Irish Continental Group has agreed a deal to sell its high speed ferry "Jonathan Swift" to Balearia Eurolineas Maritimas for a sum of €15.5m. 

The Jonathan Swift was commissioned by and delivered to ICG in 1999 for €38.8m. It has since operated on the company's Dublin - Holyhead route. 

It will be replaced in ICG's fleet by the 2001 built high speed craft "Westpac Express", which was recently redelivered after 20 months on external charter. 

The vessel  is currently undergoing a refurbishment programme to bring it up to Irish Ferries passenger service standards.

The "Jonathan Swift" was delivered to the group in 1999 at a cost of €38.8m.

The company said the proceeds of the 'Jonathan Swift" sale will be used for general corporate purposes.