Unapproved deals disastrous for Irish Shipping

Irish Shipping, the State-owned shipping group, entered into financially disastrous charter deals without the approval of the government, cabinet papers from 1983 reveal.

Jim Mitchell, the transport minister, claimed the long-term lease of nine vessels from Hong Kong ship owners was inexplicable, given how Irish Shipping had operated so successfully over many years.

Mitchell said it was even more inexplicable why the company’s management had not sought approval from either his department or the finance minister for such an arrangement.