Friendly Island Shipping Agency Limited

logo-tonga-fisaBoard of Directors

 

 

Dr. Sione Ngongo Kioa

Position: Chairperson

 

Mr. Viliami Jr Takau

Position: Board Member

 

Dr. Sitiveni Halapua

Position: Board Member

 

Mr. Fine Tohi

Position: Board Member

 

Mr. John Havea

Position: Board Member

 


Activities:
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.

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

Audited Financial Highlights (T$’000) 2013 2014 2015 2016 2017 5-yr Average
Revenue 5,071 6,654 6,089 6,484 8,772 6,614
Net Profit After Tax 157 430 288 (467) 365 155
CSO payments
Total Assets 2,583 4,517 5,136 5,643 42,966 12,169
Total Liabilities 1,609 3,405 4,398 5,616 37,517 10,509
Shareholders’ Funds 974 1,112 1,400 28 5,449 1,793
Avg. ROE % 17% 41% 23% -140% 13% -9%
Avg. ROA % 8% 12% 6% -9% 2% 4%
Asset Utilization 196% 147% 119% 115% 20% 120%
Cash / Current liabilities 1.22 0.65 0.71 0.08 6.03 1.74

Important Documents

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