FINANCE

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.

IN THE MEDIA

By | 2018 Newsletter week 28 | No Comments

ICG Needs To Launch Charm Offensive

More than €165 million has been wiped off the value of Irish Continental Group since last October, writes Richard Cantillon in the Irish Times. The article has to be seen in the context of the absence of ULYSSES, which has technical issues, and the costs caused by the delay of newbuilding W.B. YEATS.

However, in the bigger picture, the fleet issues are relatively minor.

FERRY FINANCE

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.

ICG sells a high-speed ferry and introduces a younger one

By | 2018 Newsletter Week 05 | No Comments

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

Redelivery of ICG’s high-speed craft WESTPAC EXPRESS

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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.

Irish Continental Group not affected by weak Sterling

By | 2017 Newsletter week 46 | No Comments

ICG published a trading update, covering carryings for the year to date to 11 November 2017.

  • Ro-Ro freight: 247,700 (246,500) =+0.5%
  • Cars: 385,100 (376,800) = +2.2%
  • Passengers: not included in the update.

Trading update with financial information for the first ten months of 2017.

  • Consolidated Group revenue: EUR 288.9 million = +3.1%
  • Ferries Division total revenues: EUR 184.4 million = +1.4%

Remarks

  • In the period since 30 June carryings grew at 1.6% underperforming market growth rates as the division has focused on higher yielding accompanied freight traffic in advance of the introduction of the new ferry W.B. YEATS.
  • The Euro value of the division’s Sterling originating revenues have been affected by weaker Sterling but this has been partly mitigated by offsetting improvement from Sterling based costs.
  • Higher bunker costs.

Port of Tallin has chosen the architects for the Old City Harbour

By | 2017 Newsletter week 35 | No Comments

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.

Strong performance for Irish Continental Group

By | 2017 Newsletter week 35 | No Comments

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.