In the company's recent annual report, this helped TT-Line achieve total revenue of $307.1 million and an after-tax profit of $8.6 million.

This was a turnaround from the 2021-22 results where the company, impacted by COVID-19, recorded more than 284,000 passengers, $240.8 million in revenue and an after-tax loss of $14.1 million.

Company chairman Michael Grainger said the two Spirit of Tasmania vessels were revalued this year at 53.5 million euros.

This is a slight reduction on previous valuations due to the age of the vessels and the impact COVID-19 has had on the ferry resale market.

"Spirit of Tasmania I and Spirit of Tasmania II are highly regarded on the international ship market thanks to the company's rigorous maintenance schedule," Mr Grainger said in the report.

"Further, the vessels fully comply with the International Maritime Organisation global cap on sulphur emissions."

TT-Line chief executive Bernard Dwyer reported the company was on-track to take possession of two new Spirit of Tasmania vessels in 2024.

He said the ship builder Rauma Marine Constructions had informed the company that construction of the vessels was "well advanced".

The company spent $1.15 million on international travel in 2022-23 and Mr Dwyer made eight trips overseas over that time at a cost of $112,000.

The annual report noted the majority of international travel undertaken during the year was attributable to the new vessel build project.