September 2, 2021

Last week, the Association of Hellenic Passenger Shipping Companies (SEEN) underlined some interesting points through a letter sent to the Hellenic Ministry of Shipping and Island Policy.

In brief:

  • There are pending issues, even from the summer of 2020, while the total unpaid amount to the Ferry Companies is estimated to exceed EUR 60 million.
  • Ferry Companies paid and still paying VAT liabilities (24%) for the above amount, despite the fact that they haven’t collected the agreed money yet.
  • The ferry operator’s forecasts for their financial results are not at all positive.
  • In the first half of 2021, passenger traffic, which accounts for 70% of Coastal Shipping revenue, was lower compared to 2020.
  • Ferry traffic in August 2021 is reduced by 42% compared to August 2019, while passenger traffic on the Adriatic lines -for the same period- is reduced by 41% as well.
  • Fuel prices are significantly increased -by 30%- in 2021, burdening further the ship’s operational cost by EUR 80 million.
  • Total losses for the years 2020/2021 are expected to exceed EUR 200 million.
  • From March 2020 to June 2021, ferry companies performed exemplary all the approved sailings, despite the fact that they were unprofitable.