Irish Continental TEU down 25.7pc, but ferries only off 2.7pc

THE Irish Continental Group, (ICG) a container shipping and ro-ro ferry company, suffered a 25.7 per cent box volume decline in 2009, but found that its ferry business suffered little in the global economic downturn.

"People are not letting the economy affect their social habits as regards travel whereas their buying strategy has influenced a marked downturn in freight traffic," said the company statement.

Dublin-based ICG's pre-tax profits fell 24 per cent to EUR50.7 million (US$67.5 million) drawn on revenues of EUR260.5 million, themselves down 23.2 per cent from 2008 sales of EUR342.9 million.

ICG chairman John McGucklan said while passenger volume dropped only 2.7 per cent and cars a slimmer 0.3 per cent, ro-ro traffic fell 18.7 per cent and container throughput was down 25.7 per cent.

Mr McGucklan said that despite the challenges that all shipping groups would face in 2010 he was confident that the restructuring carried out in the recent past together with the substantial investments in modern tonnage and terminal facilities would enable the group to compete aggressively in a tough market.

(Source: www.schednet.com)