ICG sells 21-year-old vessel for €45m

Irish Continental Group, the shipping and transport company, has announced the completion of a vessel sale which was initially disclosed on May 17th of this year.

The ‘MV Kaitaki’, which was built in 1995 and previously operated under the names including the Isle of Innisfree and Pride of Cherbourg, had been chartered out by the company since 2002.

New Zealand ferry company KiwiRail have bought the vessel for a cash consideration of €45 million, which “has been received in full and will be utilised for general corporate purposes”, a statement from the group said.

In a client note issued on May 17th, analysts at Investec said, "We consider €45 million for this 21-year-old vessel to be an attractive price".