KEY POINTS:
The country's only sail training ship will need millions of dollars spent on it to keep the scheme running.
The Spirit of New Zealand was launched 21 years ago and notched up its 500th 10-day voyage around New Zealand in June.
However, the Auckland-based Spirit of Adventure Trust, which runs it, said $500,000 was needed every year for the next 10 years in addition to its operating budget to keep the ship in the water.
After 10 years the trust would need an extra $750,000 a year.
The extra money was on top of the $3 million a year it cost to run the ship and give each young sailor a 40 per cent subsidy on the cost of the voyage.
The trust was formed 35 years ago when Auckland industrialist Lou Fisher and his wife Iris had a vision to provide the country's youth with a tall ship, and the topsail schooner Spirit of Adventure was launched in 1973.
The Spirit of Adventure was joined by the Spirit of New Zealand in 1986.
The Spirit of Adventure was sold to a Fiji company in 1997 and since then the trust has operated only one ship.
Lou Fisher died in 1977 and his son Stephen Fisher took over as chairman, a role he still holds after 30 years.
Stephen Fisher said in the trust's latest annual report the additional $500,000 a year would cover running repairs, maintenance and annual survey costs as well as an enhancement programme.
Trust chief executive John Lister said the steel ship would last another 30 years only if the enhancement programme was done. He said the programme could include an engine overhaul, rigging and rewiring.
- NZPA
