sinking

It's ferry tough on the choppy seas of the business world, trying to sail into the gale forces of the GFC (Global Financial Crisis).

There was a very good Beatrice Thomas story in The West last week once word got out about Oceanic Cruises' receivership. We filed a little story for the western suburbs paper The POST, but it must have been overtaken by events come Friday.

Today's pic is of the Shuttleworths and one of their boats in happier times: it was taken about two years ago, when Rotto Bloggo was one of the few elite reporters invited to the beautiful island for a Sheila McHale presser.

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Rottnest ferry company Oceanic Cruises is in receivership with its assets up for grabs.

Receivers KordaMentha said Oceanic went into voluntary receivership on Sunday, 22 August.

Two days later the secured creditor, Esanda Finance, appointed KordaMentha.

“We're in control of all the company's businesses and assets, except the underwater explorer vessel,” KordaMentha's Cliffe Rocke said.

“We're in the process of commissioning an advertising campaign for the sale of the businesses and assets.”

The company is owned by Cottesloe couple Tim and Tammy Shuttleworth.

They bought the company in September 2007.

Ms Shuttleworth didn't return calls from the POST by press time.

Oceanic and competitor Rottnest Express were cost-saving during the slow winter period.

“We are carrying Oceanic's passengers because it's hard to make money in WA in winter,” a Rottnest Express spokeswoman said.

“It's by agreement and no different to any other year.”

The spokeswoman said when both companies were running ferries that were only 15-18% full, combining services was a “sensible business decision”.