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As the company begins a new chapter, the County Press has taken a trip down memory lane, tracing its journey from the Island’s first steamship service in the 19th century to its role today.
The early years
In 1820 , George Ward and William Fitzhugh founded the IW Royal Mail Steam Packet Company, introducing the first steamer service between Cowes and Southampton.
Six years later, the rival IW Steam Packet Company began its own Solent crossing.
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After a year of fierce competition, the two operators coordinated their timetables and services.
By 1860 , the Southampton, IW and Portsmouth Improved Steamboat Company had formed, introducing two modern steam deck saloon vessels the following year.
In response to continued competition, the firms merged and reorganised as The Southampton, IW and South of England Royal Mail Steam Packet Co.
In 1865 , the MV Medina III became the first diesel-powered passenger vessel to operate on an Island route.
Three years later, the company assumed control of the Cowes Floating Bridge, operating it until 1901 .
Wartime service and sacrifice
With the outbreak of the First World War in 1914 , many of Red Funnel’s ships were requisitioned. Both the PS Princess Mary and PS Stirling Castle were lost in action.
In 1933 , the company trialled an 11-seat “sea coach” high-speed service, which operated for five years.
Two years later, in 1935 , the fleet adopted the now-iconic red funnels with black tops, and the trading name Red Funnel was officially introduced.
In 1936 , the PS Gracie Fields was built – the last paddle steamer constructed for the company.
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Once again, at the outbreak of the Second World War, vessels were requisitioned.
The PS Gracie Fields, PS Her Majesty, and tug Sir Bevois were all lost, while the PS Lorna Doone and PS Balmoral survived but were left in such poor condition that they were scrapped.
The move to modern ferries
In 1959 , the MV Carisbrooke Castle entered service as Red Funnel’s first purpose-built car ferry.
Over the years, these gradually replaced the ageing excursion steamers, the last of which, Balmoral II, retired in 1968 .
In 1969 , to counter the launch of Hovertravel three years earlier, Red Funnel reintroduced a high-speed service using Italian-built hydrofoils.
The MV Netley Castle arrived in 1974 , becoming the company’s first roll-on, roll-off vehicle ferry.
Ownership changes and expansion
In 1989 , Red Funnel faced a hostile takeover attempt by Sally Line but was instead sold to Associated British Ports Holdings.
A £3 million investment followed in 1991 , which brought two high-speed catamarans into service and prompted the withdrawal of the hydrofoils.
In 1993 , Red Funnel ordered two new Raptor-class passenger vehicle ferries, with a third to follow, at a combined cost of £16 million.
The MV Red Falcon and MV Red Osprey entered service in 1994 , with the company boasting ‘the youngest ferry fleet on the Solent’ at the time.
Older ships, including MV Cowes Castle and MV Norris Castle, were sold abroad.
In 1996 , the flagship Red Eagle was launched, while the Netley Castle was sold overseas.
The following year, Red Funnel ordered a third high-speed catamaran for £3.5 million, with Red Jet 3 entering service in time for Cowes Week 1998 .
The last remaining hydrofoils were withdrawn and sold to Thailand.
Into the 21st century
In 2001 , Red Funnel changed hands again, as JP Morgan Partners acquired the company in a £71 million deal.
Red Jet 4, launched by yachtswoman Ellen MacArthur, entered service in 2003 , and the company began a major refit of its vehicle ferries to increase capacity by 60 per cent.
In 2004 , Red Funnel’s management, backed by banking and insurance company HBOS, completed a buy-out from JP Morgan.
A second-hand 35-metre catamaran was purchased from the Bahamas in 2009 and entered service as Red Jet 5.
In 2014 , the Red Falcon underwent a £2.2 million refit, adding two new lounges on A deck and boasting seating capacity. The following year, Red Osprey received a near-identical refurbishment.
Red Jet 6, named by Princess Anne, entered service in 2016 , while Red Jet 5 was sold to an Italian operator. In 2018 , Red Jet 7 was launched.
In 2019 , Red Kestrel entered service as a dedicated freight ferry, and Red Jet 3 was sold to Adriatic Fast Ferries in Croatia.
Red Jet 4 was sold to Nam Hae Express in South Korea in 2024 , the same year Red Funnel announced plans to build a zero-emission high-speed e-foiling passenger ferry.
A new chapter
Earlier this week, on September 29, it was confirmed that Red Funnel had been sold to private equity company Njord Partners – ushering in the latest chapter in the company’s history.
