Shortly after announcing a substantial rise in profits for its passenger business in 2010, Irish Continental Group (ICG), the owner of Irish Ferries, has announced a downturn in freight revenue.

Describing the current freight market on the Irish Sea as operating in “one of the most difficult periods in recent economic history,” ICG declared a 5.2 per cent fall in freight revenue for last year. ICG also announced that its container and terminal division had lost 2.7 per cent of expected turnover.

ICG stated: “Turnover had been flat in the first half of the year but in the second half of the year we chose to forego some traffic flows because of inadequate rates on offer. An increase in ship charter costs and fuel costs is already apparent. This will require Eucon and Feederlink to pass on these cost increases to their own customers.”

Explaining an overall rise in group profits, Irish Ferries’ parent company added: “The increase in profit was due principally to higher passenger revenue, which more than compensated for lower freight revenue and increased fuel costs.” ICG declared operating profits of €40.9 million for 2010 earlier this week – a substantial increase on figures posted in 2009.

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