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Tag: Attica Group | Ferry Shipping News

Mar 16
3

Attica Group Reports Strong 2024 Results Following ANEK Integration

By | 2025 Newsletter week 11 | No Comments

Attica Group has successfully completed its first full year following the merger with ANEK, marking a transformative period that has positioned the company among the world’s largest passenger and freight ferry operators. The results for 2024 highlight substantial revenue growth, continued investment in fleet renewal and digital transformation, as well as a strategic expansion into complementary sectors.

Financial Highlights

  • Revenue Surge: Attica Group recorded a 27% increase in revenue, reaching €747.8 million (compared to €588.3 million in 2023), driven primarily by the integration of ANEK.
  • EBITDA Performance: EBITDA stood at €96.3 million, or €101.5 million including fuel hedging impact (€126.4 million in 2023).
  • Net Profit: Despite strong financial performance, net profits amounted to €17.5 million, significantly impacted by one-off merger-related costs (€28.2 million) associated with the ANEK integration.
  • Major Investments: A total of €162 million was allocated for fleet expansion, digitalisation, and sustainability initiatives.

Fleet and Operational Expansion

Following the merger, Attica Group now operates a fleet of 42 vessels under the Superfast Ferries, Blue Star Ferries, Hellenic Seaways, and ANEK Lines brands. This includes:

  • 27 conventional RoPax vessels
  • 13 high-speed ferries
  • 2 RoRo freight vessels

Key transactions in 2024 include:

  • Acquisition of new E-Flexer vessels, under long-term charter with an option to purchase.
  • Purchase of Highspeed 3 (formerly THUNDER), KISSAMOS, and KYDON, expanding the high-speed and RoPax fleet.
  • Sale of KRITI II for recycling in line with European and Greek environmental regulations.

Traffic Growth & Market Position

The group’s transportation volumes increased significantly across all segments:

  • 29 million passengers (+12.3% vs. 2023)
  • 3 million private vehicles (+25%)
  • 530,000 freight units (+26.2%)
  • 18,185 sailings (+6.3%)

This growth was evident in both the Greek domestic network (Cyclades, Dodecanese, Crete, North Aegean, Saronic, and Sporades) and international routes connecting Greece and Italy (Ancona, Bari, and Venice).

Investing in the Future

Attica Group continues to drive sustainable growth through investment in:

  • Green transition: Installation of scrubbers and energy-efficient systems to optimise fleet operations.
  • Digital transformation: Enhancing customer experience and operational efficiency.
  • Hospitality expansion: Acquisition of a second hotel complex in Naxos (€14 million investment), reinforcing the group’s presence in the tourism sector.

Looking ahead, Attica Group aims to further capitalise on the synergies from the ANEK integration, optimise fleet operations, and strengthen its competitive edge through sustainability and digitalisation initiatives.

The full financial statements for 2024 are available on the websites of the Athens Stock Exchange (www.athexgroup.gr) and Attica Group (www.attica-group.com).

Feb 07
3

P&O Ferries to Boost Capacity on London/Tilbury – Rotterdam/Europoort Route

By | 2025 Newsletter week 06 | No Comments

 P&O Ferries will increase capacity on its London/Tilbury – Rotterdam/Europoort route starting 2 March 2025.

Following the successful launch of the route in 2024, a second vessel will be added while maintaining 12 sailings per week, with daily departures from both Tilbury and Europoort.

RoRo ships NORSKY and NORSTREAM will operate on the route, increasing capacity by up to 60%.

Zeebrugge will not lose any ships, as NORSKY and NORSTREAM will operate on a butterfly schedule, continuing to serve both the Tilbury–Europoort and Zeebrugge routes. They offer greater capacity than NORBANK, which will be redeployed to the Zeebrugge–Teesport service.

Feb 07
3

Attica Group: Presentation for the Capital Markets Day

By | 2025 Newsletter week 06 | No Comments

In connection with the presentation for the Capital Markets Day held by Attica Holdings S.A. on February 3, 2025, Attica posted a corporate presentation on its website, at the following link: https://www.attica-group.com/Press Releases & Announcements.

Two pages caught our special attention:

Fuel and Emission Cost Savings Initiatives (Slide 50)

  • Scrubber Installation
    • SOx emission control devices installed on main and auxiliary engines.
    • Additional installation planned on 2 vessels, bringing the total to 10 vessels.
    • 80% funded through the Recovery and Resilience Facility (RRF) for green investments.
    • Expected cost savings through the use of high-sulphur fuel oil (HSFO).
    • Compliance with IMO regulations on sulphur emissions (effective May 2025).
    • Estimated fuel consumption reduction: 3.9k metric tonnes.
    • Reduction in environmental footprint by 3% to 5%.
  • Energy-Saving Devices
    • Implementations include:
      • Silicone anti-fouling paints.
      • LED lighting systems.
      • Solar panels.
      • Propeller optimisations.
      • Onshore power supply integration.
    • Expected reduction in fuel costs.
    • Contribution to Attica’s ESG targets.
  • Financial Impact
    • Total remaining investment: €35 million.
    • Estimated EBITDA impact:
      • Scrubber installation: €7–8 million.
      • Energy-saving devices: €1–2 million.
    • Cost savings will be fully realised by 2026​.

Newbuilds and Fleet Optimisation (Slide 51)

  • Adriatic Vessels
    • Two new Ro-Pax newbuildings to be deployed in the Adriatic.
    • Signed bareboat agreement, with purchase option in 2032.
    • Delivery expected in 2027.
    • Designed to replace three existing vessels while maintaining freight capacity.
    • Expected economies of scale and energy savings.
    • Estimated vessel sale proceeds in 2027: €8 million.
  • AERO Vessels
    • Two vessels with 400-passenger capacity.
    • One compact vessel with a 250-passenger capacity.
    • Designed to replace high-speed vessels to reduce fuel consumption and maintenance costs.
    • Homogenisation of product offerings in the Argo-Saronic route.
  • Compact Dual-Fuel Ro-Pax Vessel
    • Capacity: 1,500 passengers, 270 beds, and 825 lane metres.
    • Fleet renewal and replacement of older vessels.
    • Expected vessel sale proceeds in 2028: €37 million.
  • Financial Impact
    • Remaining investment:
      • Adriatic vessels: €375 million.
      • AERO vessels: €50 million.
      • Compact vessel: €90 million.
    • EBITDA impact:
      • Adriatic vessels: €35–40 million.
      • AERO vessels: €5–6 million.
      • Compact vessel: €7–8 million​.
Feb 02
3

Attica Group Charters TT-Line’s AKKA for Adriatic Service

By | 2025 Newsletter week 5 | No Comments

It has been reported that Attica Group has chartered TT-Line’s RoPax AKKA for nearly a year to operate on its Adriatic service. The large German-built vessel departed from Travemünde for the Mediterranean on 27 January and is expected to enter service on the Patras-Igoumenitsa-Ancona-Venice route on 10 February.

AKKA will gradually replace LEFKA ORI and ARIADNE, which are undergoing their annual maintenance, as well as SUPERFAST III, which is scheduled for both annual maintenance and a scrubber conversion. Meanwhile, HELLENIC SPIRIT is already out of service until June at the Elefsis shipyards, where she is undergoing an extensive renovation and refit that will transform her into SUPERFAST IV.

Built in Germany in 2001, AKKA has a carrying capacity of 800 passengers and 2,600 lane metres. She can operate at a speed of 21.5 knots.

Sep 27
2

Attica Group Acquires HSC THUNDER

By | 2024 Newsletter week 39 | No Comments

On 25th September 2024, Attica Group finalised the purchase of the HSC THUNDER from Fast Ferries for €17.75 million. The vessel has already been delivered to its new owners and is anticipated to strengthen the Group’s presence in Crete. Until recently, HSC THUNDER successfully operated on the lengthy Piraeus-Syros-Mykonos-Paros-Ios-Santorini-Heraklion route. Built in Australia in 1998, the vessel has a carrying capacity of 1,068 passengers and 210 cars and can sail at a speed of 36 knots. 

Photo: Mike Louagie 

Apr 12
1

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.

Dec 22
0

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.

Nov 03
0

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.

Oct 06
0

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

Sep 08
0

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