Isle of Man Steam Packet Company
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| Private | |
| Industry | Transport |
| Founded | 1830 |
| Headquarters | Douglas, Isle of Man |
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Key people
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Mark Woodward (Chief Executive) Robert Quayle (Chairman) |
| Owner | 1996–2003: Sea Containers 2003–2005: Montague Private Equity 2005–2011: Macquarie Bank 2011–present: Banco Espirito Santo |
| Website | www.steam-packet.com |
The Isle of Man Steam Packet Company Limited (abbreviated to IoMSPCo.) (Manx: Sheshaght Phaggad Bree Ellan Vannin) is the oldest continuously operating passenger shipping company in the world, celebrating its 180th anniversary in 2010.
The company provides freight, passenger and vehicle services between the Isle of Man Sea Terminal, in Douglas, Isle of Man, and five ports in the United Kingdom and Ireland.
The Steam Packet Company is required to fulfil the terms of a User Agreement negotiated with the island's Department of Transport. Under the 2004 extension of the Agreement, the following minimum service levels are required:
Compliance with the above requirements gains the sole user rights to the government-owned linkspan in Douglas Harbour. The Steam Packet Company owns the second linkspan, and thus controls a monopoly on roll-on-roll-off vehicle transport to and from the Isle of Man.
In 2006, the company was under investigation by a select committee of Tynwald, the Isle of Man's parliament. One of the concerns of Tynwald is the annual published profit margins by the Isle of Man Steam Packet Company which, according to Hansard, are 36% - almost three times the industry standard for ferry companies throughout the world.
There had been various shipping companies serving the Isle of Man before the formation of this company in 1830, but such crossings were irregular and vessels used were unreliable. As a result the island could be cut off for weeks at a time.
The Manx people felt it was essential they should have their own dedicated service. A meeting was held in the island's capital Douglas in 1829, from which was formed a committee charged with finding out the cost of acquiring a Steam Packet.
On 30 June 1830, the forerunner of today's Isle of Man Steam Packet Company was born when the brand new vessel, Mona's Isle, built at a cost of £7,250, sailed from Douglas to Liverpool on its very first sailing. From the inauguration of the service until January 1832, the company was known as the Mona's Isle Company. For a brief period the company then traded as the Isle of Man United Steam Packet before assuming its present name in July 1832.
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Wikipedia