TT-Line 18/19 annual report released.

TT-Line profits up. Spirit of Tasmania I in Devonport
© Mitchell Bruce

TT-Line’s latest annual report says they had revenue of $260.3 million (2017/18: $244.6 million). Earnings before interest, tax, depreciation and amortisation (EBITDA) was $63.4 million (2017/18: $57.0 million) and after tax profit was $44.1 million (2017/18: $44.4 million).2019Releasing its 2018/19 annual report, operators of the Spirit of Tasmana ships, TT-Line have reported record revenues of $260.3 million, a pre-tax profit of $57.7 million and an after tax profit of $44.1 million for the year ended 30 June 2019.

Chairman Michael Grainger said passenger numbers for the year remained at record levels in line with last year at 446,869.
The Spirit of Tasmania vessels were valued at  67.5 million euros each as at end 30 June 2019
From an operational perspective, the number of sailings increased by eight (867 in 2018/19 compared to 859 in 2017/18). This included a record 169 day sailings, breaking the previous record of 156 day crossings established in 2017/18.”
Freight volumes also achieved record levels for the year supporting the additional investment in tonnage for freight across Bass Strait,” he said.

“At the time of writing, the Company was in close discussions with European shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) regarding contracts for the construction of two new roll-on-roll-off ships to replace the current two vessels.While FSG’s financial difficulties were widely reported during the year, the Company has solid contracts in place with the shipbuilder to build the new Spirit of Tasmania vessels”

In other news, as of last week both Spirit of Tasmania vessels are now running on low sulfur fuel. Spirit of Tasmania I had undergone modification to run on Diesel, with the thought that low sulfur fuel would not be available in Australia. It has come to pass that it is now available and the ships are being monitored for any negative effects in the fuel delivery systems, such as pumps and injectors, as sulfur helps with lucubration..