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Wed, 24 Aug 2022
The Steam Packet Company has hit out at inflation figures released by the Cabinet Office.
According to a recent report - Inflation stood at 10.8% in July, up from 9.2% the previous month and includes a 104% increase in sea transport prices during this period.
The Steam Packet has labelled the method behind the calculations as ‘misleading’ given that no product fares (excluding fuel surcharge) have aincreased by more than 3.1% in the 12 months to June.
In a statement, SPC said: "Under the Sea Services Agreement, standard fares cannot increase by more than the published Manx CPI increase for August of each year. The Company advised the Cabinet Office of this matter."
"The anomaly in the headline figures arises due to the comparison of the average price for June 2022, which reflected the high demand for TT 2022, with that of June 2021 when, due to Covid, traffic volumes stood at just 10% of 2022 levels. As a consequence, the mix of fares was not representative of normal trading, nor of typical average prices."
"The Steam Packet Company acknowledges that total fares have been affected by steep rises in marine fuel costs which have more than doubled since January, however fuel surcharge increases of £2.25 for foot passengers and £1.50 for vehicles are a relatively small component of the total fare."
"The Company has also confirmed it has absorbed an additional £2.5 million of fuel costs to date, partly because it held TT 2022 bookings at 2019 price levels in order to retain TT business during the pandemic."
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