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Displaying items by tag: £124m

#FerryNews - Manx history was made as the islands parliament, the Tynwald voted to take the Isle of Man Steam Packet into public ownership (last) week.

Following a three-hour debate, reports IOMToday, Tynwald voted by 23 votes to one in the Keys and unanimously in LegCo to acquire the ferry company for £124.3m.

The only member to vote against was LibVan leader Kate Beecroft.

Under the deal, negotiated between Treasury and the Steam Packet’s bank and hedge fund owners, government will acquire a 100% shareholding of parent company MIOM Ltd using £124.3m of cash reserves.

To read more on the vote to takeover the Steam Packet, 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.