THE Isle of Man Steam Packet Company has responded to the news that an investigation into the prices of its passenger and freight services has been dropped.

Earlier today (Friday) the Office of Fair Trading (OFT) revealed that results from the investigation, which was started in 2009 under Section 19 of the Fair Trading Act 1996, would not be published.

Mark Woodward, Steam Packet chief executive, said: "The Steam Packet Company is pleased to note that the long running Office of Fair Trading investigation has now closed.

"The Tynwald Select Committee in 2007 found that passenger fares were 'very competitive' with other similar ferry companies but were unable to objectively comment on freight charges and suggested that the OFT consider this issue further.

"The OFT investigation into freight charges has noted that the recent period of freight competition with Mezeron has had a considerable effect on the current trading position of the company. Accordingly it has decided not to submit a report on the matter.

"In recent years the Steam Packet Company has experienced a number of protracted investigations into its affairs. These have absorbed considerable amounts of the company's resources and diverted attention from the company's principal objectives of providing a reliable and cost-effective service to Manx residents and visitors.

"The company hopes that it can now concentrate its efforts on that task without further diversions."

Also see: Findings of Steam Packet investigation will not be released

What do you think? Let us know your thoughts by leaving a comment below: