Tallink Grupp has entered into a memorandum of agreement with Irish Continental Group for the sale of the passenger ferry Star I, which has been operating on the Paldiski-Kapellskär route, according to the company's release.
The vessel will be replaced by Superfast IX.
Paavo Nõgene, Chairman of the Management Board of Tallink Grupp, stated: "When presenting last year’s financial results, we assured our investors and customers of our commitment to maintaining flexibility and responding to market demand. Star I is an excellent vessel that has served us well, and there has been repeated interest in acquiring it. A favorable set of circumstances created the right moment for the sale while allowing us to continue passenger services with an equivalent vessel – Superfast IX, which returned last year from a long-term charter in Canada. Keeping a vessel idle is not a sustainable option for the company in the long run."
Superfast IX is scheduled to commence operations on the Paldiski-Kapellskär route on April 12, with the route schedule and onboard services remaining unchanged. Ticket prices will also not be affected by the vessel replacement.
The sale transaction is not expected to have a significant impact on Tallink’s financial results but will aid in optimizing the company’s operations.
Tallink will transfer Star I to Irish Continental Group in the coming weeks.
Superfast IX was built in 2002 in Kiel, Germany, and acquired by Tallink in 2006. It initially operated under the Estonian flag on the Rostock-Paldiski-Hanko route, later serving the Helsinki-Rostock route. In recent years, the vessel has been operating in Canadian waters under a charter agreement.
Established in 1989, Tallink Grupp is an Estonian shipping company operating Baltic Sea cruiseferries and ropax ships, connecting Estonia to Finland and Sweden, as well as Finland to Sweden. It is the largest passenger and cargo shipping company in the Baltic Sea region and owns subsidiaries such as Silja Line and a part of SeaRail. Tallink Hotels operates four hotels in Tallinn. The company is publicly traded on the Tallinn Stock Exchange.
Irish Continental Group (ICG) is an Irish-based maritime transport group engaged in the transportation of passengers, cars, roll-on/roll-off (RoRo) freight, and container lift-on/lift-off (LoLo) freight on routes between Ireland, Britain, and Continental Europe. The group also operates container terminals in the ports of Dublin and Belfast and engages in ship chartering activities.