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.


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)