User Agreement
The Steam Packet Company is required to fulfil the terms of a User Agreement negotiated with the island's Department of Transport. Under the 2004 extension of the Agreement, the following minimum service levels are required:
- Inbound freight capacity: 7,800 lane metres per week.
- Service to north-west UK ports: 936 return sailings per year.
- Summer-period frequency to Liverpool: a daily service from April to the third week in October.
- Services to the east coast of Ireland: 63 return sailings per year.
Compliance with the above requirements gains the sole user rights to the government-owned linkspan in Douglas Harbour. The Steam Packet Company owns the second linkspan, and thus controls a monopoly on roll-on-roll-off vehicle transport to and from the Isle of Man.
In 2006, the company was under investigation by a select committee of Tynwald, the Isle of Man's parliament. One of the concerns of Tynwald is the annual published profit margins by the Isle of Man Steam Packet Company which, according to Hansard, are 36% - almost three times the industry standard for ferry companies throughout the world.
Read more about this topic: Isle Of Man Steam Packet Company
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