The troubled floating bridge left Isle of Wight taxpayers around £2million out of pocket last year, it can be exclusively revealed.
EXCLUSIVE: Figures obtained by Isle of Wight Radio show the Isle of Wight Council spent close to £900,000 (£883,789) on repair costs for the much-maligned vessel.
While foot passenger replacement services, put in place to ensure the Cowes to East Cowes link remains available, cost £220,899.
It's estimated loss of income, from vehicles not being able to use the service, totalled around £170,000 (£172,178).
Although the council said the chain ferry made around half a million pounds (£497,887) in the last calendar year, the expenditure far outweighs the income.
Breakdown of costs
In total, more than £1.3million (£1,342,674) was paid to private contractors by the council.
For repairs and maintenance, engineering firm Adams Precision received £776,515. While for replacement services, Solent and Wightline Cruises were given £122,851 and Cowes Water Taxis received £71,325.
The push boat, which the council uses to help Floating Bridge 6 during certain tides, cost £106,038, which went to Cowes Harbour Commission.
Overall revenue expenditure for the chain ferry totalled £2,242,893.
Among other things, this went on staffing costs - for example salary and training - as well as insurance and general charges like electricity costs.
After income, and taking into account overall expenditure, the council lost a total of £1,917,184 on the vessel in 2021.
What's next for 'the lemon?'
As Isle of Wight Radio reported on Monday (17), talks to reach a financial settlement over the vessel have run aground.
Two days were set out for the council to reach a settlement with the vessel's builders and designers - but it walked away empty-handed.
The Isle of Wight Council said this legal mediation failed because parties were miles apart in agreeing on the costs. Negotiations to find a settlement are continuing, according to the council.
It's now deciding what its next steps will be, but has previously said it wouldn't hesitate to take further legal action.
Floating Bridge 6 is currently out of service for its five yearly MCA inspection.
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