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Jan 30
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Is Minoan Lines Going to Restructure Its Fleet on the Crete Ferry Services?

By | 2020 Newsletter week 5 | No Comments

Unconfirmed reports claim that Minoan Lines will soon proceed with important changes to its Crete ferry services.

KNOSSOS PALACE [link: Fakta om Fartyg] would leave the Heraklion line, after 20 years of service. She will probably be introduced –under Grimaldi colours– on the Civitavecchia – Olbia line.

CRUISE BONARIA [link: Fakta om Fartyg] would be renamed either FESTOS or KNOSSOS PALACE. She will sport the Minoan Lines livery and will be introduced on the Piraeus – Heraklion run, along with her sister MYKONOS PALACE, which will be renamed FESTOS or KNOSSOS PALACE.

FESTOS PALACE [link: Fakta om Fartyg] is expected to be renamed KYDON PALACE and she will be transferred to the Piraeus – Chania line.

Of course, all this has to be officially confirmed.

Mar 07
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FERRY PORTS

By | 2019 Newsletter week 10 | No Comments

Ferry Passengers Increasing (+4%) And Ro-Ro Decreasing (-1%) In The Port Of Ancona

In 2018, 1,151,266 passengers were handled in the port of Ancona, 6% more compared with the year before, and 1,084,235 of those were transported by ferries (+4%).

More in detail:

  • 771,874 passengers (+1%) Ancona – Igoumenitsa – Patras
  • 221,446 (+7%) Ancona – Split (Croatia)
  • 90,832 (+29%) Ancona – Durres (Albania).

The ferry companies active in the port of Ancona are Minoan Lines, Superfast Ferries and Anek Lines (to and from Greece), Grandi Navi Veloci and Adria Ferries (to and from Albania) and Jadrolinija and Snav (to and from Croatia).

As for the ro-ro traffic, 147,650 trucks and trailers were handled in the port in 2018, which means a 1% decrease compared with the previous year.

Nov 08
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Minoan Lines To Install Scrubbers On Its Three Cruise Ferries

By | 2018 Newsletter week 45 | No Comments

Minoan Lines have informed their passengers that from now on until 20 December, some routes will see some alterations, however with a minimum impact.

The reason is the installation of scrubbers.

In a press release the company says it is going to be the first ferry firm which, “will have been fully harmonized with the new requirements leading to reduced emissions for the benefit of the environment and country.”

From Friday 21 December, the cruise ferries KNOSSOS PALACE, FESTOS PALACE and MYKONOS PALACE will return to their scheduled itineraries.

KNOSSOS PALACE is actually in Perama, as first vessel to undergo the installation.

Sep 20
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FERRY FINANCE

By | 2018 Newsletter week 38 | No Comments

Debt-free Minoan Lines Is In Excellent Shape

When going through Minoan Lines’ H1 report one will especially remark that the lack of debt obligations and the level of the Group’s cash balance means the company is in good shape.

A selection of significant events

  • The sale to Attica Holdings S.A. of 37,667,504 shares of Hellenic Seaways Shipping S.A., representing 48.53% of the paid up share capital, for a consideration of € 78,500.
  • In addition, the Company acquired the right to operate in the “Heraklion-Cyclades” route, while Attica Holdings S.A. and its affiliate companies undertook the commitment not to operate in this route for a period of three years.
  • The purchase of HIGHSPEED (renamed SANTORINI PALACE) from Hellenic Seaways Shipping S.A.
  • The purchase by a company owned by the Grimaldi Group of SUPERFAST XII.
  • Upon completion of all above transactions, the Company and the Group incurred no profit or loss. On 29/6/2018, the Company’s bond loan was fully repaid. As a result, on 30/6/2018 the Company has no short-term or long-term bank loans.

Figures (in thousands)

+ Turnover € 35,903 (€35,497)

– EBITDA € 8,505 (€ 9,682)

+ Net profit € 1,854 (€ 1,585)

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