Irish Continental Group (ICG) has secured an additional €80m loan from the European Investment Bank (EIB) to part-finance a new vessel for its Irish Ferries fleet, due for delivery in 2020.
“This vessel, when delivered, will be the largest cruise ferry in the world in terms of vehicle capacity and provide the group with an effective 50% increase in peak freight capacity,” ICG said in a statement. It may be used on UK and EU routes, including a direct Dublin-Cherbourg link to France.
Enhanced transport to the continent will be crucial for agri-food exporters after Brexit, as they currently route large consignments through Britain.
The UK landbridge will be a big issue, said Dawn Meats chief executive Niall Browne. “Our direct ferries to the continent are not sufficient or quick enough,” he said.
ICG’s next ship is expected to cost €172m and offer a capacity of 5,610m of freight lanes. This is twice as much freight as the WB Yeats, also part-financed by the EIB, which was due to start sailing on 30 July but is now delayed until September. Both ferries are to be delivered to the latest environmental standards by Flensburger Schiffbau-Gesellschaft shipyards in Germany.