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ICG Confirm Completion Sale of 'Kaitaki' to New Zealand Operator

30th May 2017
Kaitaki has been sold to new owners in New Zealand where she has been operating on the Cook Strait Kaitaki has been sold to new owners in New Zealand where she has been operating on the Cook Strait Photo: KiwiRail

#FerrySale - Irish Continental Group has issued a statement yesterday to confirm the car ferry "Kaitaki" has been delivered to buyers KiwiRail of New Zealand.

ICG agreed consideration of €45.0 million, payable in cash, has been received in full and will be utilised for general corporate purposes.

Afloat adds the 21 year-old vessel has been on charter since 2002 and the majority of that time spent operating on the Cook Strait service. The ferry link connects Wellington on the North Island to Picton on the South Island.

The news follows an announcement by ICG in mid-May of the sale of the former Irish Ferries operated Isle of Innisfree that was custom-built in 1995 to serve a career on the Irish Sea.

Such investment in new tonnage, was badly needed following the acquisition by ICG of the ailing State owned and under-funded B&I Line in 1991.

The British & Irish Steam Packet Co. was established in 1836. Public ownership through the State in 1965 followed the purchase of share capital from Coast Lines Ltd.

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