Displaying items by tag: Surging Costs

12th May 2022

Ferry Operator Forced to Raise Prices in Wake of Surging Fuel Costs

ICG sees increase in revenue with lifting of restrictions but higher costs bite. Total revenues across the group’s ferries division amounted to €98 million, up 165 per cent on the prior year. Above Afloat adds is the high-speed craft HSC Dublin Swift serving the Holyhead route.

The owner of Irish Ferries, the Irish Continental Group said it has been forced to pass on increased costs to consumers in the form of higher prices.

In a trading update (see also) the ferry operator reported an 80 per cent increase in revenue to €161 million for the first four months of 2022 while noting car and freight traffic had increased significantly.

The increase was principally due to the easing of travel restrictions as compared to the same period last year, increased fuel surcharges and the new Dover – Calais service which commenced in June 2021, it said.

Total revenues across the group’s ferries division amounted to €98 million, up 165 per cent on the prior year. Irish Ferries carried 123,600 cars, an increase of 682 per cent on the previous year while freight carryings were 223,900 units, an increase of 170.7 per cent compared with the same period in 2021.

The group said its cost base has been affected by higher global prices, particularly fuel prices and charter rates.

The Irish Times reports more including plans by the UK government to prevent ferry companies operating out of UK ports paying below the country’s minimum wage.

As Afloat reported previously reported this could have implications for Irish Ferries.

Published in Irish Ferries

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.