The state-owned company that operates the Spirit of Tasmania ferries will receive a $506 million bailout from the Tasmanian government.The major funding injection for TT-Line was announced by Infrastructure Minister Kerry Vincent and Treasurer Eric Abetz on Friday, ahead of next week's state budget."This is about ensuring our vital infrastructure and a key tourism and freight link is supported and continuing to function as Tasmanians need and deserve."He said $200 million would be included in the 2026/27 budget, while the rest would be in future years.The announcement comes as TT-Line continues to wrestle with the financial fallout from its bungled delivery of the new Spirit of Tasmania vessels.Last week, a parliamentary inquiry heard the company was carrying a "substantial" amount of debt and that its interest repayments were "quite high".The same inquiry was also told the ferry replacement program had cost TT-Line at least $717 million more than originally forecast.The overrun includes an extra $403 million for the building of a new ferry terminal in Devonport compared to the original estimate of $90 million.The two new ferries have been built while the terminal they need to operate from is still under construction.Mr Abetz said it was important to invest and provide TT-Line with certainty for its future, as it is a "frontline service" for the state.The two new ferries, Spirit of Tasmania IV and V, are both currently being held in Victoria's Port Phillip Bay before being put into operation at the end of October.In last year's state budget, TT-Line was given a $75 million equity injection and had its debt capacity increased from $990 million to $1.4 billion.