Record year for TT-Line Company Pty Ltd

Record year for TT-Line Company Pty Ltd

TT-Line Company Pty Ltd carried 448,764 passengers and a record 105,208 twenty-foot equivalent units (containers) for the year ended 30 June 2018, the company’s annual report tabled in State Parliament today said.

Chairman Michael Grainger said passenger numbers increased by three per cent (433,925 last financial year), while freight volumes were the highest on record.

“Operationally, the number of sailings increased to 859, including 156 day sailings – the highest number of day sailings since 2004, when the company was operating three vessels. This was compared to 838 total sailings last financial year,” he said.

“From a financial perspective, TT-Line reported record revenues of $244.6 million (2016/17: $231.8 million).

“This result helped the company achieve a pre-tax profit of $63.4 million (2016/17: $35.9 million) and an after-tax profit of $44.4 million (2016/17: $25.1 million).”

The annual report said that the Spirit of Tasmania vessels were valued at €67.5 million as at 30 June 2018 – a €2.5 million increase compared to the previous financial year.

Mr Grainger said the valuation reflected the strong international ferry resale market and the overall quality of the vessels.

The 2018 season was the second year of a five-year deal between the company, the AFL and the North Melbourne Football Club to play AFL games at Blundstone Arena in Hobart.

Mr Grainger said the Board was delighted by the benefits this extended deal was already delivering.

“These include significant brand recognition in our key interstate markets through Channel 7 and Foxtel coverage of the football, as well as flow-on social and financial benefits – particularly in local hotels and restaurants – when AFL games are played at Blundstone Arena,” he said.

The Annual Report also referenced the contract signed by the company with European shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) for the construction of two new roll-on/roll-off ships to replace the current Spirit of Tasmania vessels.

“The Spirit of Tasmania Board and the TT-Line executive team worked closely with the Tasmanian Government on vessel replacement through the Ships Replacement Sub-Committee of Cabinet, which was chaired by the former Minister for Infrastructure, Rene Hidding, and included Premier Will Hodgman and Treasurer Peter Gutwein,” Mr Grainger said.

“The Board is very pleased with the final terms of the contract, as negotiated between the parties since signing a letter of intent in 2017.

“It is by far the single biggest infrastructure investment ever by a Tasmanian Government.”