TT-Line reports AU$723 million loss following asset write-downs

TT-Line, the Tasmanian state-owned ferry operator, reported an accounting loss of AU$723 million (US$508 million) for the 2025–26 financial year. The loss was primarily driven by AU$646.9 million in asset write-downs involving the Spirit of Tasmania ferries and Bass Strait terminals.

Specific write-downs included the new Spirit of Tasmania IV and V vessels, which saw their combined book value reduced by AU$368.1 million. The outgoing Spirit of Tasmania I and II vessels were also written down from AU$174.3 million to AU$87.5 million. Additionally, the Devonport terminal valuation dropped from AU$416.8 million to AU$282.8 million, while the Geelong terminal declined from AU$311 million to AU$262.1 million.

Chairman Ken Kanofski stated that the impairments are non-cash and do not affect the company's solvency, debt position, or trading arrangements. He attributed the lower valuations of the outgoing ships to elevated interest rates, Middle East instability affecting buyer interest, and the vessels' fuel types. Despite the large accounting loss, the company posted an operating profit of AU$1.5 million.