May 10, 2024 · KiwiRail’s project to replace the existing Interislander ferry fleet with two large ferries and undertake associated landside redevelopment (Project iReX) is being wound down following the Government’s decision on 13 December 2023 to decline KiwiRail’s request for additional funding.

May 27, 2020 · KiwiRail’s iReX Project was established to replace the existing three ship fleet with two new, large, rail-capable ships to be brought into service during 2024 and 2025. KiwiRail has engaged a leading ships’ architect, to design the ferries, and is working with a world-renowned ship broker to progress the procurement process.

Mar 4, 2025 · The contract, known as iRex, was cancelled with Hyundai shortly after the Coalition came to power, citing a $3 billion cost blowout associated with the ferries and the required port upgrades.

May 14, 2024 · The iReX project was set to replace Interislander’s three aging Cook Strait vessels with two larger rail-enabled ferries. However, the Government canned the undertaking in December last year due to cost blowouts, declining a KiwiRail request to contribute an additional $1.47 billion towards the upgrade.

Dec 13, 2023 · The KiwiRail Board was yesterday advised by the Government that it has decided not to provide further funding for the Inter-Island Resilient Connection (iReX) project. Unfortunately, we cannot proceed without further Government funding. We respect the Government’s role as shareholder and funder to make this decision.

Transport, key decision timeframes and decision-making rights for KiwiRail’s iReX project (interisland ferry replacement). This follows advice from the Ministry of Transport regarding

Project iReX, which is a contraction of “interisland resilient connection”, is KiwiRail’s project to replace its existing InterIslander ferry fleet with two large ferries, and undertake associated landside redevelopment at the Picton and Wellington ports.

May 10, 2024 · KiwiRail, Ministry of Transport and Treasury today released documents relating to the iReX Project which was set up to deliver a resilient Interislander ferry service and robust port infrastructure with a 100-year design life.

PROJECT IREX – INTERISLANDER AND FERRY REPLACEMENT PURPOSE 1. This briefing seeks agreement to progress the renewal of the Interislander ferry fleet and build resilience into operational Picton and Wellington ferry terminals. This programme is known as Project iReX. 2.

KiwiRail submits a budget bid seeking Crown funding to deliver Project iReX, especially the procurement of new ferries and to support KiwiRail’s contribution to landside development. The total project cost is now forecast at $1.389b. The project has a Net Present Value of $2m. Budget 2020. Crown allocates $400.1m to KiwiRail to fund the project.