The head of ferry operator Irish Continental Group (ICG) has warned that any move by the new Government to extend a subsidy scheme to keep certain sea routes going during the Covid-19 pandemic would be a “waste of taxpayers’ money” and further distort the market. “The department can confirm that a review of the Covid-19 PSO Support Scheme for Maritime Connectivity is under way at present. ICG, owner of Irish Ferries, was due, along with Swedish-owned Stena Line and France’s Brittany Ferries, to be the beneficiaries from the subsidy. “It is a model that effectively covers the gap between variable revenue and certain variable costs, excluding ship costs. “If they continue to distort the market place, we’ll have to consider the impact it’s having on our staff, our business model and our shareholders,” Mr Rothwell said.

Source: The Irish Times July 01, 2020 04:07 UTC