The Steam Packet Company says it will take a further inquiry into its fare structure, head-on.

Tynwald has this week voted to reform a Select Committee to look more closely at the company's accounts.

Steam Packet chief executive Mark Woodward says he will use the opportunity to set the record straight over freight charges and the fuel surcharge.

Mr Woodward says the reforming of the committee gives his company an opportunity to address the shortcomings of its original report, last November.

In a combative response, he criticises that report for what he calls its shortcomings and misinformed comments. They included a call for freight charges to be reduced and the fuel surcharge scrapped.

Audited accounts for 2006 and 2007 were not examined by the original committee but have since been provided.

Mr Woodward says they will show those charges are fair, and reducing or scrapping them would not be in the best interests of Isle of Man residents or visitors.

In his statement Mr Woodward says the previous committee did not put comments from the Steam Packet in proper context.

the reformed select committee has until July to report back.