TT-Line has tabled its 2019-20 annual report; Passengers all but stop but freight task increases

TT-Line has taken a massive hit this year as travel restrictions saw the number of passengers plummet – but the company made up some of the difference in freight. READ MORE FROM THE REPORT >>

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THE number of passengers who caught Tasmania’s Bass Strait ferries last financial year dropped by almost 100,000 due to COVID-19 travel restrictions but TT-Line’s revenue actually increased as the twin ships carried more freight.

TT-Line was tracking strongly before the coronavirus pandemic hit and passenger bookings all but stopped.

Over the financial year the number of sailings fell by 25 and passenger numbers dropped to 351,224 across 842 sailings across the strait.

The Spirit of Tasmania 1 made its first trip to Geelong Port, traveling along the Bellarine coast near Drysdale before crossing the bay in front of the city and berthing at Corio Quay. Dozens of locals came out to have a look at the visitor. Picture: Alan Barber

But freight volumes were the highest on record as more space was available to carry freight due to a lack of cars making the crossing between Devonport and Melbourne.

TT-Line said in its annual report it was pushing ahead with plans to move its terminal in Victoria from Port Melbourne to Geelong.

The government-owned company also reiterated it needed to replace the current vessels soon to support tourism growth.

This year the state government cancelled its contract with a struggling German shipbuilder and then pulled the plug on a contract with a Finnish shipbuilder to deliver two new vessels.

The government then said it wanted to find an Australian shipbuilder to complete the task but a task force established to do that is yet to lock in a deal.

T-Line’s reported a total revenue of $270.7 million and an after tax profit of $32.4 million in 2019-20.

That profit is down by more than $10 million on the year before.

Chairman Michael Grainger said the company’s performance was adversely impacted by the COVID-19 pandemic.

“The performance of the company during the first three quarters of the 2019/20 financial year prior to the introduction of travel restrictions imposed was very strong, with operating revenue for this period reaching $201 million and profit before tax $68 million,” he said.