ICG Concludes An Additional €80 Million Financing Facility With The European Investment Bank
Irish Continental Group PLC has concluded an additional financing facility with the European Investment Bank. It comprises a committed €80 million drawing limit and is available for drawing during July 2018. Repayments are on an amortising basis over a 12-year term.
The facility will be used to finance the construction of the second new vessel for Irish Ferries.
ICG, parent company of Irish Ferries, reports a solid financial performance for the year ended 31 December 2017.
Highlights:
Revenue up 3.0% to €335.1 million (€325.4 million)
EBITDA down 3.0% to €81.0 million (€83.5 million)
Ro-ro freight volumes up 0.5% to 287,500 units (286,100 units)
Cars up 2.4% to 424,000 units (414,100 units)
Irish Continental announced the sale of JONATHAN SWIFT to Balearia Eurolineas Maritimas S.A. for a price of €15.5 million.
Austal-built JONATHAN SWIFT entered service in 1999. She operated on Irish Ferries’ Dublin – Holyhead route.
The vessel is to be delivered to Balearia by the end of April 2018.
ICG’s high-speed craft WESTPAC EXPRESS (2001), which was recently redelivered following a period of twenty months on external charter, will replace her. She is currently undergoing a refurbishment programme.
Photo: WESTPAC EXPRESS © Irish Ferries
As expected the fast ferry has been redelivered to Irish Continental Group at the end of November as per the terms of the charter agreement with Sealift LLC. The Austal catamaran had been on charter in Asia since its acquisition on 1 June 2016.
In a stock exchange release, ICG says that the vessel will be refurbished to bring it up to Irish Ferries passenger service standards. That doesn’t mean automatically that the WESTPAC EXPRESS will be used on the Irish Sea instead of the JONATHAN SWIFT. She might be chartered out.
JONATHAN SWIFT is faster but WESTPAC EXPRESS is larger.
To be followed.
ICG published a trading update, covering carryings for the year to date to 11 November 2017.
Trading update with financial information for the first ten months of 2017.
Remarks
Irish Continental Group (ICG), the Irish-based maritime transport group, reported a solid financial performance for the half year ended 30 June 2017.
Growth in revenue went up 3.7% to €156.1, in what is seasonally its less profitable half year period.
The strong performance is underpinned by increased car volumes and the consolidation of the strong ro-ro growth over the last two years in the ferries division.
Irish Ferries carried 174,500 cars (+2.3%) and 700,400 passengers (+1.7%)
Ro-ro freight volumes went a little down: 138,600 units (-0.4%).
In H1 ICG sold ro-pax KAITAKI (ISLE OF INNISFREE) to Toll Shipping, and now the company is looking forward to the arrival in mid-2018 of the new ship, which will bring cost savings and additional earnings potential.
Irish Continental Group (ICG), the Irish-based maritime transport group, reported a solid financial performance for the half year ended 30 June 2017.
Growth in revenue went up 3.7% to €156.1, in what is seasonally its less profitable half year period.
The strong performance is underpinned by increased car volumes and the consolidation of the strong ro-ro growth over the last two years in the ferries division.
Irish Ferries carried 174,500 cars (+2.3%) and 700,400 passengers (+1.7%)
Ro-ro freight volumes went a little down: 138,600 units (-0.4%).
In H1 ICG sold ro-pax KAITAKI (ISLE OF INNISFREE) to Toll Shipping, and now the company is looking forward to the arrival in mid-2018 of the new ship, which will bring cost savings and additional earnings potential.
