Tallink Superfast Limited, part of the Estonian listed ferry company AS Tallink Grupp, has entered into agreement with Medinvest SpA, part of the Corsica Ferries Group,  to sell the fast ferry Superstar at price of €91.5 million, which will generate a €7.6 million loss to the seller.

 The 36,400 gross ton vessel was built in Italy in 2008

“Concurrently AS Tallink Grupp and Medinvest SpA have entered into bareboat charter agreement and Tallink will continue to operate the fast ferry Superstar on its Tallinn-Helsinki route shuttle service until beginning of 2017, when the Tallink’s new LNG fast ferry will start to operate on the same route. Change of the ownership and start of the charter period of the fast ferry Superstar is planned in December 2015,” the company said in a statement.

“The sale of fast ferry Superstar will result one-off book loss from sale approximately €7.6 million in the fourth quarter of 2015 financial year. The cash proceeds from the sale will be used mainly to repay loans to continue the deleveraging strategy and for the down payment of the new LNG fast ferry under construction,” Tallink said.

In addition, Tallink expects to incur one-off costs from premature termination of the loan contract, related to the sale of the vessel, it said.