Irish Continental Group has inked a deal for a record-setting cruise ferry as part of its fleet renewal effort.

Eamonn Rothwell-led ICG will pay EUR 165.2m ($199m) for the vessel at Flensburger Schiffbau-Gesselschaft.

The ship will boast a capacity of 5,610 freight lane metres, making it the largest cruise ferry in the world in terms of vehicle capacity.

Rothwell, chief executive of ICG, says the company has invested EUR 315m of late to upgrade its service in the Irish Sea.

“The construction of a cruise ferry of this size will offer both additional capacity and an enhanced experience for both our tourism and freight customers,” he said.

“This infrastructural investment enhances ‘the bridge’ to the UK & Continental Europe that is a vital part of the continued success of Ireland's open economy."

Flensburger will deliver the new vessel in the middle of 2020. It will replace the Ulysses on the Dublin to Holyhead route.

The Ulysses, in turn, will replace the chartered vessel Epsilon in the ICG fleet.