![On Wednesday, ICG announced that Russian company St Peter Line had paid it €17 million in “full settlement of all amounts due under the terms of the Bareboat Hire Purchase Agreement relating to the sale of the vessel SPL Princess Anastasia [formerly known as the Pride of Bilbao]”.](https://www.irishtimes.com/resizer/v2/UJDTUFBRMH72IO57P4FT43HHVM.jpg?auth=3a8da90c159634b1aadd72369cdc7162d5f422ae6443fa97aebfaccd0813809c&smart=true&width=1024&height=576)
As tensions mount between the European Union and Russia over its annexation of Crimea, there was some good news this week for investors in ferry operator Irish Continental Group.
On Wednesday, ICG announced that Russian company St Peter Line had paid it €17 million in "full settlement of all amounts due under the terms of the Bareboat Hire Purchase Agreement relating to the sale of the vessel SPL Princess Anastasia [formerly known as the Pride of Bilbao ]".
The deal was originally concluded in 2010 and the funds were due to be paid in instalments out to September 2016. ICG now has the benefit of getting the money more than two years in advance.
The funds will be used to reduce its net debt, which stood at €93.4 million at the end of 2013 having been reduced from €116 million a year earlier.
That was just 1.9 times its Ebitda (earnings before interest, tax, depreciation and amortisation). It also helped move the firm’s share price above €31.
Pride of Alexandra Road might have been a more apt name for the vessel sold to Russia.
ICG paid €68 million for the ship in 1993 but earned €181 million over the years from leasing it out. It never actually sailed in ICG colours.
The company has certainly come of age in the intervening 21 years. When it bought Pride of Bilbao , its market cap was just €20 million. Today, it is valued at more than €570 million. Quite a journey.