Menu

Ireland's sailing, boating & maritime magazine

Displaying items by tag: investment

2nd February 2012

Fastnet Line Closes For Good

#FERRY NEWS - The Fastnet Line ferry service between Cork and Swansea is to close with the loss of 78 jobs.

As previously reported on Afloat.ie, the operator had been in examinership since last November, and a restructured business plan had been submitted with a view to resuming high-season service in April.

However, in a statement the owners of the Fastnet Line said they had been unable to raise the €1m-plus investment required and that the examinership had "failed".

All 78 jobs will be lost as the company is set to be placed in receivership or liquidation later today.

The Fastnet Line - which was worth around €30 million to Cork in tourist spending - made its maiden voyage from Swansea to Cork in 2010, and was the only direct passenger and freight link between Wales and the south coast of Ireland.

The Irish Times has more on the story HERE.

Published in Ferry

#BUDGET - Coastguard and lifeboat services, mountain rescue and the Commissioners of Irish Lights will not face any further funding cuts in the latest Budget, according to the Minister for Transport.

The Irish Times reports that, following the reduction of his department's budget, Minister Leo Varakdar stated that substantial cuts have already occurred in the maritime safety sector.

Moreover, he announced an increase in the maritime budget from €70.5 million to €80.3 million, due to provisions for the new Irish Coast Guard helicopter contract.

Earlier this week, Minister for Agriculture, Food and the Marine, Simon Coveney, underlined the importance of the marine sector to Ireland's coastal communities.

As previously reported on Afloat.ie, Minister Coveney announced a round of expenditure estimates on Monday which include increased funding for investment in processing, aquaculture and fishery harbours.

Published in Budget
Two students at NUI Galway have won a €15,000 investment in an enterprise competition for their website promoting surfing in Ireland.
Oisin Halpin and Cian Brassil of WestCoastSurfer.com took the top prize at the NUI Galway Student Enterprise Awards earlier this month, with judges convinced by their brand and ability to attract investment to the region, according to Silicon Republic.
“WestCoastSurfer.com has huge growth potential and is well grounded in commercial reality with great opportunities for the West of Ireland,” said chairperson of the judging panel Helen Ryan.

Two students at NUI Galway have won a €15,000 investment in an enterprise competition for their website promoting surfing in Ireland.

Oisin Halpin and Cian Brassil of WestCoastSurfer.com took the top prize at the NUI Galway Student Enterprise Awards earlier this month, with judges convinced by their brand and ability to attract investment to the region, according to Silicon Republic.

“WestCoastSurfer.com has huge growth potential and is well grounded in commercial reality with great opportunities for the West of Ireland,” said chairperson of the judging panel Helen Ryan.

Published in Surfing
Scotland's west coast will be home to the world's largest tidal power facility, it has been announced.
The £40 million (€45.9 million) 10MW tidal array, to be developed by ScottishPower Renewables in the Sound of Islay, will generate power for more than 5,000 homes.
Scottish Cabinet Secretary for Finance John Swinney, who signed off on the deal, described the project as "a milestone in the global development of tidal energy".
"Scotland's seas have unrivalled potential to generate green energy, create new, low carbon jobs, and bring billions of pounds of investment to Scotland," he said.
The project comes in tandem with the consultation process for the Scottish government's National Marine Plan, intended to highlight the best opportunities for investment across all marine industries.
Energy & Environmental Management has more in the story HERE.

Scotland's west coast will be home to the world's largest tidal power facility, it has been announced.

The £40 million (€45.9 million) 10MW tidal array, to be developed by ScottishPower Renewables in the Sound of Islay, will generate power for more than 5,000 homes.

Scottish Cabinet Secretary for Finance John Swinney, who signed off on the deal, described the project as "a milestone in the global development of tidal energy".

"Scotland's seas have unrivalled potential to generate green energy, create new, low carbon jobs, and bring billions of pounds of investment to Scotland," he said.

The project comes in tandem with the consultation process for the Scottish government's National Marine Plan, intended to highlight the best opportunities for investment across all marine industries. 

Energy & Environmental Management has more on the story HERE.

Published in Power From the Sea
Page 2 of 2

About The Middle Sea Race

The Rolex Middle Sea Race is a highly rated offshore classic, often mentioned in the same breath as the Rolex Fastnet, The Rolex Sydney–Hobart and Newport-Bermuda as a 'must do' race. The Royal Malta Yacht Club and the Royal Ocean Racing Club co-founded the race in 1968 and 2007 was the 28th Edition. Save for a break between 1984 and 1995 the event has been run annually attracting 25–30 yachts. In recent years, the number of entries has rissen sharply to 68 boats thanks to a new Organising Committee who managed to bring Rolex on board as title sponsor for the Middle Sea Race.

The race is a true challenge to skippers and crews who have to be at their very best to cope with the often changeable and demanding conditions. Equally, the race is blessed with unsurpassed scenery with its course, taking competitors close to a number of islands, which form marks of the course. Ted Turner described the MSR as "the most beautiful race course in the world".

Apart from Turner, famous competitors have included Eric Tabarly, Cino Ricci, Herbert von Karajan, Jim Dolan, Sir Chay Blyth and Sir Francis Chichester (fresh from his round the world adventure). High profile boats from the world's top designers take part, most in pursuit of line honours and the record – competing yachts include the extreme Open 60s, Riviera di Rimini and Shining; the maxis, Mistress Quickly, Zephyrus IV and Sagamore; and the pocket rockets such as the 41-foot J-125 Strait Dealer and the DK46, Fidessa Fastwave.

In 2006, Mike Sanderson and Seb Josse on board ABN Amro, winner of the Volvo Ocean Race, the super Maxis; Alfa Romeo and Maximus and the 2006 Rolex Middle Sea Race overall winner, Hasso Platner on board his MaxZ86, Morning Glory.

George David on board Rambler (ex-Alfa Romeo) managed a new course record in 2007 and in 2008, Thierry Bouchard on Spirit of Ad Hoc won the Rolex Middle Sea Race on board a Beneteau 40.7

The largest number of entries was 78 established in 2008.

Middle Sea Race History

IN THE BEGINNING

The Middle Sea Race was conceived as the result of sporting rivalry between great friends, Paul and John Ripard and an Englishman residing in Malta called Jimmy White, all members of the Royal Malta Yacht Club. In the early fifties, it was mainly British servicemen stationed in Malta who competitively raced. Even the boats had a military connection, since they were old German training boats captured by the British during the war. At the time, the RMYC only had a few Maltese members, amongst who were Paul and John Ripard.

So it was in the early sixties that Paul and Jimmy, together with a mutual friend, Alan Green (later to become the Race Director of the Royal Ocean Racing Club), set out to map a course designed to offer an exciting race in different conditions to those prevailing in Maltese coastal waters. They also decided the course would be slightly longer than the RORC's longest race, the Fastnet. The resulting course is the same as used today.

Ted Turner, CEO of Turner Communications (CNN) has written that the Middle Sea Race "must be the most beautiful race course in the world. What other event has an active volcano as a mark of the course?"

In all of its editions since it was first run in 1968 – won by Paul Ripard's brother John, the Rolex Middle Sea Race has attracted many prestigious names in yachting. Some of these have gone on to greater things in life and have actually left their imprint on the world at large. Amongst these one finds the late Raul Gardini who won line honours in 1979 on Rumegal, and who spearheaded the 1992 Italian Challenge for the America's Cup with Moro di Venezia.

Another former line honours winner (1971) who has passed away since was Frenchman Eric Tabarly winner of round the world and transatlantic races on Penduik. Before his death, he was in Malta again for the novel Around Europe Open UAP Race involving monohulls, catamarans and trimarans. The guest list for the Middle Sea Race has included VIP's of the likes of Sir Francis Chichester, who in 1966 was the first man to sail around the world single-handedly, making only one stop.

The list of top yachting names includes many Italians. It is, after all a premier race around their largest island. These include Navy Admiral Tino Straulino, Olympic gold medallist in the star class and Cino Ricci, well known yachting TV commentator. And it is also an Italian who in 1999 finally beat the course record set by Mistress Quickly in 1978. Top racing skipper Andrea Scarabelli beat it so resoundingly, he knocked off over six hours from the time that had stood unbeaten for 20 years.

World famous round the world race winners with a Middle Sea Race connection include yachting journalist Sir Robin Knox-Johnston and Les Williams, both from the UK.

The Maxi Class has long had a long and loving relationship with the Middle Sea Race. Right from the early days personalities such as Germany's Herbert Von Karajan, famous orchestra conductor and artistic director of the Berliner Philarmoniker, competing with his maxi Helisara IV. Later came Marvin Greene Jr, CEO of Reeves Communications Corporation and owner of the well known Nirvana (line honours in 1982) and Jim Dolan, CEO of Cablevision, whose Sagamore was back in 1999 to try and emulate the line honours she won in 1997.

THE COURSE RECORD

The course record was held by the San Francisco based, Robert McNeil on board his Maxi Turbo Sled Zephyrus IV when in 2000, he smashed the Course record which now stands at 64 hrs 49 mins 57 secs. Zephyrus IV is a Rechiel-Pugh design. In recent years, various maxis such as Alfa Romeo, Nokia, Maximus and Morning Glory have all tried to break this course record, but the wind Gods have never played along. Even the VOR winner, ABN AMro tried, but all failed in 2006.

However, George David came along on board Rambler in 2007 and demolished the course record established by Zephyrus IV in 2000. This now stands at 1 day, 23 hours, 55 minutes and 3 seconds.

At A Glance - Middle Sea Race 2024

First held: 1968

Organising Authority: Royal Malta Yacht Club

Start

The 45th Rolex Middle Sea Race will start on Saturday, 19 October 2024.

Grand Harbour, Valletta: seven separate starts, at 10-minute intervals, from 11:00 CEST Saturday, 21 October 2024

Start Line: between the Saluting Battery, Upper Barrakka Gardens (Valletta) and Fort St Angelo (Birgu)

Various vantage points all around the Grand Harbour, high up on the bastions or at water level. Harbour access for spectator boats is restricted during the period of the start.

Course

Set in the heart of the Mediterranean and is considered one of the most beautiful in the world. It starts and finishes in Malta, passes two active volcanoes and takes in the deep azure waters surrounding Sicily, and the Aeolian and Egadi Islands, as well as lonelier outposts of Pantelleria and Lampedusa, both closer to the African continent than Europe.

Length: 606 nautical miles (1,122km)

Outright Race Record: 33h 29m 28s, Argo, United States, Jason Carroll

Monohull Race Record: 40h 17m 50s, Comanche, Cayman Is, Mitch Booth

Main Trophies

Rolex Middle Sea Race Trophy – overall race winner under IRC Time Correction

Boccale de Mediterraneo – winner of ORC category

RLR Trophy – winner of monohull line honours

Captain Morgan Trophy – winner of multihull division on corrected time (MOCRA)

Featured Sailing School

INSS sidebutton

Featured Clubs

dbsc mainbutton
Howth Yacht Club
Kinsale Yacht Club
National Yacht Club
Royal Cork Yacht Club
Royal Irish Yacht club
Royal Saint George Yacht Club

Featured Brokers

leinster sidebutton

Featured Webcams

Featured Associations

ISA sidebutton
ICRA
isora sidebutton

Featured Marinas

dlmarina sidebutton

Featured Chandleries

CHMarine Afloat logo
https://afloat.ie/resources/marine-industry-news/viking-marine

Featured Sailmakers

northsails sidebutton
uksails sidebutton
watson sidebutton

Featured Blogs

W M Nixon - Sailing on Saturday
podcast sidebutton
BSB sidebutton
wavelengths sidebutton
 

Please show your support for Afloat by donating