ceased (except between Faial-Pico and Lajes das Flores-Vila do Corvo). Transmaçor (Transportes Marítimos Açorianos, Lda.) was founded in 1987. The shipping company operates four to six daily connections between Horta and Madalena throughout the year, using its small fleet of ships, in addition to inter-island connections between Faial, Pico, São Jorge and Terceira during the summer months. New initiatives began in the late 1990s: the catamaran Iapetos began services, followed by Lady of Mann and Golfinho Azul (chartered by Açorline). In 2005, Atlânticoline was established, providing transport services. In 2009, Atlanticoline was involved in a controversial rejection of a 750-passenger, 150-vehicle ship ordered from the Estaleiros de Viana do Castelo (ENVC). The Atlantida, a 50 million Euro cruiser (as part of a two-ship deal with the other named Anticiclone) was rejected in 2009 by Atlanticoline for the under-performance of the power-plant. Although it would only result in a five-minute delay between islands, the public company rejected the ship, and the contract was broken over the builder's inability to deliver the required ship on time. While the ship was being shopped to other interested parties (Hugo Chávez once considered purchasing the ferryboat in 2010), no interested buyers appeared, and ENVC decided to cede the Atlantida to Atlânticoline as part of the latter's open international competition to charter two ships in 2012. In June 2011, the Regional Government announced that it would purchase 60% of Transmaçor, equivalent to 500,000 Euro of the company's capital. With this transaction the autonomous government of the Azores ceded control, of which it once had 88% of the capital. The signed memorandum of understanding concluded negotiations between the various parties involved, under which the liability of Transmaçor (worth a total of 8 million Euro) was divided equally between the government and businessman José E. Almeida, who is now the holder of a majority stake in the company. Similarly, the Regional Government approved the consolidation of the three individual port authorities (Administração dos Portos do Triângulo e Grupo Ocidental, Administração dos Portos da Terceira e Graciosa and the Administração dos Portos das Ilhas de São Miguel e Santa Maria) and regional Portos dos Açores into one entity that resulted in a 2.2 million Euro cost savings, in addition to a reduction from 11 to three administrators. Culture Religious societies and festivals Religious festivals, patron saints, and traditional holidays mark the Azorean calendar. The most important religious events are