Friendly Island Shipping Agency Limited

logo-tonga-fisaBoard of Directors

Mr. Stephen Edwards    
Position Chairperson  
Expiry Date
Dr. Sione Tu’itupou Fotu    
Position Board Member  
Expiry Date
Mr. Viliami Takau Jr    
Position Board Member  
Expiry Date
   
Position Board Member  
Expiry Date
Ms. Helen Po’uliva’ati Toli    
Position Board Member  
Expiry Date

Friendly Islands Shipping Services is part of the Transport group of SOEs and its board is shared with Ports Authority Tonga and Tonga Airports Limited.

Activities

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

Financial Highlights (T$’000) 2014 2015 2016 5-yr Average
Revenue 6,654 6,087 6,461 5,514
Net Profit After Tax 424 288 -466 374
CSO payments 0 0 0 0
Total Assets 4,517 5,798 5,643 3,556
Total Liabilities 3,405 4,398 5,615 2,480
Shareholders’ Funds 112 1,400 1,076
ROE % 38.0% 21.0% -1693% 37.8%
ROA % 9.0% 5.0% -8.27% 16.7%
Asset Utilization 147% 105% 155%
Cash / Current liabilities 0.647 0.712 0.836

Important Documents

Website