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ICG commit €24.2 million to the acquisition of four containerships
ICG commit €24.2 million to the acquisition of four containerships
by Afloat.ie

Irish Continental Group (ICG) has entered into agreements for the purchase of four lo-lo container vessels for a reported total value of €24.2 million. The ships will be added to the group’s container shipping division Eucon.

The three vessels of the quartet are the MV Elbfeeder (2008), MV Elbtrader (2008) and MV Elbcarrier (2007). They each have a capacity for 980TEU (twenty foot equivalent) and a gross tonnage of 8,246 tons. Collectively, the acquisition of the vessels will expand Eucon’s box capacity by 2940 TEU.

It has been reported that the vessels are currently in operation as part of the company’s container service on routes between Belfast, Dublin, Cork and Rotterdam and Antwerp. In addition, the fourth vessel in the acquisition deal, the MV Jork Ranger (2005) which has a capacity for 803 TEU and a gross tonnage of 7,852 tons.

The MV Elbfeeder, MV Elbtrader and MV Elbcarrier have all been acquired from their respective KG companies. The MV Jork Ranger has been purchased from Bernd Becker GmbH & Co KG. Under the terms of the purchase agreements title to the MV Elbfeeder, MV Elbtrader and MV Elbcarrier will transfer to ICG on delivery of those vessels which is expected in December. Title to the MV Jork Ranger was transferred to ICG on delivery of that vessel. The purchase consideration is payable in cash on completion. The vessels will be offered to the market on a charter basis.

Source: www.afloat.ie November 2015

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