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News

STATEMENT - IOM STEAM PACKET COMMENT ON OFT DECISION

12/8/2011

Chief Executive Mark Woodward:

'The Steam Packet Company is pleased to note that the long running Office of Fair Trading investigation has now closed. The Tynwald Select Committee in 2007 found that passenger fares were “very competitive” with other similar ferry companies, but were unable to objectively comment on freight charges, and suggested that the OFT consider this issue further.

‘The OFT investigation into freight charges has noted that the recent period of freight competition with Mezeron has had a considerable effect on the current trading position of the Company.

‘Accordingly, it has decided not to submit a report on the matter.

‘In recent years, the Steam Packet Company has experienced a number of protracted investigations into its affairs. These have absorbed considerable amounts of the Company's resources and diverted attention from the Company's principal objectives of providing a reliable and cost-effective service to Manx residents and visitors.

‘The Company hopes that it can now concentrate its efforts on that task without further diversions.'