Ferries drop in value in Spirit of Tasmania write-down

Key points

• Tasmanian government-owned operator TT-Line has reported a $646.9 million write-down of assets in its 2025/26 financial statement. Its two older ferries, more than 20 years old, are now valued at $87.5 million, down from $174.3 million.
• Chair Ken Kanofski blamed Middle East unrest, interest rates and the old ships' fuel use. The two new ferries, due to start Bass Strait crossings on October 31, have also fallen in value, as have the Devonport and Geelong terminals.
• The company recorded a $1.55 million profit and expects growth from the new vessels and facilities.