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Displaying items by tag: Finance Wales

#FERRY NEWS - The operators of the Celtic Sea ferry route between Cork-Swansea need to secure over €1m in investment today in order to save the company after being thrown a €300,000 funding lifeline by Cork's local authorities.

Cork City Council agreed last night to invest €100,000 in the Fastnet Line, bringing its total investment in the company to €365,000.

It followed a 90-minute behind closed doors presentation by Fastnet Line's acting chief executive officer, Pádraic O'Kane. He is due to meet Enterprise Ireland this morning to discuss further investment. He declined to discuss the amount involved, but it is understood to be in the region of €400,000.

Finance Wales will await the outcome of those talks before it agrees to pump up to €800,000 in to the firm. For more about this story in today's Examiner click HERE

Published in Ferry

About Quarter Tonners

The Quarter Ton Class is a sailing class of the International Offshore Rule racing the Quarter Ton Cup between 1967 and 1996 and from 2005 until today.

The class is sailed by smaller keelboats of similar size and is likely the world's most-produced keelboat class.

The Ton, Half, Quarter, etc. 'classes' were each given a 'length' and yacht designers had almost free rein to work the hull shapes and measurements to achieve the best speed for that nominal length.

The Ton Rules produced cranky and tender boats without actual downwind speed. Measurement points created weird, almost square hull shapes with longish overhangs.

They were challenging to sail optimally and lost value very quickly as any new wrinkle (e.g. 'bustles') to take advantage of the rule made older boats very quickly uncompetitive.

Although its heyday was 30 years ago, the boat class continues to make its presence felt by holding its own in terms of popularity against some fern race fleets.