Now owned and operated by the Isle of Man Steam Packet Company, she mainly provides a seasonal service between Douglas Harbour and Port of Liverpool.

Joint Venture was rapidly re-configurable and could perform a variety of missions, principal among them the ability to ferry up to 325 combat personnel and 400 tons of cargo up to 3,000 nautical miles (5,600 km) one way at speeds in excess of 40 knots (74 km/h).

On 19 May 2008, the Isle of Man Steam Packet Company announced the purchase of the wave-piercing catamaran for £20 million, as the replacement for the fast craft Viking.

[6] A £3 million refit, carried out by Burgess Marine, Portsmouth, provided a new aft accommodation module and the "Sky Lounge".

Manannan made her maiden service voyage with the Steam Packet Company on Friday 22 May 2009 on the 07:30 sailing from Douglas Harbour to Liverpool.

During the winter, Manannan remains in Douglas on reserve and sails to Liverpool to have her annual overhaul before returning for the summer season.

In April 2015 the Manannan suffered six days of cancelled sailings due to damage to its jet system caused by sea debris.

Steam Packet boss Mark Woodward told a local newspaper, "Since 2007 there have been 17 recorded major incidents where our ships have been damaged and passengers have been inconvenienced by disrupted schedules as a result... the damage was incurred seven days after the vessel recommenced seasonal operational service and just three weeks after leaving dry-dock.

All of this equipment was fully inspected during the docking period by Steam Packet Company engineering staff, along with Classification Society Surveyors and all found to be in good order.