The Steam Packet Company has spent just under £8 million to buy a cargo ship used to transport freight to and from the Isle of Man, reports itv hub.
£8 million cargo ship purchase
Goods are regularly transported to the island on the ‘MV Arrow’, previously under a loan agreement for when the Company needed to user her services.
As part of the previous longstanding charter agreement, the publicly-owned company have now negotiated the option to purchase the vessel.
Business leaders in the company say the acquisition is being financed by existing resources within the company.
Steam Packet Company Managing Director Brian Thomson said: “The MV Arrow has proven to be an extremely valuable back-up for our vital Island services.”
He continued: “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.”
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Source: itv hub