ICG announces that it has entered into a Memorandum of Agreement (MOA) for the sale of the High-Speed Craft "Jonathan Swift" to Balearia Eurolineas Maritimas S.A.

The agreed consideration of €15.5 million less brokers commission is payable in cash on delivery less a 10% deposit to be held in escrow. The vessel is to be delivered by the end of April 2018.

Irish Continental Group announces sale of Jonathan Swift
Caption: Passenger/Ro-Ro Cargo Ship Jonathan Swift - Image courtesy of Ian Greenwood

The "Jonathan Swift" which was commissioned by and delivered to ICG in 1999 and has since operated on the company's Dublin - Holyhead route.

This vessel will be replaced in ICG fleet by the 2001 built High-Speed Craft Westpac Express, which was recently redelivered following a period of twenty months on external charter. She is currently undergoing a refurbishment programme to bring her up to Irish Ferries passenger service standards.

The "Jonathan Swift" was delivered to the group in 1999 at a cost of €38.8m. The disposal will generate a book profit for ICG of approximately €14.0m.

The proceeds will be used for general corporate purposes.

Source: ICG