Irish Ferries owner sells Oscar Wilde ship for £25m
Shares in Irish Continental Group (ICG) were up almost 2% yesterday after it sold its Oscar Wilde ferry for €28.9m (£24.9m).
The sale price is nearly four times the ship's net book value of €7.7m (£6.6m).
MSC Mediterranean Shipping, which bought the ferry, will pay for it in instalments spread across six years.
The Oscar Wilde was acquired by ICG in 2007 and operated by its subsidiary, Irish Ferries, on the Ireland to France route.
"The latest sale underlines the strength of the secondary market," Goodbody analyst Patrick O'Donnell said.
"Following the sale, the Irish Ferries fleet is well positioned for the long term on both the continental and UK to Ireland routes, with the arrival of New Build 2 to provide significant additional freight capacity."
ICG took a €12.6m (£10.9m) hit to its earnings in the last financial year due to issues including disruption after cancellations.