Spirit of Tasmania assets write down to $646.9 million

Summarised from 2 outlets · Updated 23 Oct, 06:38 · Archive

TT-Line's assets have fallen in value by $646.9 million, including its two new ferries ahead of their maiden voyages.

Spirit of Tasmania operator TT-Line has announced a $646.9 million write-down of assets in its 2025/26 financial statement, released a week before the maiden sailings of its two new vessels on 31 October.

The two old ferries, which have been in service for more than 20 years, have dropped in value from $174.3 million to $87.5 million according to external reports. The two new larger vessels have fallen from $1.086 billion to $717.9 million, while the Devonport terminal has decreased from $416.8 million to $282.8 million and the Geelong terminal from $311 million to $262.1 million.

TT-Line chair Ken Kanofski attributed the decline in the old ships' value to Middle East unrest dampening demand for assets, interest rates and the vessels' fuel consumption. He described the overall write-down as 'accounting catching up with well-known financial challenges of the company', comparing the drop in the new ships' value to 'driving a car out of the showroom'. The company is in advanced negotiations to sell the two old ships.

Despite the write-downs, TT-Line recorded a $1.55 million profit and said it had a strong outlook with the new ferries and facilities expected to deliver growth. The new vessels' deployment was delayed by years due to construction delays at Devonport, which the outlets describe as infrastructure 'stuff-up' dubbed the worst in Australia's history.

How it is being reported

• Ferries drop in value in Spirit of Tasmania write-downThe operator of Bass Strait ferry company Spirit of Tasmania has revealed information about its assets, a week out from the maiden sailings of its new vessels.Perth Now · 23 Oct, 06:22
• Ferries drop in value in Spirit of Tasmania write-downThe operator of Bass Strait ferry company Spirit of Tasmania has revealed information about its assets, a week out from the maiden sailings of its new vessels.The West Australian · 23 Oct, 05:06

In this story: Spirit of Tasmania · TT-Line · Ken Kanofski · Devonport · Geelong · Bass Strait · Tasmania

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