The Steam Packet has bought a cargo ship, which it had previously been using under a longstanding charter agreement, for €9 million.

When the MV Arrow’s current owner said it wanted to sell the vessel, the Steam Packet negotiated the option to buy it, financing the acquisition using existing company resources.

Packet managing director Brian Thomson said: ‘The MV Arrow has proven to be an extremely valuable back-up for our vital island services. Securing her ownership will provide continuing service security and resilience for freight traffic, especially during events such as the TT, Manx Grand Prix and other peak travel periods.’

The original charter of the vessel was secured by the company in September 2013 with the original agreement containing the option to buy that has now been used.