Consumer confidence threatened by tariffs, Irish Ferries owner warns

Sweeping global tariffs imposed by US president Donald Trump risks damaging consumer confidence, the owner of Irish Ferries warned today (Thursday).

Irish Continental Group reported a 7.1% drop in car carryings in the period to May 3 as Irish Sea services were hit by the closure of Holyhead port in Wales at the start of the year.

In a trading update, the company reported a 7.1% year-on-year rise in group revenue to almost €190 million. However, net debt increased to €247.9 million compared to €162.2 million at December 31, 2024.

The group said: “The introduction of tariffs by the US administration has created uncertainty for some trading flows and risks damaging consumer confidence which may lead to some companies deferring investment plans. All these factors may dampen world growth prospects.

“However, given the strength of our business model and our balance sheet, we continue to avail of macro market weakness to expand our footprint on financially attractive terms. 

“Recent examples are the purchase of the James Joyce cruise ferry and the purchase of another container ship.”

Irish Ferries carried 140,800 cars, down from 151,500 in the same period a year earlier. 

“The beginning of 2025 was impacted by the closure of Holyhead Port. This has had a detrimental impact on volumes in the ferries division,” the group said. 

“However, with the partial reopening of the port in mid-January 2025 we have seen a more normalised market. We look forward to the full reopening of the port on 1 July.

“Total revenues also include customer surcharges related to fuel movements and the cost of emission allowances under the EU Emission Trading System (ETS).”