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Ian Walker

The former Isle of Inisfree 95

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The former Irish ferries Isle of Inisfree .  Has been bought but her charterers in New Zeeland.   So she will be reflagged under New Zeeland.  So now we know she will remain in New Zeeland.

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That's a good spot Ian, I've been a tad busy to reply and Jim's oooooops moment didn't help either ......¬¬

So to flesh the story out a bit the ICG group have indeed sold the Kaitiki, ex Challenger, ex Stena Challenger, ex Pride of Cherbourg, ex Isle of Innisfree, to ferry operator Kiwirail for €45.0 million, which considering she only cost around €60.0 million back in 1995 is a great return.

I've met Eamonn Rothwell (CEO of the ICG group) once at Irish Ferries HQ in Dublin port and although I remember him, I very much doubt I even registered in his memory banks. He's an incredibly astute, shrewd, and clever businessman, and when you consider how he's turned the company around after the debacle of the B&I days he deserves all the success coming his way at the moment. The vessel has been chartered out at €3.75 million per annum since 2005, and just as the charter was about to change to a lower amount they sell her. For a vessel with a net book value of €16.1 million (source ICG trading statement) this is a brilliant deal, and will go some way towards financing the new vessel currently under construction at Flensburger shipyards. 

And just in case any fellow BFEnthusiasts consider it might be a good idea chartering a similar vessel to open a new channel route, you'll have to pay over €10,000 per day just for the ship....... :S



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