Irish Continental Group Sells Jonathan Swift

Ireland’s maritime transportation group Irish Continental Group (ICG) has decided to dispose of Jonathan Swift, a high speed craft. 

ICG said it has entered into a memorandum of agreement (MOA) to sell the vessel to Spanish shipping company Balearia Eurolineas Maritimas for EUR 15.5 million (USD 19.14 million).

As explained, the disposal will generate a book profit for ICG of approximately EUR 14 million. The proceeds will be used for general corporate purposes.

The 6,000 gross ton vessel is to be delivered by the end of April 2018, according to the group.

Jonathan Swift was commissioned by and delivered to ICG in 1999 at a cost of EUR 38.8 million. It has since operated on the company’s Dublin – Holyhead route.

The vessel will be replaced in ICG’s fleet by the 2001-built high speed craft Westpac Expres which was recently redelivered following a period of twenty months on external charter. It is currently undergoing a refurbishment program.

A month ago, ICG placed an order with German shipbuilder Flensburger Schiffbau-Gesselschaft & Co.KG (FSG) for the construction of a cruise ferry worth EUR 165.2 million. Upon completion, it will be the largest cruise ferry in the world in terms of vehicle capacity, the company claims.

 

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