£65 million will be spent buying new 'state of the art' boats if the Steam Packet's plans for the future are given the go-ahead.
The company has published a Strategic Sea Services Agreement which it says provides a "compelling" offer which will drive "economic and social benefit" for the Island.
£45 million would be spent on a new Ben-my-Chree - despite the current vessel still being operational:
Chief executive Mark Woodward says an additional £55 million would be set aside so the company has a permanent back up option should something go wrong:
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