The operator Irish Ferries which is owned by parent company, Irish Continental Group (ICG) has issued a trading statement today which reported of a dip in revenues but increased volumes of passengers and freight levels.

The Dublin based ferry, shipping transport operator, said its consolidated group revenue fell by 1.8% to €491.4m in the year to 18 November when compared to the same timeframe last year, reports The Irish Times.

The group’s ferry division of UK land-bridge routes and a Ireland-France link, recorded a rise in car volumes by 12.2% to 588,700 when compared to 524,700 in the same time of last year, while Ro-Ro freight volumes increased by 3.9% to 639,900 from 616,100.

ICG said it had been impacted by the weak deep-sea market in the first half of the year, which resulted in a material drop in volumes in its container and terminals, Afloat highlights the container brand (Eucon) and Lo-Lo terminals of Dublin Ferryport Terminals (DFT) and the Belfast Container Terminal (BFT).

The results from the trading update, they cited to a continued weak export and import levels in markets with China, the continued effect of over-stocking following the Covid-19 pandemic. In addition, subsequent supply chain difficulties coupled with the slowdown in world economic growth.

"Our flexible business model has allowed us to adjust our shipping capacity to match the current demand situation," it added.