Nathans Auditor of Swansea-Cork Ferry Ops

Monday, October 12, 2009

Ireland-based accountant and consultant Moore Stephens Nathans has been appointed auditor to the group of companies recently set up under the name Fastnet Line to operate a new passenger and freight ferry link between Swansea in Wales and Cork in Ireland. The service is scheduled to begin on March 1, 2010, providing the first crossing since 2006.

The cessation of the old Swansea-Cork ferry operation in 2006 caused an estimated annual loss of $51.7 to businesses in Ireland, which relied on the service to bring large numbers of UK and EU tourists into the south-west of the country. Since the service ended, a number of lobby groups in both Ireland and Wales have been campaigning for a return of the ferry link, the absence of which has involved an additional three-to-four hours’ travel from Rosslare, the closest alternative port to Cork, for motorists and hauliers. The new year-round service will take approximately ten hours and will offer most hauliers and motorists a round-trip saving of more than 600km over alternative sea crossings.

To operate the service, Fastnet Line has acquired the 1982-built ferry Julia at a cost of $11.5m, $9.3m of which was funded by Aktia Bank in Finland. The 505.2-ft long vessel has capacity over ten decks for 1,860 passengers, 440 cars and 30 trailers, with more than 300 passenger cabins. It has most recently been operating between Helsinki and St Petersburg.

Ned Murphy, a partner with Moore Stephens Nathans, said, “There has been a strong and growing demand for the Swansea-Cork ferry operation to be resurrected, and we are delighted to be involved in the project as auditors on behalf of the investors. Approximately Euros2.5m was raised as equity from a share subscription in the West Cork Tourism Co-op, with each member contributing Euros10, 000. An additional Euros2.5m is expected to be raised, primarily for working capital purposes, by way of secured bonds in slots of Euros50, 000, each returning a coupon (interest payment) of ten per cent per annum, repayable after four years.

“The Fastnet Line is set to have a very positive impact on the economy of south-west Ireland when it begins operating in March next year. Provisional projected turnover for 2010 is Euros8.9m, rising to Euros12.1m in 2013.”

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

VT Halter Begins Building LNG-powered ConRo Ships for Crowley

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), has commenced construction on the first of two liquefied natural gas (LNG)-powered,

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

ISS Manages Heavy-lift Project at Port of Mombasa

Inchcape Shipping Services (ISS) announced it has completed another complex heavy-lift project in Africa, this time at the Port of Mombasa in Kenya. ISS was

Passenger Vessels

GOST Security System thwarts Break-in

GOST (Global Ocean Security Technologies), announced that its GOST Insight HD GPS Security System was instrumental in foiling the theft of electronics onboard a powerboat in Aventura, Florida.

Catamaran Passenger Ferries Delivered in Angola

Incat Crowther announced the delivery a pair of 30m catamaran passenger ferries, Macôco and Panguila, to Instituto Marítimo e Portuário de Angola. The vessels, built by Astilleros Armon in Spain,

Cruise Ship Returns to Texas after Ebola Concern

The Carnival Magic cruise ship was en route back to the United States on Saturday with a passenger from Texas who might have handled specimens of the first Ebola

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2020 sec (5 req/sec)