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Displaying items by tag: Passage East Ferry Company

Passage East Ferry Company, one of Ireland’s most established domestic ferry services, has been purchased by the owners of Carlingford Ferries, it was announced today.

The decision to sell came as founding shareholder, Derek Donnelly, announced his retirement from the business. FBD Holdings plc holds a 70% share in the business, arising out of a legacy investment.

The sale of Passage East Ferry Company, which traverses the River Suir between Passage East, Co Waterford and Ballyhack, Co Wexford, generated significant interest when it was announced last December on the back of strong financial results and growth projections. Turnover is in the region of €1.6m per annum – up 5% in 2015 – with 30% year-on-year growth in EBITDA.

The purchaser is Limerick-based Frazer Ferries, the company behind the proposed car ferry across the mouth of Carlingford Lough, between Greenore, Co Louth and Greencastle, Co Down.

Commenting on the sale, Paul O’Sullivan of Carlingford Ferries said: “We are very pleased to complete the transaction of Passage East Ferry Company. The ferry is a long-established business and provides a vital service in the region. We look forward to working closely with the team as we embark on this next exciting chapter.”

The sale process was managed by leading business advisory specialists Crowe Horwath.
Managing Partner at Crowe Horwath, Naoise Cosgrove, said: “Passage East Ferry Company boasts a strong trading history, solid revenues, growing EBITDA and clear potential for further growth fuelled by economic and tourism activity in the region, which remains on an upward trajectory.

“It is a smart investment for Carlingford Ferries,” he continued, “who are acquiring a profitable and cash-generative business.”

The sale includes a 28-vehicle ferry and a commercial premises with offices, and stores at Passage East, Co Waterford.

Along with 28 vehicles, the ferry can carry up to130 passengers, connecting Waterford City with the Hook Peninsula in Wexford and operates throughout the year - seven days a week - making an average of 106 sailings per day, increasing to 112 during the summer months.

The five-minute ferry journey is estimated to save 90-minutes journey time for round trip commuters.

Passage East Ferry Company employs 16 full-time staff, all of whom are unaffected by the sale.

Published in Ferry

Galway Port & Harbour

Galway Bay is a large bay on the west coast of Ireland, between County Galway in the province of Connacht to the north and the Burren in County Clare in the province of Munster to the south. Galway city and port is located on the northeast side of the bay. The bay is about 50 kilometres (31 miles) long and from 10 kilometres (6.2 miles) to 30 kilometres (19 miles) in breadth.

The Aran Islands are to the west across the entrance and there are numerous small islands within the bay.

Galway Port FAQs

Galway was founded in the 13th century by the de Burgo family, and became an important seaport with sailing ships bearing wine imports and exports of fish, hides and wool.

Not as old as previously thought. Galway bay was once a series of lagoons, known as Loch Lurgan, plied by people in log canoes. Ancient tree stumps exposed by storms in 2010 have been dated back about 7,500 years.

It is about 660,000 tonnes as it is a tidal port.

Capt Brian Sheridan, who succeeded his late father, Capt Frank Sheridan

The dock gates open approximately two hours before high water and close at high water subject to ship movements on each tide.

The typical ship sizes are in the region of 4,000 to 6,000 tonnes

Turbines for about 14 wind projects have been imported in recent years, but the tonnage of these cargoes is light. A European industry report calculates that each turbine generates €10 million in locally generated revenue during construction and logistics/transport.

Yes, Iceland has selected Galway as European landing location for international telecommunications cables. Farice, a company wholly owned by the Icelandic Government, currently owns and operates two submarine cables linking Iceland to Northern Europe.

It is "very much a live project", Harbourmaster Capt Sheridan says, and the Port of Galway board is "awaiting the outcome of a Bord Pleanála determination", he says.

90% of the scrap steel is exported to Spain with the balance being shipped to Portugal. Since the pandemic, scrap steel is shipped to the Liverpool where it is either transhipped to larger ships bound for China.

It might look like silage, but in fact, its bales domestic and municipal waste, exported to Denmark where the waste is incinerated, and the heat is used in district heating of homes and schools. It is called RDF or Refuse Derived Fuel and has been exported out of Galway since 2013.

The new ferry is arriving at Galway Bay onboard the cargo ship SVENJA. The vessel is currently on passage to Belem, Brazil before making her way across the Atlantic to Galway.

Two Volvo round world races have selected Galway for the prestigious yacht race route. Some 10,000 people welcomed the boats in during its first stopover in 2009, when a festival was marked by stunning weather. It was also selected for the race finish in 2012. The Volvo has changed its name and is now known as the "Ocean Race". Capt Sheridan says that once port expansion and the re-urbanisation of the docklands is complete, the port will welcome the "ocean race, Clipper race, Tall Ships race, Small Ships Regatta and maybe the America's Cup right into the city centre...".

The pandemic was the reason why Seafest did not go ahead in Cork in 2020. Galway will welcome Seafest back after it calls to Waterford and Limerick, thus having been to all the Port cities.

© Afloat 2020