Attica Holdings S.A. announced that the Group has entered into bilateral credit facilities with three Greek credit institutions for a total amount of EUR 210 million and tenors from five to seven years, successfully concluding the long-term refinancing of all Group’s credit facilities maturing in 2022-2023.
Consolidated (in EUR)
Traffic volumes (compared to H1, 2021)
+108% passengers
+56% private vehicles
+16% freight units
+54% number of sailings
Agreement with creditors and shareholders of ANEK
On 21.9.2022, the Company announced that an agreement was reached with the largest creditors of ANEK S.A., as well as with ANEK shareholders representing 57.70% of the total share capital of ANEK.
The agreement provides for:
The agreement was executed on 23.9.2022.
The merger of ANEK with Attica Group will lead to the formation of a new shipping giant in Greece. It will operate 45 ferries on all the main Greece and Italy lines.
With the specific agreement a significant write-off of the ANEK’s’ debts by EUR 156,4 million was decided. Attica Group will only pay EUR 80 million from the total of EUR 236,4 million.
After the completion of the agreement, which is expected by March 2023, Attica group will control four companies in Greece: Superfast Ferries, Blue Star Ferries, Hellenic Seaways and ANEK Lines.
Attica Group also operates in the Western Mediterranean with a 49% stake in Africa Morocco Line.
According to an official Attica Group press release (in Greek) the deal contains:
The agreement was sent on Tuesday 20 September 2022 by the legal advisors to be signed by the representatives of the contracting parties.
The Boards of Directors of both companies will be convened in accordance with the law and decide on the initiation and individual parameters of the merger process.
Attica Group points out at its press release that: “We estimate that the specific agreement will benefit the shareholders, the employees and the suppliers of both companies as well as the Hellenic Coastal Shipping.”
According to the Greek press, the management of the Attica Group submitted its EUR 120 million investment plan to the Recovery Fund for the energy upgrading of its existing ships, as well as the gradual replacement of its oldest vessels within a decade.
Attica Group has already completed a EUR 21 million investment for the construction of its three modern Aero Catamarans (AERO 1, 2 and 3), which were introduced last August in the Saronic Gulf service and officially presented to the press on September 8, 2022.
As far as the passenger traffic performance of the Group is concerned, the first eight months of 2022 (January-August) the traffic was reduced by 15% compared to 2019, while the traffic in August 2022, was reduced by 6% compared to August 2019.
The first of three ‘Aero’ catamarans ordered a year ago by Attica Group, has been launched by Norwegian shipyard Brødrene Aa.
All Aero’s will be introduced in the Saronic Gulf service within 2022. A Greek crew is already in Norway to inspect and get acquainted with the first new vessel.
The total investment amounts up to EUR 21 million and is covered by equity and bank lending. All three ships are expected to be delivered within the first four months of 2022.
Length 36m | 150 pax | 34 knots
Anek Lines’ ASTERION II is being chartered by Attica Group and will be operated by Superfast Ferries on the Patras-Igoumenitsa-Venice line.
The ropax was purchased by Alphaglobe Shipping Ltd. in 2018 and chartered (long-term time charter with purchase option) to Anek Lines until October 31, 2021.
Then a monthly charter followed until last week, when the charter was transferred to Attica Group.
The ships’ branding has been removed, and a Superfast banner added.
Photo: Arxipelagos.com
Following some news reported by Italian financial media (MF-MilanoFinanza), Emanuele Grimaldi confirmed to Ferry Shipping News the interest in Attica, in case the Greek ferry company will be put up for sale by Marfin Investment Group.
“It’s a widely known fact that our group looks at consolidating as much as possible the roro and ropax market, also in Greece. Therefore I can say that obviously we have an interest for Attica Group or for some of the lines operated,” said the Naples-based shipowner.
Taking over only some routes and vessels controlled by Attica (as it has happened with Trasmediterranea’s lines with the Balearic Islands) might be the right way to overcome potential limits from the antitrust authorities.
Mr Grimaldi also confirmed the Minoan participated as leading company, but with other players, in the privatisation process of the ports of Heraklion and Igoumenitsa.
Three ferry operators —Attica Group, ANEK and Grimaldi— are expected to compete for the privatisation of the three ports: Igoumenitsa, Patras and Heraklion.
In brief:
Regarding the investors’ participating in the privatisation process for the three ports:
Source: Spyros Roussos and Kathimerini newspaper 25 August 2021
Attica Group announced the execution of a bond loan agreement with Alpha Bank of Greece and Norwegian Export Credit Insurance Organisation Eksportkreditt Norge AS, with the guarantee of the Norwegian Export Credit Guarantee Agency, for an amount of up to EUR 14.7 million.
The new bond loan will be issued by a 100% subsidiary and will finance up to 70% of the total construction and acquisition cost (pre-delivery & post-delivery finance) of three highspeed AERO Catamarans, according to the respective agreement with Brødrene Aa shipyard of Norway.
Of particular importance for the financing eligibility of the project were environmental, social and corporate governance (ESG) criteria, as the intended deployment of the state-of-the-art Aero Catamarans on the routes of the Saronic islands will contribute to the reduction of the carbon footprint, as well as to the social and economic development of the local insular communities.
