The chairman of the Steam Packet says his company will take on the competition and win.
Speaking on Sunday Opinion, Robert Quayle admitted losing 15 per cent or more freight business to rivals Mezeron could lead to an increase in passenger fares.
However, the company's owners, normally listed as Australian investment bank MacQuarie, had indicated they were not going to walk away from the situation.
Mr Quayle said it was the company which owned the Steam Packet, rather than the Packet itself, which was in debt (play audio file):
Tynwald will debate a motion from Michael MHK David Cannan, proposing public ownership of the Steam Packet, from the start of business on Wednesday.
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