Daily Journal masthead

Mat-Su slashes price of unused ferry from $6 million to $2 million after years with no buyer


PALMER, Alaska — The Matanuska-Susitna Borough still hasn't found anyone interested in buying their M/V Susitna ferry, but officials hope knocking a few million dollars off the price tag will help.

The price for the high-tech ferry has dropped from $6 million to $5 million and now the borough is only asking for $2 million, reported KTVA-TV (http://bit.ly/1GYyYOB ).

Borough manager John Moosey said the borough is doing whatever it can to sell the ferry, which they said has led to a huge money pit.

"We try to throw as few dollars down that hole but quite a few dollars have gone down that hole already," Moosey said.

Moosey said there have been a few reasons for the price cut, including damage to three of the ferry's engines. In January, the engines were affected by heavy rains and repairs would cost hundreds of thousands of dollars.

The borough is selling the ferry "as is," but they are hoping to get an offer soon. It cost $25,000 to $30,000 a month just to keep it docked in Ketchikan.

"Essentially we just want to stop paying for the upkeep and care of this boat," Moosey said.

Five buyers, including a Turkish businessman and the Philippine Red Cross, have expressed interest in purchasing the ferry.

"We are trying to figure out, will they do the deal that we want and do they have the financial capabilities to accomplish that feat," Moosey said.

If the ferry is sold, the funds will go toward paying back the $12 million owed to the Federal Transit Administration for the failed Susitna ferry project.

Moosey said he hopes there will be a buyer for the M/V Susitna ferry by the end of the month.

Information from: KTVA-TV, http://www.ktva.com

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow Daily Journal:

All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.