Quote Link to comment Share on other sites More sharing options...
macmannin Posted November 10, 2010 Share Posted November 10, 2010 What about protocol 3 Barrie,Protocol 3!!!!!!! Quote Link to comment Share on other sites More sharing options...
Andy730 Posted November 10, 2010 Share Posted November 10, 2010 No probs for this ferry http://www.guitarsolos.com/videos-ferry-in-bad-weather-%5BglRl8QNUPBM%5D.cfm What if the SP were doing a FlyBe, the boats half empty lets blame the weather and not sail to save money Hehe I bet a few puke bags were dished out on that sailing . Bit confused as to the abundance of shipping videos on a guitar website though Following on from that video, the Smyril ferry looks very similar to the Ben (link on the right of the page), and the video from inside is a bit of an eye opener Quote Link to comment Share on other sites More sharing options...
oldmanxfella Posted November 10, 2010 Share Posted November 10, 2010 (edited) We speak of charter on a long term basis not as and when required such as TT. This was covered in my post. It might help if the Steampacket could charter bare-boat which is like a lease and means you do not have to buy. This might relieve capital and yet retain essential IOM services. Look what happens when iomtoday.co.im stops allowing comments; its long term resident nutjob / loony / writer of long boring diatribes that nobody is interested in immediately registers here. Nobody is interested in your whack-job theories Barrie. There's enough angry nutters on here already and most of them actually live here. You don't so why don't you just sod off? You could call that protocol 4; the right of the Manx people to passport boring nutters throughout Europe. Edited November 10, 2010 by oldmanxfella Quote Link to comment Share on other sites More sharing options...
Barrie Stevens Posted November 10, 2010 Share Posted November 10, 2010 What about protocol 3 Barrie,Protocol 3!!!!!!! I have run fleets of ships from London, Calcutta, Hong Kong and Houston. You have not done so and know nothing on the subject. But when you on that Island give up physical control of Manx shipping and essential cargo interests via Tynwald's supine attitude (ie abandoning the Linkspan Agreement) and betraying the Steampacket (or its privileged successors) then your Island will slowly die under EU subjugation. Controlling the maritime lifeline is all you have left in the long-term. Smart-Alec comments will end in empty shop shelves. I am trying to help you! Quote Link to comment Share on other sites More sharing options...
Barrie Stevens Posted November 10, 2010 Share Posted November 10, 2010 We speak of charter on a long term basis not as and when required such as TT. This was covered in my post. It might help if the Steampacket could charter bare-boat which is like a lease and means you do not have to buy. This might relieve capital and yet retain essential IOM services. Look what happens when iomtoday.co.im stops allowing comments; its long term resident nutjob / loony / writer of long boring diatribes that nobody is interested in immediately registers here. Nobody is interested in your whack-job theories Barrie. There's enough angry nutters on here already and most of them actually live here. You don't so why don't you just sod off? Really? And after all the ships I have run and and chartered? All the articles and books I have published? I am trying to save you from yourselves! Quote Link to comment Share on other sites More sharing options...
mannin1 Posted November 10, 2010 Share Posted November 10, 2010 (edited) We speak of charter on a long term basis not as and when required such as TT. This was covered in my post. It might help if the Steampacket could charter bare-boat which is like a lease and means you do not have to buy. This might relieve capital and yet retain essential IOM services. Look what happens when iomtoday.co.im stops allowing comments; its long term resident nutjob / loony / writer of long boring diatribes that nobody is interested in immediately registers here. Nobody is interested in your whack-job theories Barrie. There's enough angry nutters on here already and most of them actually live here. You don't so why don't you just sod off? Diatribes maybe but sometimes the man talks absolute and knowledgable sense. Edited November 10, 2010 by mannin1 Quote Link to comment Share on other sites More sharing options...
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