ISLE OF MANIsle of Man Steam Packet, the world’s oldest continuously operating passenger shipping company, has a new owner. An announcement on 8 April confirmed completion of a refinancing operation by a group of banks headed by Portugal’s Banco Espirito Santo. Share capital of the company and a number of its pension finds have passed from Macquarie to Sealion (Isle of Man) Ltd, a company owned by the Steam Packet’s banks.A new corporate structure is to be put in place to simplify the present multi-level company structure, but 2011 service schedules are unaffected. A company statement added: ‘The Steam Packet can now move forward on a stable footing, enabling the Island-based management team to focus on delivering frequent, reliable, value-for-money services for both freight customers and passengers.’

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