Irish Continental Group's shares buoyed by Irish Ferries

Irish Continental Group’s share price recovery continued yesterday with a near 3% gain on the back of the Irish Ferries owner announcing a €144m deal for its first newly built vessel in 15 years.

The group has entered into an agreement with German shipbuilding firm Flensburger Schiffbau-Gesselschaft (FSG), which will build a cruise ferry at a contract price of €144m, with a delivery deadline of May 2018.

ICG will pay 20% of the purchase price in instalments during the construction period, with the remaining 80% due to be paid on delivery.