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.

In the current financial year, the Bilbao has generated charter revenue of €3.6m and operating profit of €1.5m. The transaction is expected to result in a profit before tax of €8m for the year ended December 31.

Meanwhile, trade figures announced by the Irish Maritime Development Office show significant growth for Irish ports for the third quarter of 2010 compared to the same period last year. Exports of container were up 12%, roll-on/roll-off volumes on routes between Ireland and the UK are up 3%.