#ICGacquireLoLos – The Irish Continental Group (ICG) has entered into agreements for the purchase of four lo-lo container vessels for a total consideration of €24.2 million.

The following three vessels of the quartet are the MV Elbfeeder (built 2008), MV Elbtrader (built 2008) and MV Elbcarrier (built 2007). They each which has a capacity for 980TEU (twenty foot equivalent) and a gross tonnage of 8,246 tons.

This trio of vessels, Afloat understands are currently in operation on the group’s container shipping division EUCON which has more containerships in service on routes between Belfast, Dublin, Cork and Rotterdam and Antwerp.

In addition is the fourth vessel in the acquisition deal, the MV Jork Ranger (built 2005) which has a capacity for 803TEU  and a gross tonnage of 7,852 tons.

The MV Elbfeeder will be purchased from MS "Elbfeeder" UG (haftungsbeschrankt) & Co. KG . The MV Elbtrader will be purchased from MS "Elbtrader"GmbH & Co .KG. The MV Elbcarrier will be purchased from MS "Elbcarrier" UG (haftungsbeschrankt) & Co KG. The MV Jork Ranger has been purchased from MS "Jork Ranger" Bernd Becker GmbH & Co KG.

Under the terms of the purchase agreements title to the MV Elbfeeder, MV Elbtrader and MV Elbcarrier will transfer to ICG on delivery of those vessels which is expected in December.

Title to the MV Jork Ranger was transferred to ICG on delivery of that vessel. The purchase consideration is payable in cash on completion. The vessels will be offered to the market on a charter basis.