The Isle of Man ferry terminal in Liverpool is set to increase in cost amounting to £70.6m, which is almost double the original amount.

Work to build the new government-funded landing stage was originally estimated to cost £38m, but Manx politicians will now be asked to approve an additional £32.6m in a sitting of Tynwald.

The Island's Department of Infrastructure has previously said work on the quay wall and the unexpected developments of the coronavirus pandemic were to blame for the delays and rise in costs.

The original completion date for the project was March 2021, but that has now been moved to "middle of 2023" once the funding has been approved.

Further coverage from ITV News on the rising cost of the new Merseyside ferry terminal. 

Ferry firm the Isle of Man Steam Packet made a profit of £9.3m in the year that it was acquired by the Manx government.

But operating profits writes IOMToday, have fallen slightly.

Accounts for the Isle of Man Steam Packet Company Group Ltd for the year ending December 31, 2018, will be laid before this week’s Tynwald sitting.

They show profits for the year attributable to equity owners at £9,332,364 compared to £8,421,874 in 2017.

But operating profit, at £10,470,595, was down slightly from £10,813,574 the previous year.

The group was acquired by the Treasury on May 24 last year for a total of £124.7m, represented by debt of £75.9m and equity of £48.8m.

For more here on the accounts of the company. 

The Manx government will be required to guarantee the Isle of Man Steam Packet’s loans when it builds its new ferries.

Under the terms of the sea services agreement, the company must provide two new ships, with the first due to be in service in 2022.

In a Treasury report, due to be presented to Tynwald (Manx Parliament) on the refinancing of the £76m the company owes the taxpayer, it is also revealed that a government guarantee on the loans for new boats will be required.

The section of the report titled ’Additional Company Debt’ details the necessity for new ships and that ’it will require borrowing’.

For more the IOMToday reports here.  

IOMToday writes that arm’s-length Manx government-owned ferry operations such as the Isle of Man Steam Packet could become subject to Freedom of Information laws.

Minister for Policy and Reform Chris Thomas says that transparency when public money is involved is important, but must be balanced against commercial confidentiality.

The issue of arm’s-length companies and FoI requests was highlighted when the Positive Action Group submitted a request in relation to the Steam Packet which was rejected.

The PAG asked the government’s Department of Infrastructure for ’figures for the carbon emissions of the Steam Packet fleet (for both the Manannan and the Ben-my-Chree individually) per kilometre, per mile or per journey’.

However, this was rejected as the Department of Infrastructure does not hold that information.

The DoI said in its response: ’You may already be aware that the Isle of Man Steam Packet Company is not subject to Freedom of Information, although they may be open to a dialogue on the subject if you approach them direct.’

In response to this, Mr Thomas told the Isle of Man Examiner that he personally thinks that FoI might need to be ’tailored for arm’s-length operations, in several variants for each of the types of public bodies that currently exist or might come to exist’.

The Manx government bought the Steam Packet last year for £124 million and to read more on the FoI related story click here. 

#ferrries - The Manx Parliament is to receive proposals ahead of the summer recess.

The future finances of the Isle of Man Steam Packet Company reports Manx Radio are expected to be considered by the parliament (Tynwald) ahead of the summer recess.

Treasury Minister Alfred Cannan confirmed at this week's sitting of the House of Keys that the structure of the sea services operator's finances is currently undergoing a review.

Following a question from Ramsey MHK Lawrie Hooper, Mr Cannan revealed the proposals should be on the July order paper once the review has been completed.

The Manx Government purchased the company last year and recently approved the Heads of Terms on a new sea services agreement.

See previous story on a political party's call for public to buy shares in the nationalised island ferry operator.