Certainty is key to the future of investment by the Isle of Man Steam Packet Company.
The view of Chairman Robert Quayle.
He says a new user agreement with Governement is crucial before major decisions about new ships and the types of vessel are made.
A consultation on the user agreement has so far lasted for three-and-a-half years without any end result.
The current arrangement runs out in 2020 with the company having the option to extend by a further six years.
Mr Quayle says convincing shareholders to invest around ?50 million without future certainty is not realistic.
And there needs to be a full discussion about whether fastcraft or conventional ferries will meet the Island's future needs:
Clip 1