Irish Continental Group (ICG) subsidiary Irish Ferries signs Bareboat Charter agreement including a Purchase Obligation with DP World France SAS for the Spirit of Britain.
ICG announces that its subsidiary Irish Ferries has entered into a Bareboat Charter agreement with a purchase obligation for the Spirit of Britain (to be renamed). The vessel is available for immediate delivery and is expected to enter service with Irish Ferries during June.
The Spirit of Britain will enhance our customer offering and increase our capacity for both passenger and freight customers on the Dover – Calais route. The Spirit was built by STX Europe in Finland in 2010, entering service on the Dover – Calais route in 2011 where she has remained in the service of P&O Ferries.
The ship has been acquired for a total consideration of €89.4 million settled through a combination of a two-year bareboat charter set at €20,000 per day and a purchase obligation for €74.8 million at the end of the charter.
The acquisition of the vessel will allow Irish Ferries to move one of the three existing ships on Dover – Calais to replace a chartered vessel currently operating on the Rosslare – Pembroke route.
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15 May 2024
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About Irish Continental Group plc
Irish Continental Group plc is the leading Irish-based maritime transport group. The Group’s activities include the transport of passengers, cars and Roll on Roll off (RoRo) freight under the Irish Ferries brand, on routes between each of Ireland, Britain and Continental Europe. The Group also provides Container Lift on Lift off (LoLo) freight services on routes between Ireland and Continental Europe under the Eucon brand. Other activities include the operation of container terminals in the ports of Dublin and Belfast and ship chartering activities. For the year ended 31 December 2023, ICG reported revenue of €572.0 million and EBITDA of €132.6 million.
