Irish Continental Group Sells Oscar Wilde

Irish FerriesIllustration. Image Courtesy: Irish Continental Group

Dublin-based maritime transportation group Irish Continental Group (ICG) has entered into a bareboat hire purchase agreement for the sale of the cruise ferry Oscar Wilde.

As informed, the 1987-built ship will be sold to Mediterranean Shipping Company (MSC).

The total gross consideration for the sale is EUR 28.9 million (USD 32.6 million), payable in installments over 6 years, up to 2025.

The 31,914 gross ton ferry is expected to be delivered to its new owner in April 2019, according to ICG.

“The proceeds less the net book value of the Oscar Wilde (EUR 7.7 million) and related disposal costs will result in a profit on disposal which will be reported as part of the 2019 financial results of ICG,” the group said.

The 1,458-passenger Oscar Wilde was acquired by ICG in 2007 and operated by its subsidiary Irish Ferries on the Ireland – France route.

However, ICG had to close one route from Rosslare to France, in conjunction with the late delivery of the W.B. Yeats and the National Transport Authority’s (NTA) decision related to the ship’s voyage cancellations.

“While the group had planned continuing an additional summer only service out of Rosslare with the Oscar Wilde, this plan unfortunately had to be cancelled following the National Transport Authority’s interpretation of the EU Regulation covering Sea Passengers discussed below, which is especially penalising for operations out of peripheral ports like Rosslare,” ICG explained in a financial report for 2018 released last month.

In March, ICG also said it was exploring other opportunities for deployment of Oscar Wilde which now resulted in the sale of the vessel.

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