Spirit of Tasmania ferries halve in value as TT-Line readies sale
The two Spirit of Tasmania vessels are now valued at $43.8 million each, down from $85 million each in 2025.
TT-Line's legacy Spirit of Tasmania ferries have nearly halved in value over twelve months, a dramatic loss driven by the age of the vessels and a weak resale market for ships of their type. The two ships are now valued at $43.8 million each, down from $85 million each last year.
The company is in advanced talks to sell both vessels this financial year, though chairman Ken Kanofski said one sale is further along than the other. The ships have been laid up and accumulating holding costs at Williamstown and the Port of Melbourne.
TT-Line will not disclose the sale price of the first vessel until the second is sold, to protect its negotiating position. The new Spirit of Tasmania IV arrived in Geelong four hours late this week after a tugboat was brought in as a precaution, though ultimately was not needed.
- $43.8 million
- Current vessel value each
- $85 million
- 2025 vessel value each
- $82 million combined
- Total value loss
- This financial year
- Expected sale timeframe
Why it mattersThe collapse in asset value reflects the poor resale market for mid-sized ferries and the cost of maintaining ageing ships, pressuring TT-Line's balance sheet during a major fleet transition.
AustraliaTasmania's ferry operator is shedding outdated assets at a loss while rolling out new vessels, affecting the company's finances and eventual service costs for Tasmanian commuters.
Corroborated bytheadvocate.com.au
✓ Claims checked against the source. checked 3 h ago
