Menu

Ireland's sailing, boating & maritime magazine

Displaying items by tag: Annual Report 2022

The pay package of Irish Continental Group’s chief executive, Eamonn Rothwell has jumped almost 250 per cent to €2.9 million last year, as the parent company of Irish Ferries, operating Ireland-UK routes and between Ireland and France, returned to profit after the pandemic.

In addition to Irish Ferries running its fledgling UK-France service on the Dover-Calais route that was launched in June, 2021 in the wake of Brexit, which has expanded into a three-ship service (see related story).

Last year, Mr Rothwell also collected €4.28 million of dividends on his 17.7 per cent stake as the Dublin based company, had handed out €24.2 million of such payments to shareholders, including an interim dividend for 2022.

According to ICG’s annual report, released on Tuesday, showed Mr Rothwell received a 20 per cent rise in basic pay last year – to €700,000. In addition the Chief Executive secured a €1.38 million bonus by way of restricted shares, which have a five-year disposal restriction.

As for share options, they were awarded under a performance share plan that was valued at €814,000, while other benefits amounted to €35,000.

The company which has its head office located in Dublin Port, earlier this month reported an operating profit of €66.7 million for 2022, a year in which revenues soared almost 75 per cent compared to pandemic-stricken 2021.

As The Irish Times (which has more) reports on the company that made losses at both operating and net earnings level in 2020 and 2021.

Whereas revenues at the maritime transport group had increased by €250.4 million to last year’s €584.9 million.

To consult the annual report in full, click this link.

Published in Irish Ferries

Ferry & Car Ferry News The ferry industry on the Irish Sea, is just like any other sector of the shipping industry, in that it is made up of a myriad of ship operators, owners, managers, charterers all contributing to providing a network of routes carried out by a variety of ships designed for different albeit similar purposes.

All this ferry activity involves conventional ferry tonnage, 'ro-pax', where the vessel's primary design is to carry more freight capacity rather than passengers. This is in some cases though, is in complete variance to the fast ferry craft where they carry many more passengers and charging a premium.

In reporting the ferry scene, we examine the constantly changing trends of this sector, as rival ferry operators are competing in an intensive environment, battling out for market share following the fallout of the economic crisis. All this has consequences some immediately felt, while at times, the effects can be drawn out over time, leading to the expense of others, through reduced competition or takeover or even face complete removal from the marketplace, as witnessed in recent years.

Arising from these challenging times, there are of course winners and losers, as exemplified in the trend to run high-speed ferry craft only during the peak-season summer months and on shorter distance routes. In addition, where fastcraft had once dominated the ferry scene, during the heady days from the mid-90's onwards, they have been replaced by recent newcomers in the form of the 'fast ferry' and with increased levels of luxury, yet seeming to form as a cost-effective alternative.

Irish Sea Ferry Routes

Irrespective of the type of vessel deployed on Irish Sea routes (between 2-9 hours), it is the ferry companies that keep the wheels of industry moving as freight vehicles literally (roll-on and roll-off) ships coupled with motoring tourists and the humble 'foot' passenger transported 363 days a year.

As such the exclusive freight-only operators provide important trading routes between Ireland and the UK, where the freight haulage customer is 'king' to generating year-round revenue to the ferry operator. However, custom built tonnage entering service in recent years has exceeded the level of capacity of the Irish Sea in certain quarters of the freight market.

A prime example of the necessity for trade in which we consumers often expect daily, though arguably question how it reached our shores, is the delivery of just in time perishable products to fill our supermarket shelves.

A visual manifestation of this is the arrival every morning and evening into our main ports, where a combination of ferries, ro-pax vessels and fast-craft all descend at the same time. In essence this a marine version to our road-based rush hour traffic going in and out along the commuter belts.

Across the Celtic Sea, the ferry scene coverage is also about those overnight direct ferry routes from Ireland connecting the north-western French ports in Brittany and Normandy.

Due to the seasonality of these routes to Europe, the ferry scene may be in the majority running between February to November, however by no means does this lessen operator competition.

Noting there have been plans over the years to run a direct Irish –Iberian ferry service, which would open up existing and develop new freight markets. Should a direct service open, it would bring new opportunities also for holidaymakers, where Spain is the most visited country in the EU visited by Irish holidaymakers ... heading for the sun!