Attica Group invests in Greek tourism – buys one more hotel

By | 2024 Newsletter week 15 | No Comments

Through its subsidiary Attica Blue Hospitality, Attica Group is expanding into the hotel industry with a €14 million investment. They acquired the Galaxy Hotel, adjacent to the Naxos Resort Beach Hotel (bought in 2021-, on the island of Naxos.

Additionally, the Group has acquired adjacent land parcels totaling approximately 20 acres, paving the way for future development. With a combined capacity of 142 rooms and 286 beds, Attica Group aims to expand further, respecting the island’s character and environment.

Mr. Panos Dikeos, CEO of Attica Group, highlights the strategic importance of this expansion, emphasizing its contribution to local economies and Greece’s tourism sector. With a growing presence in Naxos and Tinos, Attica Group remains committed to providing quality services and supporting sustainable tourism growth.

Memorandum of Cooperation Signed Between Attica Group and ONEX

By | 2023 Newsletter week 51 | No Comments

On December 15, the Memorandum of Cooperation was signed between Attica Group and Elefsis Shipyards with a total budget of EUR 1 billion. The agreement outlines a 10-year cooperation framework for Attica Group’s shipbuilding program, which aims to modernize its fleet as well as that of its subsidiaries. ONEX Group will undertake this initiative at its Elefsis and Syros Shipyards facilities.

The agreement was signed by Mr. K. Mageiras, Executive Chairman of Attica Group, and Mr. P. Xenokostas, Chairman and CEO of ONEX Group, in the presence of the American Ambassador to Greece, George Tsounis; the CEO of Attica, Mr. Panagiotis Dikaiou; the Minister of Development, Mr. Kostas Skrekas; the Minister of Labor and Social Security, Mr. Adonis Georgiadis; the Deputy Minister of Economy and Finance, Mr. Nikos Papathanasis; and the Minister of Shipping and Insular Policy, Mr. Christos Stylianides. According to the Minister of Shipping, the signing of this Memorandum represents another significant step towards the development and ‘green’ transition of the Greek fleet.

Attica Group Will Invest EUR 31,3 Million on Anek Lines’ Vessel Upgrades

By | 2023 Newsletter week 44 | No Comments

According to the Greek press, Attica Group decided to invest EUR 31,3 million in Anek Lines’ vessels after the completion of the merger process with the Chania-based ferry operator.

More specifically, EUR 20 million will be given for the installation of scrubber units on two ANEK Line ships, while another EUR 11,3 million will be spend on the upgrading of its fleet.

Attica Group estimates that the company will save EUR 9,5 million from the scrubber conversion on both ships.

The merger will form the second largest passenger shipping company in Europe in terms of passenger capacity, while Attica Group will maintain the brand of ANEK Lines.

Attica Group H1 2023 Financial Results

By | 2023 Newsletter week 40 | No Comments

Attica Group’s financial results for H1 present an increase in revenue in both geographical segments the Group operates in, namely domestic and international routes.

  • +21% consolidated revenue MEUR 244.26
  • +18% increase in the number of sailings, as well as increase in vessels utilization rate, supported by the lifting, since mid-March 2022, of the state imposed reduced capacity protocol for passengers (due to Covid-19 restrictions).
  • EBITDA MEUR 47.49 (losses of MEUR 9.61 in H1, 2022)
  • Consolidated profit after taxes MEUR 3.25 (consolidated losses after taxes of MEUR 30.54 in H1, 2022).
  • Group operating expenses, MEUR 190.6 (MEUR 211.91 in H1, 2022) affected mainly by the decrease in fuel prices and partially counterbalanced by the increase in crew expenses and vessels maintenance and repair costs.
  • The increase in Group revenue, combined with the reduction in operating expenses during the same period, led to an increase in gross profit, as well as consolidated profits before taxes, investing and financial results, depreciation and amortization (EBITDA).
  • Group Equity stood at MEUR 362.51 from MEUR 357.75 as at 31 December 2022.

Traffic Volumes in H1, 2023

2.4 million passengers +14.2%

365,000 private vehicles +3.7%

209,000 freight units +0.5%


Developments within Current Year

During the two-month period July – August 2023, the Group increased its turnover by 2.6% compared to the corresponding period last year.

For the entire fiscal year 2023, an increase is expected in the turnover and the net income of the Group compared to fiscal year 2022.

The key factors that will further determine the financial performance mainly relate to traffic volumes and international fuel prices evolution, the latter currently presenting intensely rising trends.

Source: Attica Group

Attica Group: condolences, disbelief and in-depth investigation

By | 2023 Newsletter week 36 | No Comments
  • One crewmember of BLUE HORIZON was charged with homicide with possible intent, and two others with complicity, after the death of a passenger who was pushed into the sea earlier this week.
  • Launch of in-depth investigation, fully supported by Attica Board of Directors.
  • Resignation of CEO, Mr Spyridon Paschalis.
  • The duties of the CEO will be temporarily assumed by CFO, Mr Panagiotis Dikaios.


Source: the Greek website of Attica Group

Attica Group to absorb Anek Lines: official statement

By | 2023 Newsletter week 32 | No Comments

Excerpt from the English-language press release from the Hellenic Competition Commission:

“The Plenary Session of the HCC (Hellenic Competition Commission) concluded that, although the merger may significantly restrict the operation of competition, in particular by creating or strengthening a dominant position, in the relevant markets for the provision of maritime transport services for passengers, cars and trucks in certain pairs of ports (Origin-Destination) in Crete and the Adriatic, the three conditions of the failing firm defence are fulfilled.

More specifically, the Competition Commission concluded that:

  1. a) ANEK would be forced to exit the market in the near future due to its financial difficulties,
  2. b) that there was no other alternative acquisition option, less harmful to competition, other than the notified concentration, and
  3. c) that there was no credible interest in acquiring the assets of ANEK and therefore the company’s assets would exit the market.

In any event, on the balance and the overall of the affected markets, the competitive structure will not be worse as a result of the merger than it would be in case of a non-liquidation of the company’s assets, and is therefore not causally related to it.”

Attica Group: Q3 2022

By | 2022 Newsletter week 46 | No Comments

Key Financial Figures (in EUR)


Q3= 220.17mln = +48.45%

9M= 421.61mln = +55.86%


Q3= 62.33mln (47.11mln in the corresponding 2021 period)

9M= 52.73mln (42.74mln in the corresponding 2021 periods)


Q3= 49.09mln (33.34mln in the corresponding 2021 period)

9M= 14.62mln (4.31mln in the corresponding 2021 period)

Consolidated Profit after taxes

Q3= 60.70mln (profit after taxes of 32.74mln in the corresponding 2021 period)

9M= 30.16mln (loss after taxes of 1.31mln in the corresponding 2021 period)


For the forthcoming months of 2022, which constitute months of low traffic, the Group’s traffic volumes are expected to be at pre Covid-19 levels.


The Group holds adequate liquidity with its cash and cash equivalents standing at Euro 75.67mln on 30.09.2022 compared to Euro 97.36mln as at 31.12.2021. Moreover, on 30.09.2022 the Group maintains undrawn credit lines amounting to Euro 15mln.

In October 2022, the Company has entered into bilateral credit facilities with three Greek credit institutions for a total amount of Euro 210mln and tenors from five to seven years, successfully concluding the long-term refinancing of all Group’s credit facilities maturing in 2022- 2023. The above agreements result in the reduction of the average interest rate margin of the Group.

Moreover, ICAP S.A., pursuant to its regular reassessment of the Company, upgraded its credit rating by one (1) notch by assigning it a ΑΑ credit rating (low credit risk zone).