Brakesite effect market
Irish Ferries owner ICG said its revenue in the first four months of the year rose by 6.1% despite Brexit having a negative impact on UK passenger booking numbers
ICG said that group revenues rose by 6.1% to €103.2m. Total revenues in its ferries division dipped by 1.1% to €51.7m, mainly due to lower tourism volumes after the planned suspension of fastcraft services on the Dublin to Holyhead route up to March 14. For the year to May 11 - the seasonally less significant period for tourism - Irish Ferries carried 95,000 cars - a decrease of 8.5% on the same time last year. But freight carryings rose by 6.6% in the four-month period to 109,500 RoRo units.
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The company noted that Brexit had some negative impact on UK bookings before March 29, but it added that the recent agreement on the Common Travel Area was a positive development.ICG also said its fuel costs were hit by higher global fuel prices while its net debt at the end of April rose to €88.4m from €80.3m at the end of 2018. During the four-month period, ICG's WB Yeats ferry started sailings on the Dublin to Holyhead route initially, before switching to the Dublin-France service in March.
The Dublin Swift also restarted sailings on the Dublin to Holyhead fastcraft service in March. The group last month took delivery of the container vessel Thetis D, which increases ICG's container fleet to five vessels. In April, the company also agreed to sell its Oscar Wilde ferry to MSC Mediterranean Shipping Company for €28.9m, payable in installments over six years.