ICG shares up as Oscar Wilde ferry sold for €29m
SHARES in Irish Continental Group (ICG) were up almost 2pc yesterday after it sold the 'Oscar Wilde' ferry for €28.9m.
The sale price is nearly four times the ship's net book value of €7.7m, and the transaction will be recorded as a profit in ICG's accounts this year.
MSC Mediterranean Shipping, which bought the ferry, will pay for it in instalments over six years.
The 'Oscar Wilde' was acquired by ICG in 2007 and was operated by its subsidiary Irish Ferries on the Ireland- France route.
"The latest sale underlines the strength of the secondary market," Patrick O'Donnell, analyst at Goodbody, said.
"Following the sale, the Irish Ferries fleet is well positioned for the long-term on both the continental and UK-Ireland routes, with the arrival of New Build 2 to provide significant additional freight capacity."
ICG took a €12.6m hit to its earnings in its last financial year due to issues including disruption caused when it cancelled ferry sailings between Ireland and France. The cancellations arose after delivery of the company's new flagship vessel, the WB Yeats, was delayed.