By | 2019 Newsletter week 21 | No Comments

In its trading update (year to date, 11 May 2019), Irish Continental Group notes healthy figures for ro-ro freight, but a little dip in tourism transport.

ICG’s Ferries Division Irish Ferries (1 January – 11 May)
-8.5% Cars
+6.6% Ro-Ro Freight

ICG’s Ferries Division Irish Ferries (1 January – 30 April)
-1.1% Total revenues (including intra-division charter income). The decrease was principally due to lower tourism volumes resulting from the planned suspension of fastcraft services on the Dublin to Holyhead route in the period up to 14 March compared to the prior year, partially offset through increased freight volumes.

The planned suspension of fastcraft sailings in the off-peak season was the primary reason for reduced tourism carrying in the period. In addition, the proposed withdrawal of the United Kingdom from the European Union had some negative impact on UK passenger bookings in the lead up to the proposed exit date of 29 March 2019.
The recent agreement between the Irish and British government to continue and formalise the Common Travel Area whatever the outcome of the UK withdrawal negotiations is a positive development, says ICG.

Irish Continental Group Sells OSCAR WILDE To MSC Group

By | 2019 Newsletter week 16 | No Comments

Irish Continental Group plc has entered into a bareboat hire purchase agreement for the sale of the 1987-built ferry OSCAR WILDE to MSC Mediterranean Shipping Company SA.

The total gross consideration for the sale is €28.9 million, payable in instalments over 6 years, up to 2025.

Delivery is expected to take place this month.

Recently MSC’s ferry subsidiary SNAV acquired AURELIA for the Adriatic Sea route Ancona-Split.

Irish Ferries Has A Robust Future After A Challenging Operational Year

By | 2019 Newsletter week 11 | No Comments

2018 was a challenging year operationally but one in which significant progress was made in the strategic development of the Group.

Schedule disruptions due to technical issues on ULUSSES and the late delivery of the W.B. YEATS lower the profit performance in 2018.

  • -1.5% Revenue €330.2m (€335.1m)
  • -15.6% EBITDA €68.4m (€81.0m)


By | 2019 Newsletter week 4 | No Comments

EUR 155 Million EIB Support For Investment In Two New Cruise Ferries By Irish Continental Group

The European Investment Bank is providing EUR 155 million to finance two new ro-pax vessels for the ICG subsidiary Irish Ferries.

The loan to Irish Continental Group represents the first support approved by the EIB under a new Green Shipping financing initiative that supports investment in new and existing ships to reduce emissions and improve fuel efficiency.


By | 2018 Newsletter week 48 | No Comments

Irish Continental Group: Containers Are Doing Better Than Ferries

Irish Ferries, the ICG ferry division had a difficult year with the problems with ULYSSES and the late delivery of the W.B. YEATS.

This is in contrast to ICG’s other divisions –containers and terminal lifts–, which did perform well.

Some data:

-7.2% cars 1 January – 31 October (-7.3% loss in sailings)

-11.2% cars since 30 June

-0.8% ro-ro freight units 1 January – 31 October (-4.1% cruise ferry sailings)

-5.6% ro-ro freight units since 30 June (reason: significant disruptions to the schedules on the Dublin Holyhead route due to technical difficulties affecting the flagship vessel ULYSSES).

The W.B. YEATS, currently under construction in Flensburg will be ready for delivery during early December.

-6.7% total revenues ferry division €172.1 million (1 January – 31 October)

€4.9 million of the decrease is attributable to lower external vessel charter earnings following the disposal of the KAITIKI and the JONATHAN SWIFT.


By | 2018 Newsletter week 35 | No Comments

Breakdown Of ULYSSES Affects Irish Continental Group H1 Results

More freight (+4.0%) and less passengers (-1.0%). That is the estimate of market development on shipping routes serving the Republic of Ireland. Unfortunately Irish Ferries suffered from a major disruption due to technical difficulties affecting the flagship vessel ULYSSES, with less ro-ro capacity in June. Because of that, Irish Ferries could not absorb the potential of the growing freight market.

The sale of JONATHAN SWIFT and KAITAKI also caused a reduction in charter fees. Hence the EBITDA reduction of €3.5m principally due to an EBITDA reduction of €3.6 million charter fees.

+14.3% Fuel costs increase to €22.4 million

Delay in delivery of W.B. YEATS cruise ferry by shipbuilder affected planned schedules in 2018.

Irish Continental Group H1 Results summary

+0.7%  Revenue €157.2m (€156.1m)
-11.8% EBITDA (pre non-trading items) €26.1m (€29.6m)
-37.8% EBIT (including non-trading items) €30.1m (€48.4m)

Irish Ferries H1 Results summary

-3.0%   Revenue €90.9m (€93.7m)
-17.9% EBITDA (pre non-trading items) €18.8m (€22.9m)
-44% EBIT (including non-trading items) €24.1m (€43.0m)

Operational Highlights

-2.1% Cars 170,900 (174,500)
-2.9% Passengers 679,700 (700,400)
+3.2% Ro-ro freight 143,100 (138,600)


By | 2018 Newsletter week 25 | No Comments

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.

Irish Continental Group’s Trading Update

By | 2018 Newsletter week 20 | No Comments

Irish Continental Group’s Trading Update

ICG carryings for the year to date to 8 May 2018:

  • Cars 100,400 (98,000) = +2.4%
  • Ro-ro freight 99,500 (95,800) = +3.9%
  • Container Freight TEU 116,400 (115,100) = +1.1%
  • Terminal Lifts 109,000 (104,000) = +4.8%

Financial information for the first four months of 2018:

  • Consolidated Group revenue €96.4 million = +1.4%
  • Net cash €69.3 million compared with €39.6 million at 31 December 2017 which includes the proceeds from the sale of the JONATHAN SWIFT.
  • Total revenues €52.3 million= -2.4% decrease

Redelivery of ICG’s high-speed craft WESTPAC EXPRESS

By | 2017 Newsletter week 49 | No Comments

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.