asked the Minister for Transport and Power if he will state the total cost of the original fleet of Irish Shipping Limited, the total proceeds from sales of ships of the original fleet as ships and for scrap, the total sum invested by Irish Shipping Limited in new ships since 1945, the number of ships sold by Irish Shipping Limited since 1945, together with the buyer and the price received in each case, the total sum in foreign currency earned by Irish Shipping Limited since its foundation, the total sum in pounds sterling earned by Irish Shipping Limited from countries outside Ireland since its foundation, the total profit or loss on the company's operations since 1951 and the amount and type of new buildings projected by the company at present.
Written Answers. - Irish Shipping Limited.
(1) The original wartime fleet of Irish Shipping Limited consisted of 15 ships, nine of which were purchased by the Company and six of which were chartered. The cost of the fleet, comprising the purchase price of the nine vessels and the necessary repairs to make all 15 vessels serviceable, amounted to £1,871,827.
(2) The total proceeds from the sales at various dates up to 1949 of the original ships purchased by the Company was £306,980.
(3) Since 1945, 23 new ships have been built for the Company at a total cost of £15,249,521.
(4) Of the ships acquired since 1945, five have since been sold. The purchasers were:—
Finland Steamship Co. Ltd., Helsinki, who purchased two of the vessels.
Gulf Steamship Co. Ltd., Pakistan.
Chittagong Steamship Co. Ltd., Pakistan.
Atlantska Plovidba, Yugoslavia.
The total amount received for these five vessels was £754,000. It is not Company policy to disclose the individual price received for each ship.
(5) The total revenue earned by the Company since its establishment in 1941 to the end of the last financial year, i.e, 30th April, 1961, was £38,250,000. A breakdown of this figure as between foreign currency and sterling is not available; the freights represent invisible exports.
(6) Over the accounting years from 1950/51 to 1960/61 inclusive the working account profit on the Company's operations has been £3,847,644, before providing for depreciation. The normal depreciation provision over the same period was £3,587,000 but the amount actually provided for depreciation in the Company's accounts over the same period was £3,956,884.
(7) The Company has at present three dry-cargo vessels on order as follows:—
1. Conventional dry-cargo vessel of 15,000 tons deadweight, due for delivery in June, 1962.
2. Bulk carrier of 15,000 tons deadweight due for delivery in July, 1962.
3. Bulk carrier of 15,000 tons deadweight due for delivery about April, 1963.
These vessels will bring the Company's dry-cargo to 153,500 tons deadweight.
It is Government policy that the dry-cargo fleet should be increased to a minimum of 200,000 tons deadweight and the aim is to achieve this target by 1970. No decision has yet been taken in regard to the size and type of further new vessels whether in replacement of existing vessels or as additional tonnage.