In 1998, faced with the cost of building a new ship, the Company decided to give "Scillonian III" a major refit, during which over 50 tons of steel were used to increase the standard of the ship. The ship also had three new generators and a new bow thruster fitted. The cost was £1.7 million. In early 2007, press reports indicated that Cornwall County Council was expected to approve plans for the construction of a new ro-ro ferry at a cost of £17.5 million. This vessel would be leased to the Isles of Scilly Steamship Company and would replace both "Scillonian III" and "Gry Maritha". The scheme subsequently collapsed.