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A ferry operator is to spend up to $100 million on faster and larger ferries in the next 12 months to replace its problem-plagued fleet.

 The promise by New World First Ferry comes three months after it took over eight ferry routes from Hong Kong & Yaumati Ferry.

 Company managing director Adolf Hsu Hung said yesterday the company would decide before the end of the month which shipbuilder lands the contract to build two double-decker fast ferries at a cost of $20 million to $30 million for each vessel.

 The ferries will have room for 350 passengers and have a top speed of about 25 knots, which will save about three minutes in journey time on the outlying islands' services.

 They are scheduled to come into service in a year's time. The company will also buy three other ferries.

 'I have just returned from a trip overseas where I have met some fellow ferry operators to see if any of their existing ferries can be suited for use on Hong Kong waters,' said Mr Hsu.

 'There are three - all of them double-deck fast ferries and in service for around 10 years - which have caught our eye and we are now discussing a possible deal to purchase them.'  Mr Hsu expects each one to cost about $15 million and have them ready for service within six months.

 They will replace the smaller vessels that have annoyed both the operator and passengers due to their poor mechanical records, he said.

 The new boats will also reduce the need for extra trips during peak periods and will lower operational costs.

 'Despite this extra investment, I can assure you that we won't seek another fare increase before the end of this year,' he said.

 The pledge comes two weeks after fares rose by about five per cent, as allowed in the operational agreement with authorities.



Ferry operator to spend $100m on upgrading