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ICG invests EUR144m to build new cruise ferry

By BFN News | 07:33 AM | Tuesday 31 May, 2016


Irish Continental Group has entered into an agreement, with the German company Flensburger Schiffbau-Gesselschaft & Co.KG to build a cruise ferry for ICG at a contract price of EUR144 million. The cruise ferry will accommodate 1,885 passengers and crew, with 435 cabins and with capacity for 2,800 lane metres of freight (165 freight vehicles) plus an additional dedicated car deck with capacity for 300 passenger cars. The agreement between ICG and FSG provides that the cruise ferry is scheduled for delivery in May 2018. 20% of the contract price will be paid in instalments during the construction period. The balance of 80% will be paid on delivery. ICG intend to utilise a combination of existing cash resources and loan facilities to finance the cruise ferry. The pre-delivery instalment payments to FSG will be protected by means of bank guarantees. This cruise ferry will be designed and built to the highest standards of cruise shipping, and equipped with efficiency and comfort in mind. Emissions scrubber technology (not included in the above price) and ballast water systems will meet current and known future environmental regulations and will deliver optimal fuel consumption while minimising related costs. The cruise ferry will be powered by four main engines delivering 33,600KW of power which will ensure a high degree of service reliability similar to that already achieved by the existing owned fleet of modern cruise ferries. Story provided by StockMarketWire.com

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