The European Investment Bank will provide EUR 155 million to finance two new passenger and vehicle ships for the ICG subsidiary Irish Ferries. The two ferries will increase passenger and cargo capacity on routes to Ireland, replace older and smaller vessels and reduce emissions from the Irish Ferries fleet. The new ferries will be used on both the Dublin-Holyhead and Dublin-Cherbourg routes.
The W.B.Yeats was partly financed using EUR 75 million from the EIB and it can transport 1,800 passengers, 300 cars and 165 trucks. The second ship, expected to be completed in 2020, will likely transport 1,800 passengers and crew and 1,526 cars or 300 trucks.
Andrew McDowell, European Investment Bank Vice President, stated:
Shipping connections are crucial for Ireland and the European Investment Bank is pleased together with ICG to support two new ships that will both transform maritime transport to and from this country and cut harmful emissions
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The loan is the first support approved by the EIB under a new Green Shipping financing initiative, aiming to support investment in new and current ships to cut emissions and improve fuel efficiency.
The W.B.Yeats ship uses scrubbers to limit sulphur oxide pollution and ballast water systems which meet existing and known future environmental regulations and will deliver optimal fuel consumption and efficiencies.
The EIB will also provide EUR 80 million to finance the building of a second new vessel for Irish Continental Group’s Irish Ferries operations. Planned to be delivered during 2020, the vessel will be the largest cruise ferry in the world in terms of vehicle capacity and provide Irish Ferries with an effective 50% increase in peak freight capacity.
