Tallink Grupp signed an agreement with the Canadian company Bridgemans Floatel LP/Bridgemans Services Group LP at the end of last week for a multi-year charter of the company's vessel Isabelle, including a purchase option. The agreement is for a bareboat charter, meaning that the vessel will be chartered out without a crew from Tallink Grupp.

The Latvian-flagged vessel Isabelle, which before the COVID-19 pandemic operated the Stockholm-Riga route and has been housing Ukrainian refugees in Tallinn since April 2022 as part of a charter agreement with the Estonian government, will be chartered to Bridgemans from July 1, 2023.

”"We are pleased to have concluded this agreement for our vessel Isabelle, it is an agreement that will undoubtedly have a positive impact on our company. Over the years, Tallink Grupp has implemented many charter agreements where our vessels have provided temporary accommodation or transportation in Morocco, Canada and Australia, to name a few. In recent years of travel restrictions and economic uncertainty, charter agreements have constituted a good alternative source of revenue that has provided an important buffer for the company. It has become clear that charter agreements will continue to be part of our business model in the future," says Tallink Grupp's CEO Paavo Nõgene in a comment.

Tallinks Grupp’s ongoing charter agreement with the Estonian government for the Isabelle expires in June 2023. There are currently around 900 Ukrainian refugees living on board the ship and the Estonian authorities have alternative accommodation in place for them after the agreement expires. Isabelle is expected to remain in Tallinn for renovation before sailing to Canada later this year.

According to the press release.