Shipping companies reveal €640m expansion plans

The Irish Maritime Development Office (IMDO) has announced expansion plans totalling over €640m by seven Irish-based shipping groups.

In the first six months of this year, 21 new and second-hand vessels have already been acquired, with a further 27 vessels confirmed or expected to be delivered over the next two years, most of which will be newly built.

IMDO said it was "confident that these latest expansion plans by the Irish shipping industry are not only expected to sustain the existing onshore employment of some 300 people in Ireland, but also create further new jobs in office-based commercial and technical services".

Minister of State for Transport Noel Ahern TD has welcomed the news.