Routes & Operators
TT-Line reports a $723 million accounting loss after Spirit write-downs
TT-Line has announced a $723 million accounting loss for 2025–26, the bulk of it a $646.9 million write-down of its four ferries and two terminals. The company says it delivered a $1.5 million operating profit.
Source: ABC News (opens in a new tab)
ABC News reported on 23 October 2026 that TT-Line has announced a $723 million accounting loss for the year. The bulk of the accounting loss in 2025–26 relates to a $646.9 million write-down of assets, including its four ferries and two terminals. The state-owned company says it delivered a $1.5 million operating profit.
The write-downs are Spirit of Tasmania I and II, from $174.3 million to $87.5 million; Spirit of Tasmania IV and V, from $1.086 billion to $717.9 million; the Devonport terminal, from $416.8 million to $282.8 million; and the Geelong terminal, from $311 million to $262.1 million.
TT-Line chairman Ken Kanofski said: "I'm not seeking to suggest that's not significant." He said: "But it is non-cash, and it has no impact on our equity ask. It has no impact on our debt position." He also said: "And to that extent, it's really the accounting catching up with all the issues that have been well publicised for some time now."
He said several parties were interested in buying either one or both of the older vessels. Spirit of Tasmania I made its final voyage across Bass Strait on Thursday, and Spirit of Tasmania II will do the same on Friday evening. The two new ferries will begin servicing Bass Strait from the end of the month. Kanofski said the company's lender, TasCorp, and state Treasurer Eric Abetz had approved changes to the dates its debt repayments were due. "We've been solvent at all times, and we remain that way," he said.