Operators insist ferry company is solvent

THE operators of the Cork-Swansea ferry have moved to reassure customers and shareholders that the company is still solvent despite its decision to dry-dock the ship for twice the normal amount of time.

The ferry, which is operated by Fastnet Line, is out of service and in dry dock at present. Up to 70 staff have been let go and there may be no sailing before March 4.

Normally as a legal requirement, the vessel would only have to go into dry dock for three weeks for maintenance. However, the company has taken the decision to lay-up for seven weeks because bookings are particularly quiet for this time of year and the company feel it was pertinent as a start up venture to save as much cash as it possibly can.