ICG sells ferry for €37.7m

IRISH Continental Group plc (ICG) has sold the ferry Bilbao to the St Peter Line in Nicosia, Cyprus, for €37.7 million, payable in instalments over 5.75 years, up to September 2016.

ICG originally bought the Bilbao from its then Swedish owners, Viking Line, in November 1993. The ship had been chartered by Viking Line to P&O European Ferries, in 1993, for operation on P&O’s routes between Portsmouth in the UK and Spain and France.

ICG also acquired the benefit of this charter when the vessel was purchased. The charter came to an end in October of 2010.