Business Irish

Wednesday 12 December 2018

Ferry delivery delay costs ICG €2.5m

The announcement from Irish Ferries operator ICG of another delay to the delivery of the WB Yeats ship is set to hit earnings at the company by a further €4m-€5m
The announcement from Irish Ferries operator ICG of another delay to the delivery of the WB Yeats ship is set to hit earnings at the company by a further €4m-€5m
John Mulligan

John Mulligan

The delayed entry to service of the WB Yeats ferry has cost Irish Continental €2.5m, but its group revenue in the year to date edged 1.4pc higher to €96.4m.

The company, which held its annual general meeting in Dublin yesterday, said that it's also being impacted by higher fuel costs, with oil prices having strengthened further this week after US president Donald Trump ditched the Iran nuclear deal.

Irish Continental Group (ICG) whose brands include Irish Ferries, said it carried 100,400 cars on its services between January 1 and May 8, a 2.4pc increase on the corresponding period last year.

Roll-on/roll-off freight units were 3.9pc higher at 99,500, while container freight levels were up 1.1pc.

Total revenue at its ferries division slipped 2.4pc to €52.3m in the period. Irish Continental said that was due to lower charter income following the sale of a vessel that had been chartered by KiwiRail in New Zealand. The company bought the ship last year for €45m.

Customers of Irish Ferries who had planned to sail on the new WB Yeats ship between Dublin and France this summer vented their anger last month after sailings were cancelled.

Delivery of the ship, being built by a German shipyard, has been delayed to mid-July, when it was already expected to be in service.

Customers were given the option of a refund or sailing from Rosslare. They were also give vouchers to use next year.

"As it takes a number of weeks to prepare a ship for its first commercial sailing Irish Ferries searched the market to find a replacement ship to cover the July scheduled sailings, but no suitable ship was available," it noted yesterday.

Irish Independent

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