Displaying items by tag: RoRo freighter

30th September 2022

Isle of Man Steam Packet Buys Ro-Ro Freight Ferry

The Isle of Man Steam Packet has bought a cargoship (ro-ro freight ferry), which it had previously been using under a longstanding charter agreement, for €9 million.

According to Isle fo Man Today, when the MV Arrow’s current owner said it wanted to sell the vessel, the Steam Packet negotiated the option to buy it, financing the acquisition using existing company resources.

Packet managing director Brian Thomson said: ‘The MV Arrow has proven to be an extremely valuable back-up for our vital island services. Securing her ownership will provide continuing service security and resilience for freight traffic, especially during events such as the TT, Manx Grand Prix and other peak travel periods.’

The original charter of the vessel was secured by the company in September 2013 with the original agreement containing the option to buy that has now been used.

Afloat adds the Arrow operates on the Douglas-Heysham route, the main link between the Island and the UK.

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.