Board of Directors
|Mr. Stephen Edwards|
|Dr. Sione Tu’itupou Fotu|
|Mr. Viliami Takau Jr|
|Ms. Helen Po’uliva’ati Toli|
Friendly Islands Shipping Services (FISA) was established in 2011 to assume control of the state run ferry services following the MV Ashika tragedy and to replace the debt ridden Shipping Corporation of Polynesia, which was subsequently liquidated.
The SOE’s main asset is the MV Otuanga’afa, a passenger and cargo ferry donated by the Government of Japan in 2010. The ferry operates a weekly service to the outer islands of Ha’apai, Vava’u and bi-monthly to the Niuas. The MV Otunga’afa is owned by the Government of Tonga and operated by FISA under a bare boat charter arrangement: FISA is responsible for maintenance, insurance and crewing. The lease fee is T$100,000 per month.
FISA acquired and commenced operating a second cargo vessel, the MV Niuvakai, in 2014.
FISA’s objective is to operate a reliable shipping service that complies with all regulatory and operational standards as assessed by qualified external experts.
FISA sets aside T$1.2 million per annum into a trust account to provide funds necessary to replace the MV Otuanga’afa at the end of its commercial life, currently estimated at 20 years. The replacement cost has been estimated at T$64 million, based on the original construction cost of T$32.8 million.
|Financial Highlights (T$’000)||2014||2015||2016||5-yr Average|
|Net Profit After Tax||424||288||-466||374|
|Cash / Current liabilities||0.647||0.712||…||0.836|