Caledonian Maritime Assets Ltd (CMAL) has published the annual report for the year ending on 31 March 2017. CMAL owns the ferries, ports, and infrastructure necessary for vital ferry services serving the West Coast of Scotland and the Clyde Estuary, and is fully owned by the Scottish Government.
In his foreword, Chairman Erik Østergaard sums up the following highlights
- £29 million was spent in the construction of new vessels, including the completion of CATRIONA
- £97 million was spent for the building of two new LNG ferries.
- There is special project to explore the potential for a hydrogen-fuelled ferry.
- As the harbour authority for 26 locations across the west coast of Scotland, CMAL invested £24 million in planned upgrade works at selected harbours, including the flagship project at Brodick Ferry Terminal.
- In 2016/17, CMAL generated revenue of £35,913,000, compared to £33,549,000 in 2015/16. The increase is mainly due to increased harbour dues and revenue grants.
- Pre-tax profits increased from £813,000 to £5,524,000 with increased harbour dues and revenue grants as noted, along with a decrease in administration costs.
- A tax charge in 2016/17 against a significant tax credit in 2015/16 has resulted in post-tax profit of £3,063,000 compared to £7,869,000 in 2015/16.
- Demand for ferry services continues to grow, driven in part by the road equivalent tariff (RET), as well as the growing popularity of Scotland’s islands as visitor destinations.
- A new 90m ro-pax ferry will be ordered in late 2018, for delivery in 2021.
Photo © Mike Louagie