The reason for the cancellation according to ICG is-
"ICG has terminated its contract with the German shipbuilder FSG, who were contracted to build a new vessel for Irish Ferries. This follows the yard making an application through the German courts system to be placed in debtor in possession management under the oversight of an Insolvency Monitor. As part of the original contract with the yard, ICG paid a deposit on this vessel for 20% (€33 million) of the purchase price with the remaining 80% due on delivery of the ship. This deposit was protected by third party guarantees and has now been returned to ICG."
So full deposit has been returned.Trading figures for the 1st half of the year are unexpectedly pretty dismal
Car Volumes down 62% Passengers down 60%
Ro RO Volumes down 4% with Containers down 13%.
Surprisingly ICG opted out of the government back PSO scheme and have not received any of the support money which was available to maintain vital routes but they did avail of the staff retention schemes.
What we will be waiting for now is if and when an order for Epsilon's replacement will be made or could they seek to extend the charter or look at the 2nd hand market. The 2nd hand market might be the best option as there are lots of ships tied up and some carriers will be very anxious to offload surplus vessels.