Not sure how wide the moat is.
Sealink now faces competition on its mainstay Kangaroo Island route after KI Connect started operating a high-speed passenger only catamaran last year. Whilst company reported no effect on sales, losing a monopoly position can lead to margin erosion.
According to Investor Presentation Sydney Ferries charter revenue and contribution was down40% and growth from Manly to Barangarooferry service was slower than forecast.
NRMA has been moving aggressively into the ferry industry with the purchase of the Manly Fast Ferry and its plans to expand the ferry company routes and increase its exposure to tourism.
Sealink had tendered for the contract to operate Sydney Ferry’s 32-vessel fleet, but lost out to existing operator Transdev:
disallowed/national/nsw/more-ferry-services-for-sydney-after-government-awards-1-3b-contract-20190227-p510ia.html
Ann: Investor Presentation Half Year to 31 December 2018, page-5
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